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Company registration in the state of Florida

Photo 1 - Company registration in the state of Florida

About Florida

Florida is the southern state of America with access to the Gulf of Mexico and the Atlantic Ocean. It is this location of Florida, its developed transportation infrastructure and access to international markets through ports and airports that create convenient conditions for logistics and trade, which is attractive for trading businesses.

In addition, some regions of Florida, such as Miami, are active in innovation and technology, which attracts investors and businesses in sectors related to technology entrepreneurship and startups. Not surprisingly, it is Florida that has become the center of gravity for technology companies in recent years.

But, Florida's economy is very diverse and also includes sectors such as tourism, healthcare, agriculture, aerospace, and more. This allows investors and entrepreneurs to find opportunities in a variety of sectors.

Therefore, this state is a competitive market for many types of businesses, but where there is competition, there is always demand.

Benefits of registering a company in Florida

  • Florida ranks fifth in access to capital in the United States - the state has the highest grade A, which actively attracts investors to the region.
  • Registering and doing business in Florida is relatively simple and straightforward, and allows non-resident businesses to operate remotely without unnecessary bureaucracy.
  • Affordable tax benefits - the first $50,000 USD of corporate income in Florida is exempt from corporate tax, which is one of the biggest advantages to starting a corporation in Florida.
  • Florida is an attractive location for IT companies, especially in cities like Miami and Tampa, where the technology infrastructure is growing. Miami also has an extensive banking structure, so companies in finance will also have significant potential.
  • A general business license is not required in the state of Florida, but a professional license is required for certain industries.
  • The state is also famous for its tourist locations and businesses related to hospitality, restaurants, and tour operators could be popular.
  • Given its geographic location and access to shipping lanes, Florida attracts companies involved in importing and exporting goods.
  • Companies providing business consulting, legal, recruiting, auditing and other professional services can be quite successful in Florida.
  • Florida is a tourist state, so strong population growth and tourism create a constant demand for goods and services, which favors businesses.
  • Florida is also valuable in terms of real estate investment due to the climatic conditions and high standard of living many people seek to buy real estate in this region.
Company forms

A foreign national can register various forms of companies in Florida, including:

  • Limited Liability Company (LLC): LLC is a popular form of company in Florida. It offers flexibility in management and taxation. A foreigner can be the owner or incorporator of an LLC in Florida.
  • Corporation: A foreign national can also incorporate a corporation in Florida. In a corporation, ownership interest is expressed through stock. Florida offers different types of corporations, including C-Corp and S-Corp, with different tax implications. But, for international non-resident business purposes, the C-Corp form is the one to choose.
Photo 1 - Company registration in the state of Florida

Setting a company in Florida: requirements

LLC in Florida:
  • Authorized capital: LLC may determine the authorized capital at its discretion.
  • Ownership interests: Members (owners) have ownership interests that can be allocated at their discretion. This must be spelled out in the articles of incorporation, which defines the structure and rules for the operation of the business.
  • Directors: There is no requirement to have a board of directors. It can be managed by the owners (members) or by an appointed manager.
  • Confidentiality: Details of the owners are kept confidential and entered into a closed register within 90 days of the company's formation.
  • Reporting : Limited liability companies in Florida are required to file annual reports of their financial activities, including tax returns, each year.
  • Taxes: An LLC is generally taxed at the level of the owners' personal taxes. A tax liability at the corporation (C-Corporation) or partnership level may be chosen, depending on the needs of the business.
  • Office: LLC is required to have a domicile and agent in the state of Florida to comply with business operation requirements.
C-Corp in Florida:
  • Authorized Capital: The Corporation must have an authorized capital stock, which is the total value of the shares issued to shareholders.
  • Stock: A corporation shares its rights with shareholders through the issuance of stock. Shares can be of different classes, with different rights and privileges.
  • Directors: It is necessary to have a board of directors that governs the C-corp's operations. The composition of the board of directors and election procedures are regulated by the charter. The articles of association and records of meetings of shareholders and directors are mandatory.
  • Confidentiality: Information about beneficiaries is kept strictly anonymous. Registration of beneficiary data occurs within 90 days after registration.
  • Financial Reporting: A corporation (C-Corp) is required to file annual financial statements and tax returns under Florida law.
  • Taxes: Corporations are subject to federal taxation and may be required to pay state taxes, but Florida does not have a state corporate income tax, which is why the term "Florida offshore company" is often heard.
  • Office: Must have a registered office in the State of Florida, as indicated on official documents, and a local registered agent.
Taxation

In Florida, LLCs and Corporations are taxed according to local and federal standards, and their tax liability depends on the legal structure of the company and its tax status.

Corporations, on the other hand, are subject to federal income taxes, and LLCs are generally taxed at the personal tax level of their owners. LLCs can choose to be taxed as sole proprietorships (disregarded entity), partnerships, or corporations.

Organisation type Federal Corporation Income Tax FL Income Tax FL Sales Tax
LLC

Depends on the structure of the LLC. Profits are passed through to the LLC owners (members) and are taxed at the level of their personal tax returns.

 

10% - $0-$10275

12% - $10275-$41775

22% - $41775-$89075

24% - $89075-$170050

32% - $170050-$215950

35% - $215950-$539900

37% - $539900+

Florida does not collect state income tax for LLCs. 6-8.5%
Corporation 21% When income is derived from the state of Florida, the state corporate income tax level is 5.5%.

Florida's state sales tax rate is 6%. However, a Florida county can add up to another 2.5% sales tax, so a company's overall sales tax rate in Florida can fluctuate.

Florida does not require a general business license, but for certain areas of business, an entrepreneur will need to obtain a professional license. This applies to industries such as architecture and interior design, the construction industry, cosmetology, agricultural labor, hospitality, and others. Also, in some cases, there may be an obligation to obtain a federal license for certain types of businesses in accordance with federal laws.

 

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Special features

Florida is one of the best states for non-residents because of its business-friendly environment, attractive tax climate, and variety of opportunities. Therefore, many well-known entrepreneurs and companies are building their businesses in Florida, including:

  • Walt Disney Company: The famous Disney Corporation has its major theme parks and resorts in Orlando, Florida. It is one of the most famous places all over the world.
  • Publix Super Markets: Publix is the largest supermarket chain based in Lakeland, Florida and one of the most successful and profitable supermarket chains in the United States.
  • Carnival Corporation: Carnival Corporation is one of the world's largest cruise companies based in Miami, Florida. The company owns and operates several cruise ships.
  • SpaceX: The company, founded by Elon Musk, has its SpaceX rocket launch base in Cape Canaveral, Florida.

If you are interested in the state of Florida, registration of an offshore company in this region will be a profitable solution. Our professionals will provide you with qualified consultations, help you with paperwork and ensure compliance with all legal requirements of the legislation. Confidently start your business in Florida with our support.

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With our assistance, company formation in the USA is also possible in other states.   Therefore, to ensure that the registration of companies in America went smoothly and without unnecessary surprises, leave a request for individual consultation from our lawyers.

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