South Florida’s business climate is guaranteed to remain competitive, with zero percent personal income tax and low to no corporate income tax. This, paired with the US’ only Pharma Hub, the robust activity at PortMiami, and the digital transformation of shipping and logistics, Miami’s tax and trade incentives attract businesses from around the globe.

Tax & Trade incentives

Key Advantages

Miami’s educated and high-skilled workforce is immigrant powered

Miami ranks second among large U.S. metros according to the foreign-born share of residents with a bachelor’s degree or above (41.4 percent) or advanced degree (39.4 percent). The metro also ranks second among large U.S. metros according to the foreign-born share of its high-skilled creative class (38.9 percent). On all three of these metrics, Miami ranks second only to San Jose, the heart of Silicon Valley, and ahead of New York, Los Angeles, and San Francisco. 

Miami International Airport as a Pharma Hub

In 2015, MIA became the first airport in the U.S. and only the second in the world to be certified by the Geneva-based International Air Transport Association (IATA) as a pharmaceutical freight hub. 

Infrastructure for exporting: deep sea ports, railroads and home to cargo airlines

Miami ranks seventh among large U.S. metros in exports, having exported $33.3 billion in goods and services in 2015. The metro ranks first among large U.S. metros according to its international freight, or the amount of merchandise goods, commodities, and cargo that it transported internationally in 2016. 

$1 billion was invested in PortMiami and as a result it propels more than $43 billion in economic activity

PortMiami stands as the U.S. container port closest to the Panama Canal, providing shippers fast access to Latin America’s booming consumer base and the entire U.S. market. More than $1 billion of capital infrastructure projects were invested to transform PortMiami into a major U.S. global gateway. It is the only major logistics hub south of Virginia capable of handling fully laden post-Panamax vessels.

Miami has several Free Trade Zones

Free Trade Zones (FTZs) are secured areas under U.S. Customs supervision that are considered outside the customs territory of the United States. Companies can establish operations and move merchandise not subject to U.S. duty and excise tax. FTZs in Miami — Homestead, Doral and Port Miami — offer many advantages for users and operators including paying duties only upon entry for U.S. consumption, defer payments of duties while merchandise is stored in site, reduce duties on merchandise assembled or manufactured into finished products, re-exporting goods duty-free and unlimited storage period.

In Miami-Dade County, there are currently four Foreign Trade Zone Grants: (1) FTZ#166 Vision Council-Homestead; (2) FTZ#180 Wynwood (not active); (3) FTZ#281 MDC-Port Miami; and (4) FTZ#32, Greater Miami Chamber (GMFTZI) which includes Sysco South Florida, Kansas Marine, Bijoux Terner, and located in the heart of Doral, the Miami Free Zone.

Opportunity Zones

Florida offers increased incentive awards and lower wage qualification thresholds for businesses locating in many urban core/inner city areas that are experiencing conditions affecting the economic viability of the community.

State tax advantages, tax exemptions and no state personal income tax

    1. NO corporate income tax on limited partnerships
    2. NO corporate income tax on subchapter S-corporations
    3. NO state personal income tax guaranteed by constitutional provision
    4. NO corporate franchise tax on capital stock
    5. NO state-level property tax assessed
    6. NO property tax on business inventories
    7. NO property tax on goods-in-transit for up to 180 days
    8. NO sales and use tax on goods manufactured or produced in Florida for export outside the state
    9. NO sales tax on purchases of raw materials incorporated in a final product for resale, including non-reusable containers or packaging
    10. NO sales/use tax on co-generation of electricity

Key Organizations

Small Business Association

Small Business Association

Bottom Line

The SBA educates and finances. If you are an entrepreneur, or already operate a small business, the SBA works to help you not only start, but also sustain and develop a business by providing educational and monetary resources.

What It Offers

The Miami SBA’s District Office is responsible for the delivery of SBA’s many programs and services throughout South Florida. Services available include:

  • Free counseling, advice and information on starting a business through SCORE
  • Financial assistance for new or existing businesses through guaranteed loans made by area bank and non-bank lenders
  • Free consulting services through the Florida Small Business Development Center network; SBDCs also conduct training events throughout the district
  • Assistance to businesses owned and controlled by socially and economically disadvantaged individuals through the Minority Enterprise Development Program
  • Women’s Business Ownership Representatives are available to advise women business owners
  • Special loan programs are available for businesses involved in international trade
  • Guaranteed loans are available for credit-worthy veterans

Contact

Miami District Office

51 SW 1st Avenue, Suite 201

Miami,  FL 33130

Phone: 305-536-5521

History & Mission

The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. The SBA helps Americans start, build and grow businesses.

