The Advantages of Doing Business in Arizona
Arizona boasts one of the most comfortable climates in the entire nation. This is why the Grand Canyon State is one of the largest destinations for retirees and snowbirds. While Arizona is known for its warm temperatures, state lawmakers have also worked hard to make it an inviting business climate as well.
Lower Corporate Tax Rates: By 2017, Arizona’s corporate tax rate is scheduled to fall to 4.9%, a 53% reduction since 1989 when the rate was 10.5%. This will give Arizona one of the lowest corporate taxes in the nation, reducing the cost of doing business in the Grand Canyon State. In addition to corporate tax reductions, the state and major cities such as Phoenix are offering a series of tax credits for bringing certain types of jobs to the area.
Lower Operating Costs: The costs to operate a business in Arizona are lower than those of many of their neighboring states. For example, the Greater Phoenix Economic Council reports that operating costs in Arizona are as much as 40% lower than in California. Between the tax credits, lower tax rates, and minimal number of regulations, Arizona does its best to allow businesses to do what they do best; create jobs and contribute to the overall well-being of the community.
Lower Cost of Living: Cost of living is a major factor when attracting talented employees to make your business successful. To bring in the best talent, you need to be in an area where housing and other living costs are affordable. Arizona’s major cities have a lower cost of living than most major metropolitan areas of the country.
Investment in Education: Arizona spends more per capita on public school students than most other states, with smaller class sizes and a better quality of education. A well-educated population produces a more skilled workforce, increasing the likelihood of your business being successful when you locate here.
Working with an Arizona Business Broker: If you like what you hear so far and want to take the next step toward investing in an Arizona business, get in touch with a Phoenix business broker. Business brokers have access to potentially hundreds of hot listings for businesses such as accounting practices or retail outlets that would otherwise be kept confidential. In addition, the brokerage is familiar with the necessary procedures to ensure a smooth transition and help get your business started on the right foot.