Moving a Business to Florida: Benefits, Costs, and Legal Steps

Florida has become one of the hottest new business locations in the United States. Data from the Securities and Exchange Commission shows that Florida was the number one choice¹for corporate relocations in 2023.

If you are moving a business to Florida, there are many important steps to follow. This article will cover the benefits of relocating to Florida and the important legal and financial factors to consider.

Find out more about Wise Business

Why is Florida a Popular Choice for Businesses

Florida’s economy has something to offer every company, whether it is a small business, a new start-up, or an established corporate giant.

Florida has pleasant weather year-round and wonderful outdoor attractions. This setup has made Florida a very attractive destination for retirees, employees, and tourists. Florida attracts around 100 million² tourists every year. The state surpasses leading foreign destinations like Spain and France.

The economy has been growing rapidly in recent years, and it is slowly becoming a new center for US companies. Florida’s GDP recently surpassed³ the GDP of dominant countries like Indonesia, Spain, and Mexico. Companies can relocate to Florida to tap into the strong consumer market and connect with international customers and suppliers.

The state has some of the country’s leading ports, and it offers same-day access to 100 million⁴ consumers in the United States. AAs securing supply chains becomes more crucial, locations like Florida can be a great option for companies. Especially for those who increasingly import products or champion new export markets. It is a great location if you are targeting Latin America, as around 70%⁵ of its exports go to this region.

Although the economy has been booming, Florida is still a lower-cost alternative to other popular destinations such as California and New York. There is an abundance of high-skilled labor in multiple areas, including the tech industry. Companies can offer employees a better standard of living because Florida has lower living costs and no state income taxes.

Key Benefits of Moving a Business to Florida

One of the key benefits of moving a business to Florida is the tax benefits. Florida offers many benefits⁶for businesses. These include lower corporate tax rates and no state income tax for employees. This is one of the main factors that has led many companies to relocate to Florida.

Companies that relocate to Florida can access key employees and potential customers from a variety of industries. Florida’s economy is very dominant in key industries⁷ like aerospace, finance, healthcare, and tech. The combination of lower living costs and no state income taxes makes it easier for companies in Florida to offer employees attractive compensation packages. As more companies relocate to Florida every year, the state can establish itself as a credible finance and tech hub.

Florida also has very favorable infrastructure. The government is continuing to invest in this infrastructure to support economic growth. DeSantis recently announced a new annual budget that will invest $15.5 billion⁸ in transportation infrastructure. This will include 946 projects. Florida is an attractive destination for trade. This is especially true for companies that want to more closely link with suppliers or customers in other markets like Latin America. Moving to Florida can help some businesses more adequately manage their supply chains. They can have easier access to key export markets.

Legal and Regulatory Requirements for Moving Your Business to Florida

Unfortunately, if your company is relocating to Florida, you will have to do a lot of legal work to make sure you are compliant with state and local laws.

Businesses that want to relocate to Florida can set up a new corporation after they dissolve the previous one. They can also choose to operate as a foreign entity in the state, or reorganize their company⁹.

You can follow one of these steps¹⁰ to complete this process:

• Dissolving Company and Registering a New Company in Florida: If you have a smaller company, and this process will be easy, this can be a solid option. If not, this option can become legally expensive and complicated.

• Merger: Businesses can also form a new corporation in Florida and merge it with their existing out-of-state corporation. Companies that choose this option need to ensure they file the correct documentation in both states.

• Operating as a Foreign Entity: Companies need to register¹¹ with the Department of State Division of Corporations in Florida. They also need to continue filing annual reports in Florida.

• Converting Company: Companies can also choose to convert their previous corporation into a Florida corporation. This process is referred to as a conversion or domestication, and the regulations vary state by state.

Once your company is set up, it is easy to manage your business and stay in compliance with all of the state requirements. You can make any changes¹² to your business on the Florida Secretary of State website. This website allows you to submit annual reports, dissolve or withdraw a company, and update any information about your business.

It's also important to make sure that you update all of your information to reflect your new Florida address. Remember to delete any old accounts with your previous company’s address.

You should be aware¹³ of some of the city and county regulations in Florida. On top of applying for state licenses, your business may also need to see whether it needs a business tax receipt for the city or county where you operate.

Challenges of Moving a Business to Florida

There are still many challenges that businesses will face in Florida, particularly for businesses in certain industries. These challenges could result in higher costs in some areas. They could also lead to higher levels of competition and revenue fluctuations.

Below are some key risks to monitor if you are planning on moving a business to Florida:

• Climate Risks: Hurricanes can be devastating for many businesses in Florida. Around 60%¹⁴ of the state’s micro, small, and medium-sized enterprises (MSMEs) were in the path of Hurricane Helene.

• Insurance Costs: Florida is the most expensive state¹⁵ for property insurance in the United States. The continued natural disasters, coupled with financially weakened insurance companies, have resulted in a continued rise in insurance premiums. Many insurance companies have gone out of business.

