5 Powerful Reasons to Relocate Your Business to Norfolk

Are you an upcoming or well established entrepreneur? If you are considering business moving to Norfolk, VA, you will find a coastline. Additionally, the city offers a supportive business environment. Making a change of place can bring growth and success. Problem is many people are skeptical about changing their business surroundings. Several questions run through one’s mind, such as the environment, incentives, and security. For example, what is the environment like? Are incentives being offered to businesses? Is the available security top notch? What about housing? Are mortgage rates friendly or steep? If I rent, how does the offer compare with my current residency?

One of the best cities in America for business moving is Norfolk, Virginia.

The city offers a beautiful coastline.

Additionally, there are parks, playgrounds, outdoor trails, nightlife, shopping venues, and vibrant culture.

For entrepreneurs relocating here, Norfolk is a strong move.

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

Technology zone

Additionally, Technology zone supports business moving initiatives.

This is a valuable tool that encourages creating new and expanding technology ventures in Norfolk, Virginia.

Entrepreneurs should know Virginia cities, including Norfolk, can set technology zones to attract targeted industries.

This support aids business moving by helping firms locate, grow, and connect with suitable partners.

These technology zones offer special incentives for qualified businesses that are being established or being expanded. Incentives include reduced user and permit fees. Additionally, local tax incentives and special zoning treatment may apply.

Additionally, exemptions from local ordinances and similar protections may apply to eligible firms nationwide. Some zones offer these advantages because the program aims to attract investment, support growth, and encourage employment. Other benefits may include targeted incentives and streamlined permitting.

These incentives are provided for a period of up to 10 years. They support business relocation decisions and help new ventures stabilize their finances. As an entrepreneur relocating to Norfolk, Virginia, these incentives help you establish yourself and achieve a higher ROI. This flexibility reduces upfront risk for startups.

Imagine this: your business defines itself as a cloud storage provider for small and medium businesses. Moreover, setting up data centers is expensive elsewhere, but not in Norfolk, Virginia, thanks to technology zones. Together, these factors make Norfolk a compelling option for technology-driven businesses.

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 the corporate apportionment factor.

Additionally, that factor includes property, payroll, and double-weighted sales factors.

In 2012, Virginia’s General Assembly passed legislation requiring retail companies to use the single sales factor for taxable income.

Additionally, this applies to qualifying manufacturing corporations.

Consequently, the Commonwealth Virginia business incentive guarantees Norfolk, VA businesses sound fiscal management and a results-oriented regulatory approach.

Additionally, qualified Virginia companies planning to relocate or expand in Norfolk, Virginia are eligible for a $1,000 income tax credit.

The credit applies to each new full-time job created within the first taxable year.

Green job creation tax credit

Are you considering business moving to Norfolk, Virginia? Additionally, is your business in renewable or alternative energies? Examples include fuel cell technology, solar heating, wind systems, and biofuels. If you relocate, you may access state incentives.

Moreover, Virginia offers a green job creation tax credit for taxable years before January 1, 2018. This is a solid reason to relocate now. The move could align with your long-term growth and sustainability goals. Careful planning will help you maximize benefits and minimize downtime.

What does this tax credit entail? In Virginia (including Norfolk), each new green job earns a tax credit of $500 for every annual salary over $500,000. Additionally, this incentive applies during the taxable income period when the job is filled. It is extended for four succeeding taxable years, not just one. The good news for business moving is that every business can claim credit for up to 350 green jobs.

Additionally, the business must be eligible for the above tax credit.

It must also be able to create green jobs within an enterprise zone.

If these conditions are met, it qualifies for the Enterprise Zone Job Grant Program.

Property tax incentives.

Have you been taxed for owning property in your current county?

However, in Virginia no property tax is collected at the state level.

Taxes are assessed locally.

In your county or city, taxes depend on your business location.

If your business is located within the corporate zone, you must pay town and county taxes.

This is not so in Virginia.

Virginia does not tax intangible property, manufacturer’s inventory, or manufacturer’s furniture.

Fixtures and corporate aircraft, among others, are also not taxed.

Furthermore, localities can partially or fully exempt the following property from tax:

Additionally, we rehabilitated commercial real estate.

b. Certified solar energy devices support business moving.

Additionally, Environmental restoration sites, among others, are included.

What is the benefit of this?

Moreover, it helps a business grow and reinvest profits.

It supports expansion and hiring as well.

Additionally, Virginia reaps benefits from taxes on tangible personal property and real estate.

In the end, these taxes bolster state revenue.

Well educated workforce.

Yes, Norfolk is renowned as a historic port city.

It has become a hub for employers seeking a well-educated workforce.

As an entrepreneur relocating to Norfolk, Virginia, you should know this.

Hence, your business will thrive thanks to a well-educated workforce.

Norfolk is home to Old Dominion University, Norfolk State University, and Eastern Virginia Medical School.

Additionally, Virginia Wesleyan University and the Advanced Technology Institute are also in the area.

They offer programs in technology, medicine, and engineering.

Once you set up your business, you will be spoiled for choice when vetting new employees.

As a result, these hires can fill different positions in your company.

Regardless, you can never go wrong. Similarly, a Virginia educated graduate is a strong choice.

Final Thoughts

Entrepreneurs relocate businesses for better tax incentives (property, business licenses and corporate income taxes) and a shortage of educated workers. Additionally, they seek a better business environment and a lower cost of living.

Norfolk, Virginia offers the best incentives, especially when it comes to taxes.

Your business will enjoy a 6% corporate income tax.

Additionally, that is not all.

You will have access to a well-educated workforce.

You will have a suitable business environment and a better cost of living.

Additionally, you will enjoy 4 seasons (spring, autumn, summer and winter), mountains, beaches, festivals.

You also gain world class health care and less street harassment among others.

Planning to relocate your business? Additionally, join other Fortune 500 companies in Virginia—PhilipMorris USA, Capital One, Comcast, Dollar Tree, General Dynamics, Freddie Mac, AES.

Moreover, consider Norfolk, Virginia as 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, business moving and piano moving.

Additionally, we provide local and long distance moving services in Virginia Beach, Norfolk.

Suffolk Va, Chesapeake VA, Portsmouth, Hampton VA, Newport News, Williamsburg VA, and Richmond are also served.