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Tuesday, 25 July 2017 16:32

5 Reasons Why You Ought To Relocate Your Business To Norfolk, Virginia

Written by Marcus
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Are you an upcoming or well established entrepreneur? Do you want to relocate to Norfolk, VA - a city with a beautiful coastline and excellent business environment? Making a change of place not only promises you a path to growth but success too. Problem is many people are skeptical when it comes to changing their business environment. Several questions do run through one’s mind. Some of them include: What is the business environment like? What incentives are being offered to businesses? Is the available security top notch or not? What about housing? Are mortgage rates friendly or steep? If I opt to rent an apartment, how does the offer compare with my current residency? 

                                                                                                                                          

 


 

One of the best cities in America where the above questions have positive answers is Norfolk, Virginia. Not only does the city offer a beautiful coastline but there are numerous parks, playgrounds, outdoor trails, exciting nightlife, shopping venues and vibrant culture among the people. This assures that relocating to the city of Norfolk as an entrepreneur is a great move that you should not bypass. 

 

Here are more reasons why moving to Norfolk, Virginia is a great idea. 

Technology zone 

This is a valuable tool that encourages the setting up of new and expanding technology businesses within the locality of Norfolk, Virginia. As an entrepreneur, what you ought to know is that cities in Virginia including Norfolk have the ability of setting up technology zones so as to attract targeted industries. 

These technology zones offer special incentives for qualified businesses that are being established or being expanded. Some of the incentives offered include reduction of user and permit fees, local tax incentives, special zoning treatment and exemption from local ordinances among others. 

These incentives are provided for a period of up to 10 years. As an entrepreneur planning to relocate to Norfolk, Virginia these incentives will help you establish yourself as well as attain a higher ROI for your investment. Imagine this – your business defines itself as a cloud storage provider for small and medium businesses. Setting up data centers is expensive especially in other states or cities but not in Norfolk, Virginia thanks to technology zones. 

 

Corporate income tax incentives 

Did you know that Virginia’s corporate income tax is 6%? Furthermore, no unitary tax is levied on Virginia companies’ worldwide profits. All a corporation has to do is allocate their multistage income using corporate apportionment factor that includes property, payroll and double weighted sales factors. 

In 2012, the General Assembly in Virginia passed a legislation that requires retail companies to utilize the single sales factor when it comes to determining taxable income. This is the same for qualifying manufacturing corporations. 

As a result of the Commonwealth Virginia business incentive, businesses are assured of sound fiscal management and a result oriented approach to business regulation. That is not all. Qualified Virginia companies planning to relocate or are currently expanding in Norfolk, Virginia are eligible to receive $1,000 income tax credit. This is allocated for each new full time job created within the first taxable year.

Green job creation tax credit 

Are you moving a business to Norfolk, Virginia? Is your business in the field of renewable or alternate energies such as fuel cell technology, solar heating systems, wind systems and biofuel systems among others? Then you are in luck. Virginia offers a green job creation tax credit for taxable years for the period before January 1, 2018. This is a solid reason why you should relocate now! 

What does this tax credit entail? For each new green job created within Virginia (including Norfolk), a tax credit of $500 will be implemented for every annual salary over $500,000. This incentive is allowed during the taxable income the job has been filled. Not only is it extended for one year but for 4 succeeding taxable years. The good news is that every business can claim credit for up to 350 green jobs. 

If the business is eligible for the above tax credit and it is able to create green jobs within an enterprise zone, then it qualifies for the Enterprise Zone Job Grant Program. This incentive is provided to businesses with the goal of fostering investment and job creation especially in the green energy manufacturing sector. 

 

Property tax incentives 

Have you been taxed for owning property in your current county? Well, in Virginia no property tax is implemented at state level; only at local level. In your current county or city, you probably are remitting taxes depending with your business location. This means that if your business is located within the corporate zone, you are required to pay town and county taxes respectively. This is not so in Virginia. 

What you ought to know is that Virginia does not tax intangible property, manufacturer’s inventory, manufacturer’s furniture, fixtures and corporate aircraft among others. Furthermore, localities can partially or fully exempt the following property from tax: 

a. Rehabilitated commercial real estate 

b. Certified solar energy devices 

c. Environmental restoration sites among others. 

What is the benefit of this? Well, it allows a business to have the chance of growing as well as plough back its profit not only to expand but to employ more people. At the end of the day, Virginia gets to reap the benefits when it comes to taxation of tangible personal and real estate property. 

 

Well educated workforce 

Yes, Norfolk is renowned as a historic port city which has become a hub for employers in search of a well educated workforce. As an entrepreneur planning to relocate to Norfolk, Virginia, what you ought to know is that your business will thrive as a result of the following – a well educated work force. 

Norfolk is home to Old Dominion University, Norfolk State University, Eastern Virginia Medical School, Virginia Wesleyan University and the Advanced Technology Institute among others. These institutions train students in various fields – technology, medicine and engineering among others. 

Once you set up your business, you will be spoilt for choice when it comes to vetting new employees to fill different positions in your company. In the end, your business will be filled with graduates and professionals who understand the roles they should play as well as the responsibilities that come with the position. 

 

You can never go wrong with a Virginia educated graduate. 

Final Thoughts 

Some of the major reasons why entrepreneurs choose to relocate their businesses include better tax incentives (property, business licenses and corporate income taxes), shortage of a well educated workforce, a better business environment and cost of living among others. 

Norfolk, Virginia offers the best incentives especially when it comes to taxes. Not only will your business enjoy a 6% corporate income tax but your intangible property will not be taxed. That is not all. You will have access to a well educated workforce, a suitable business environment and better cost of living. 

Other incentives you will enjoy include 4 seasons (spring, autumn, summer and winter), mountains, beaches, festivals, world class health care and less street harassment among others. 

Planning to relocate your business? Join other Fortune 500 companies in Virginia – PhilipMorris USA, Capital One, Comcast, Dollar Tree, General Dynamics, Freddie Mac and AES among others. 

Make Norfolk, Virginia your new home! 

Southside Moving and Storage

1180 Lance Rd Norfolk, Virginia 23505

757-234-7080 or 800-587-7474

Southside Moving and Storage is a professional full service moving company located in Norfolk Virginia.  We specialize in residential moving, commercial moving, busines moving and piano moving.  We also provde local and long distance moving services.  

 

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