• Competition: Many industries, such as finance, manufacturing, or hospitality, are very competitive due to the rise in both domestic and foreign entrants. Companies should research the market, including the labor market, before entering Florida.

• Seasonal Fluctuations: Companies in certain industries, such as food services, may have to deal with slower demand during non-peak times of the year.

For many companies, the benefits of lower taxes and stronger economic activity outweigh the above-mentioned risks. Companies should be sure to perform industry and market research and determine if Florida is a good fit for their company’s strategy.

Steps to Successfully Move a Business to Florida

The first step companies should take is to research the business costs and benefits of relocating their office to Florida. Florida offers a lot of tax benefits and a favorable business environment. However, companies will still incur a lot of operational costs from moving the office, hiring new employees, and paying legal fees. If you are upgrading your office and moving to a more popular location like Miami, things could be even more expensive.

After this, the company should closely research the industry environment in Florida. This is to identify key trends such as competition, consumer trends, and labor market availability. Florida has a lot of promising industries. However, the competitive environment and labor availability could deter some new entrants.

One of the most important decisions is choosing the right city in Florida. Four cities in Florida have a top 10 rating¹⁶ for businesses among the 50 largest cities in the country. Some of these top cities that businesses choose include Jacksonville, Miami, Orlando, and Tampa. Smaller cities may be a better deal because of the lower rent and labor costs. On the other hand, some companies may need to have a local presence in Miami to truly exploit Florida’s benefits.

Once the decision is final, companies can begin notifying employees and customers, preferably well in advance, about the move. They should update their company website, marketing materials, and other information before making the move. Companies will also likely need to spend time closing accounts, ending relationships with previous vendors, and ensuring that their affairs are wrapped up in the previous state.

What Industries Thrive in Florida?

Florida is an excellent headquarters state for businesses operating in a variety of industries. Florida’s credibility has grown substantially in the past few years in a variety of industries. This includes healthcare, finance, and aerospace. Florida’s life sciences and healthcare tech sectors have had rapid growth¹⁷ in recent years. Florida is the country’s second-largest medical device manufacturer. It is also the second-largest pharmaceutical manufacturer.

Florida has also established itself as a strong finance hub, serving as an attractive alternative to other cities like New York City. Miami is ranked 7th¹⁸ in the United States and 34th globally in the Global Financial Centers Index.

Florida has also established itself as a leader in the space economy, with its most recent¹⁹ pipeline growing by 24%. Major entities like Amazon, Boeing, and the Air Force have been taking advantage of Florida as a credible hub for their aerospace operations.

One of the most well-known opportunities in Florida is the hospitality industry, as Florida is the country’s leading tourist destination. Businesses like hotels, restaurants, and catering companies have a lot of opportunities in the state in the coming years.

Manage International Business Relocation Costs with Wise

Expanding globally can present many new challenges for companies. One of the most common challenges is finding convenient international payment options. It can often be difficult to open bank accounts abroad or to send payments to suppliers in other countries.

Wise is a convenient, low-cost option to check out. Wise customers can manage over 40 currencies in one single account, making it a breeze to send and receive payments. Our accounts do not have monthly fees, and we allow customers to send and receive money at the mid–market rate. This feature ensures that businesses do not lose out on hidden fees and unfavorable exchange rates.

Register with Wise Business 🚀

⭐️ Trustpilot: Excellent 4.3 out of 5 stars

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. Check out Wise Business to learn more about how we can help your business more effectively manage international payments.

Sources

1. Businesses Moving to Florida: Relocation Do's & Don'ts
2. Nerdwallet
3. Florida's GDP Growth Now Makes it 14th Largest Economy in the World
4. Florida Ports forecast calls for growth in cargo and cruises | AJOT.COM
5. Why Miami is a Key Logistics Hub to Reach Latin America and the Caribbean - Aerodoc
6. Moving your business to Florida | IncParadise
7. https://www.themost10.com/what-are-the-top-5-industries-in-florida
8. Governor DeSantis' Focus on Florida's Future Budget Reduces Congestion, Supports Economic Competitiveness, and Preserves Floridians' Quality of Life
9. What Are My Options for Relocating My Business to Florida?
10. How to move an LLC or corporation to another state
11. Attached are the instructions to register a foreign limited liability company to transact business in Florida
12. Manage/Change Existing Business - Division of Corporations - Florida Department of State
13. What to Do After Moving a Business to Florida - FL Patel Law PLLC
14. Assessing the impact of Hurricanes Helene and Milton on small businesses
15. Are you or your clients concerned about Florida’s rising insurance costs? | CBRE
16. Florida scores 4 cities in Top 10 major U.S. markets for startup businesses
17. Central Florida’s Life Sciences and Health Sector is on an Upward Climb | ECHAlliance
18. Florida: The New Financial Hub Powered by Zayo
19. From Earth to Orbit: Florida Setting the Standard for Aerospace Commerce in 2024 and the Future
20. All sources checked July 2025