Global Connectivity Starts in Florida – With its unique geographic position and standing as  the third most populous state in the United States, Florida is a global economic hub. No other site in the Western Hemisphere can match the state’s top-ranked infrastructure,  multilingual workforce, strategic location and concentration of corporate and financial resources. The state’s many benefits provide a compelling case for international companies to establish a location, collaborate or trade with Florida.

ENTERPRISE FLORIDA ASSISTANCE

International trade and development is big business in Florida. Enterprise Florida, Inc. (EFI), the principal economic development organisation for Florida, assists companies with their international growth.

EFI maintains an extensive schedule of overseas trade missions and exhibitions worldwide. In fiscal year 2014-15, EFI hosted 56 major domestic and overseas trade and development events with 961 participating companies  that reported more than $906 million in total projected export sales from these missions.

Currently, EFI has 15 international offices, including one in the United Kingdom, which counsel small businesses looking to export to foreign markets. The offices also identify foreign director investment opportunities for international companies looking to invest or do business in Florida.

Throughout Florida, EFI has seven trade offices that provide services including evaluation of a company’s market readiness, selecting target markets for its products or services, market research, information on channels of distribution in target markets, educational “how to” seminars, export promotion through trade missions, shows and matchmaking programs and introductions to its international offices.

FOREIGN DIRECT INVESTMENT

Attracted by its large and booming economy, stable business environment and international workforce, new business investments from around the world pour into Florida every year, making it one of the top US destinations for foreign direct investment.

Florida’s extensive international commerce infrastructure includes the availability of trade financing, international legal and insurance services, freight forwarding and logistics, distribution and warehousing and related services. High value-added manufacturing for re-export is done inside Florida’s foreign trade zones. And, with numerous foreign and domestic banks, the international banking community in Florida provides tremendous value to companies doing international business, particularly with Latin America.

A LAUNCH PAD FOR GLOBAL TRADE OPERATIONS

In terms of trade flows, cargo volumes, export value and employment, Florida ranks as one of the nation’s top global trade centres. In 2014, Florida companies exported more than $58 billion worth of goods to more than 200 countries around  the world – making it the seventh-largest exporting state in the country. Home to the second-largest foreign trade zone network in the country, 20% of all US exporters choose Florida as the site for their global operations.

Florida companies act as key suppliers to buyers in dozens of counties worldwide, shipping goods made locally in Florida, elsewhere in the US, or in another country. Florida is also an excellent gateway for non-US companies selling their goods to the US market.

Trade and foreign investment play a fundamental role in Florida’s economy by fuelling growth, supporting jobs and diversifying the economic infrastructure.

EASY ACCESS TO LATIN AMERICAN AND CARIBBEAN MARKETS

The allure of direct access to the Latin American and the Caribbean markets has enticed more than 1,100 multicultural companies to open regional headquarters in Florida, with nearly one-third dedicated to serving the Latin American region alone.

Miami is the leading centre for international banking in the US. Both foreign and domestic banks that are active in international trade and finance have offices in Florida, including many of the world’s largest banks.

Geographical proximity, flight connectivity and a large Spanish-speaking population make the state the location of choice for companies wanting access to Latin America and surrounding areas.

STRONG SERVICES EXPORTS

Florida has a natural advantage in the exporting of knowledge-intensive services, with its strong global ties, linguistically diverse population and a more service-intensive economy. Florida is also a major global exporter of high value-added services, including accounting, communications, consulting, engineering, financial, legal, medical, transportation and many other services.

COMPETITIVE COST OF DOING BUSINESS

Land, labour and capital are significantly more affordable in Florida. For businesses in certain targeted industries or specialised locations, the state offers additional financial incentives for job creation, workforce training, road infrastructure and other programmes.

Global companies appreciate that their business dollars go further in Florida. Businesses and employees can keep more of their income by operating and living in Florida’s low-tax environment.

ACCESS A DIVERSE WORKFORCE

At 9.7 million strong, companies doing business in Florida have access to a large and diverse workforce – including many who are foreign language speakers. Consistently ranked among the best in the US, Florida’s workers excel in a variety of industries ranging from aviation & aerospace to life sciences and information technology.

The state’s 12 public universities, six major medical schools and numerous private colleges and universities also work closely with the business community to build programmes that reflect industry needs. No Floridian lives more than 50 miles from a further education institution, providing businesses with a pipeline of skilled employees.

INVESTING IN AN EVOLVING INFRASTRUCTURE

Florida’s extensive multi-modal transportation system supports not only the state’s 20 million residents, but also nearly 100 million tourists annually. With 15 deepwater seaports, 19 commercial airports, nearly 3,000 miles of freight rail track, 12,000 miles of highway and two spaceports, Florida can move people, products and ideas anywhere fast.

The state has made improvements to major trade and transportation systems a top priority. Over the last four years, Florida has invested more than $850 million in its ports, making it easier for companies to take advantage of international trade.

Florida ports are strategically positioned to benefit from the Panama Canal expansion. In September 2015 PortMiami announced the completion of its Deep Dredge project which deepened the port’s main harbour channel from 42 feet to a depth of 52 feet. The port is now a global gateway, as the only major logistics hub south of Virginia capable of handling post- Panamax vessels.

Capitalising on the state’s peninsular location, Florida’s transportation system serves as a global nexus to the highly sought-after Latin American and international markets.

FIND SUCCESS WITH A BUSINESS-FRIENDLY CLIMATE

From Fortune 500 corporations to small family businesses, the state’s pro-business policies facilitate growth. Thanks to its low corporate income tax, numerous industry-specific tax exemptions and zero personal income tax, Florida repeatedly ranks among the most business-friendly states in the US. Recently, site selectors from across the US picked Florida as the 5th best state for doing business.

EXPEDITED PERMITTING

Florida offers companies a seamless start-up with the ability to become operational quickly. The state’s regulatory agencies and local government provide quicker, less costly and more predictable permitting processes for significant economic development projects without reducing environmental standards. Progressive legislation ensures that Florida remains a worldwide leader for new and expanding businesses.

Since Governor Rick Scott took office in 2011, average permitting time for the Florida Department of Environmental Protection has fallen from 79 to 33 days, and Office of Financial Regulation review time dropped from 22 to 5 days.

PRO-BUSINESS GOVERNMENT

Florida’s government and economic development leaders work together to ensure that the state’s business  climate remains favourable to companies of all sizes. The state is working on legislative, fiscal and marketplace initiatives such as insurance tort reform, targeted industry financial incentives and many more. The state is also one of only a few right-to-work states in the US.

AVAILABLE RESOURCES

Florida offers growing businesses access to capital from private, state, federal and other sources. The state has implemented capital formation initiatives, such as the Florida Opportunity Fund, and economic gardening programmes that help Florida businesses expand by offering specialised services such as market information, leadership development and business management tools.

GROWING GLOBALLY IN FLORIDA

Florida has what it takes to make a company successful – an attractive business climate, diverse workforce, a state-of-the-art infrastructure and global access. With the help of Enterprise Florida, your company can take advantage of all that Florida has to offer.