Post Tagged with: "Utah"

3 Things That Explain Why Utah Is a Great State to Do Business

Image of Utah skylineUtah consistently ranks as one of the best states for business-minded individuals. In 2017, Forbes placed the Beehive State in second place. What factors could have been influencing this excellent business climate?

Taxes

Unlike some states, Utah levies almost all types of taxes including personal and corporate income tax, as well as property tax. The biggest difference – and something business owners would appreciate – is the simplicity.

Utah now uses a flat rate of 5 percent for personal income tax. There is also a fixed rate of 4.7 percent for state sales tax. Local rates, on the other hand, can vary. Overall, the state’s taxes are near the national average.

Economy

Utah also has one of the most vibrant economies in the country. In a 2016 WalletHub report, it placed third after California and Washington in the overall rankings. Meanwhile, it ranked fifth in economic activity and fourth in innovation potential. It scored the highest, first place, in terms of financial health.

The state bested Florida in the highest GDP growth and California in the most startup activity. It placed first in the highest change of non-farm payrolls.

Business Community

Businesses thrive when the owners receive all the support they need from the government and their community. Utah has a publication called Doing Business in Utah, which provides all the essential information one needs to start and manage an enterprise in the state.

There are business organizations that offer workshops and guidance for starters. For those who are into tech, Utah is the place to be. With its numerous start-ups, others now see it as the next Silicon Valley. Doing business in Utah is easier than in other states as one can easily find funding.

However, out-of-state entrepreneurs can also establish here by opting to buy a business in Utah, which firms such as Utah Business Consultants can help you with. This option is even ideal as a homegrown professional can provide ideas on how to start with the least risks.

Utah is not a perfect state. It does have its own business-related issues including a softer economic outlook or a high labor cost. However, more often than not, the benefits outweigh the disadvantages.

December 12, 2017 at 1:36 amBusiness Electronica