Enterprise Florida

Bottom Line

Enterprise Florida provides information and assists in executing business plans. If you are a business seeking to expand to Florida or expand internationally, Enterprise Florida will help you find resources and will help expedite the operation.

What It Offers

Enterprise Florida is responsible for assisting companies with their location, relocation and expansion plans, assisting Florida businesses in expanding into the international marketplace, and improving the economic, business and regulatory climate in Florida for minority, small business and entrepreneurial firms. Services available include:

Business Location, Relocation, and Expansion:

  • Building and site database
  • Determining company’s eligibility for business incentive programs and assisting with applications
  • Coordinating financing programs and assistance

Expansion into the International Marketplace:

  • Offering export counseling and advice
  • Organizing and executing overseas trade missions and shows
  • Offering financial assistance for export transactions to small- and medium-sized Florida companies

Minority and Small Business Support:

  • Assisting with access to University Technology Transfer Offices, Incubators, and Accelerators
  • Providing information and direction to business owners seeking financing
  • Facilitating access to Small Business Administration export finance services to SME export clients

History & Mission

Enterprise Florida, Inc. (EFI) is a public-private partnership between Florida’s business and government leaders and is the principal economic development organization for Florida. EFI’s mission is to expand and diversify the state’s economy through job creation. In pursuit of its mission, EFI works closely with a statewide network of economic development partners and is funded both by the State of Florida and by private-sector businesses.

Enterprise Florida recruits new businesses to the state, and works to retain and expand existing industry and business. EFI is the state’s primary entity for trade and export development supporting more than 60,000 Florida exporting businesses. The organization also supports small and minority businesses through its capital programs.

City of Miami

Bottom Line

The City of Miami is the main governmental agency committed to elevating the quality of life of its residents by improving public safety, housing, mobility, diverse shared spaces that foster community, and efficient and transparent government. 

What It Offers

  • Getting a business license, making a payment to the city, and instructions becoming a vendor
  • All new permit applications, completed digitally, through the new ePlan service
  • A list of local neighborhood agencies that help businesses with all of their operational needs
  • Maps and Zoning tools
  • Request to public records
  • Services directory
  • City of Miami Open Data Portal

Contact

Miami Riverside Center (MRC)
444 SW 2nd Ave
Miami, FL, 33130
Dial 311 or 305-468-5900
webmaster@miamigov.com

Miami-Dade Beacon Council

Bottom Line

The Beacon Council connects people. If you are an organization, business, or institution seeking connections with the intention of doing business, forming a partnership, or creating a program of economic benefit for yourself and the community then reach out to the Beacon Council.

What It Offers

The Miami-Dade Beacon Council is responsible for connecting businesses, organizations, and institutions with the aim of creating public-private programs and partnerships that create jobs, boost the local economy, and attract investment. Services available include:

  • Connects different stakeholders within Miami-Dade through networking events.
  • Hosts the OCOG Annual Report to the Community event that connects educational institutions to businesses, businesses to investors, and brings the Miami business community under one roof to network.
  • Organizes new business showcases, economic panels and committees, and community networking events.
  • Researches and gathers data on economic growth, major industries, and shifts in business trends.
  • Provides information on business contacts and resources in Miami.
  • Fosters partnerships between businesses and anchor institutions to generate growth and sustainability.

Contact

Miami-Dade Beacon Council
80 SW 8th Street, Suite 2400
Miami,  FL 33130
Phone: 305-579-1300

History & Mission

The Miami-Dade Beacon Council, a public-private partnership, is the official economic development organization for Miami-Dade County.  Lead by a professional staff and Board of volunteer community leaders, the organization facilitates business growth and expansion locally, nationally and internationally. The Council was founded in 1985 as an outgrowth of the Greater Miami Chamber of Commerce to focus on business recruitment, expansion and retention.

The Beacon Council aims to increase jobs and investment in Miami-Dade by marketing Miami-Dade as a world-class business location, growing local companies and fostering entrepreneurs, and by shaping Miami-Dade’s economic future. The strategic plan and foundation for the Miami-Dade Beacon Council economic development mission is the One Community One Goal (OCOG) initiative of bringing a broad spectrum of Miami-Dade organizations together to advance the goal of a thriving, inclusive and diverse community.