If you have some business idea and are convinced about its potential to become big, Miami is the place to start your business. The immense advantage of connecting globally allows entrepreneurs to think about the unthinkable as numerous organizations are ready to back your idea and provide valuable support, feels Eric Dalius. You have ready access to plenty of resources without spending a dime that dares you to become innovative and experiment with ideas that can someday become game-changers.
Miami ranks third among 100 cities based on factors like business environment, access to resources, and business costs, as revealed in a survey done by WalletHub. Digging deeper into the data gathered from the survey, there are some more startling revelations like it is the number one city for startups and boasts of a startup for every 100,000 people. Labor costs are the lowest, and the business environment is just too business-friendly.
Go virtual but be at Miami
Despite the Covid19 pandemic, Miami maintains its high business-friendliness. If you are not comfortable about setting up a physical space for business, Miami still welcomes you to start your business from anywhere, explains Eric J Dalius. Yes, plan for a virtual business set up and get going to fulfill your dreams of being in the league of successful entrepreneurs who have all began their journey from Miami.
Here are the steps to take to go ahead in starting your business in Miami.
Choose your business structure
You can choose between an LLC (Limited Liability Corporation) and a C-corporation as your business s structure, whether it is a partnership, sole proprietorship, or a Corporation. Corporations may be either LLC or C- Structure. LLC has several members who own the company but enjoy protecting their assets, and state regulations govern the organization. Corporate companies follow the C- structure that legally demarcates the assets of the company from the owners.
Choose a business name
Choose a name for your business that becomes its legal entity. Remember that the name relates to your company’s characteristics and select it with some thought so that it is unique. Abide by the naming regulations of the state.
Select a registered agent
To file your company with the Department of State, you must appoint a registered agent who can file the Articles of Organization.
File your articles of organization
Filing the Articles of Organization is a step to register your business legally with the Department of State, Florida. The =document contains the basic facts of your company, the organization, and management.
Apply for EIN/ITIN
Obtain your Employer Identification Number (EIN) and Individual Tax Identification Number (ITIN) by applying to the IRS.
Obtain licenses and permits
Obtaining licenses/permits are mandatory for every business. Licensing may be required at various levels from the municipal to county to state and even at the federal level, depending on business nature.
Open a bank account
Opening a bank account is the last step that signals that you are now ready to state business operations.
Keep checking ongoing legal requirements that keep changing with time but which you must comply with.