Advantages of Conducting Business in Virginia
Virginia’s proximity to Washington DC and having the port of Virginia with a schedule of 3,000 sailings a year to ports around the world make it an attractive location to start a business. Fifty-six percent of all United States consumers live within 741 miles of Virginia. Since the great recession of 2008 Virginia has create over 55,000 private sector jobs. Among states, both Forbes.com and CNBC, which is the leading financial news cable channel, have ranked Virginia as the best state for business. There are several reasons for this ranking. Overall business costs are 9% lower than the national average. The legal and regulatory framework is one of the most business-friendly in the United States. Virginia’s tax and energy costs are the seventh and ninth lowest in the United States. Worker compensation costs are 47% below the national average. Virginia is a right to work state which eliminates a company’s requirement for a unionized work force and helps keep labor costs down.
Virginia also has an outstanding transportation system. Two of the busiest airports in the United States serve Virginia – Ronald Reagan Washington National and Dulles International Airport. Dulles International Airport serves over eighty United States cities and is the sixth busiest United States airport for international travel. Fourteen railroads operate on more than 3,400 miles of railway in Virginia.
The primary criterion in locating a business is proximity to clients. As discussed above Virginia attracts a highly skilled workforce from a wide range of professions for employment. This population demands many services to fit their high living standards. The population will demand better housing, upscale retail establishments, and fine dining. The advantages of locating a business near such a wealthy population with a pro-business climate, a quality workforce, an excellent education system, an innovative research and development infrastructure, and an outstanding transportation system provide great opportunities for the future success of that enterprise.
For more information about our service call 301-230-2385
- Establishing the Correct Business Entity in DC
- Bookkeeping Tips for Startups
- Advantages of Conducting Business in Maryland
- Advantages of Conducting Business in Washington DC
- Recommended Software for Bookkeeping
- Surviving an IRS Audit in Maryland
- Cost of Incorporating in Delaware rather than the Washington metropolitan area.
- Small Business Retirement Plans
- Home Office Deduction for Corporate Owner