MIAMI, May 9, 2018 /PRNewswire/ -- Move over, New York City. Miami is rising through the startup ranks taking the second-best location, coring the Big Apple out of the silver spotlight.
According to business guru, Scott Cooper, Miami is blossoming into a new startup hub for the East coast.
Due to the city's number of startups, taxes, and a globalized location, Scott J. Cooper deemed Miami the second-best place for startups.
Number of Startups
The Miami Herald stated that in June 2017, the number of registered tech startups alone reached over 2,500. That brings the estimation of startup growth up sixty-three percent since October of 2015. With the recent explosion in tech devices such as Amazon's smart assistants, this trend is sure to continue.
Yet, tech startups, although the most popular, are not the only area where Miami is thriving.
Miami is second in the nation for Health IT and other medical related technology, according to Startup Angels. While medical startups aren't what most think of when discussing startups, it is a vital part of Miami's startup success.
Plus, the cost of living is exuberantly lower than Silicon Valley or New York City. So, besides the sun, sand, and tropical weather, Scott Cooper says Miami is an economically desirable place to embark on a startup adventure.
Taxes can either make or break a startup, depending on where they are and the type of work that they do.
The tax structure of his home state is no stranger to Scott Cooper. Cooper applauds Florida's startup-friendly structure.
Investopedia states that Florida is one of the most lenient and small-business-friendly tax states.
There is no state income tax for small businesses. While Corporations have different parameters, LLCs and other small business classifications don't have any debt to a state income tax.
Additionally, the PATH Act allows businesses with a gross less than fifty-million to apply for an R&D tax credit, which can be applied to lessen the Alternative Minimum Tax (AMT).
To close, Scott Cooper sees a bright future for his hometown. Miami is taking up the startup mantel, ranking second for most desirable startup location and Cooper is extremely proud of that.
SOURCE Scott J. Cooper