Virginia is increasingly becoming one of the best places to set up a business and is a huge contributor in the IT and tech world, agriculture, and employment. As a company owner you can benefit from the lower costs compared to some of the better-known business hubs such as New York or San Francisco. There are also a plethora of incentives available, with the state being supportive of budding businesses and increased employment opportunities. Virginia is a fantastic option for you if you’re considering expanding your business into another state, so in the following post we will highlight for you just why this growing business hub is going from strength to strength.
Grants And Incentives
Virginia is becoming increasingly popular amongst entrepreneurs looking to launch start-ups or expand their businesses, so you won’t by any means be alone in venturing your business into the area. This is due to the availability of many grants and incentives to encourage business growth in the area such as the following:
- The state corporate tax is amongst the lowest in the US at 6%
- Tax credits such as the Major Business Facility Job Tax Credit. For each new full-time position created by your company, you can benefit from a tax credit of approximately $1,000
- Refundable Research and Development Expenses Tax Credit- if you invest in qualifying research and development in the area, you can benefit from tax credits equal to around 15% of the first $300,000 dollars invested
- Green Job Creation Tax Credit- you can benefit from this for any new green jobs created by your company
- International Trade Facility Tax Credit- you can benefit from this income tax credit through the creation of jobs in an international trade facility
- There is the Virginia Economic Development Incentive Grant (VEDIG) – a performance incentive to encourage businesses to expand into Virginia and create job opportunities
- Virginia Investment Partnership Act (VIP) also known as Major Eligible Employee Grant (MEE)- again, a performance incentive to encourage capital investment and increase production through using advanced technology
- Commonwealth’s Opportunity Fund (COF)- for already established businesses, to support new business projects and increase employment in the area
- Limited Liability- if you take out Virginia business insurance as an LLC, you can take advantage of limited liability protection, meaning the LLC would get sued rather than you as the director of the company
Easy To Commute
Virginia has fantastic transport links, making it especially useful for those of you looking to expand from other states. If your employees need to visit other sites or go on business trips, they can easily commute. With 14 commercial airports that fly internationally, such as Washington Dulles International and Ronald Raegan International. There is also a Port that sails to 250 ports in over 100 countries, a large railway system and access to interstates and highways. So there are plenty of ways for your employees to commute to work, and your products to be shipped both nationally and internationally.
A Hub For Web Or Cloud Based Business
Virginia is one of the best places to set up a web or cloud-based business, as it holds data centres with huge amounts of worldwide internet traffic flow and offers advanced fibre broadband networks. So you can expect to enjoy fast internet speeds. Big names such as Amazon and PBS have long clocked onto this- having bases in Virginia and more and more companies are recognising the benefits of expanding into the state.
Agriculture And Food Produce
The largest sector in Virginia by far, is agriculture and forestry. The sector provides huge amounts of job opportunities in the area, and contributes greatly to the economy. If your business is in agriculture, or relies on agriculture, Virginia is one of the best states to expand into for your business.
So What Are Our Final Thoughts?
Before you set up your new business in Virginia, we recommend you research regulations for your type of company such as licenses and fees. Apply for planning and draft a clear business plan. However, considering the current strength and growth of multiple sectors in Virginia, as well of how supportive the state is towards them- we recommend you seriously consider this business powerhouse.