Nevada may be known for its hospitality industry, but there is much more to the Silver State than the Las Vegas Strip. Nevada is home to many industry-leading companies in multiple sectors – Apple, Microsoft, Barrick Gold, Ormat, Cenegenics, Sierra Nevada Corporation, Amazon, Lockheed Martin and many more. Given the presence of such heavyweights, Nevada’s business-friendly climate is now more visible to business owners both across the US and the world. According to The Tax Foundation, a non-partisan research association that monitors fiscal policy, the business tax climate in Nevada scores among the most favourable in the US.
The Nevada Governor’s Office of Economic Development (GOED) has made increasing the State’s global presence one of its top priorities and a number of tools have been employed to achieve this goal, including Governor-led trade missions with business and education leaders to the People’s Republic of China, the Republic of Korea, Canada, Mexico and Israel. As a result of these trade missions, Nevada-based businesses have entered into export partnerships with overseas distributors and Nevada’s System of Higher Education has collaborated with education and research institutions across the world to develop courses supporting the State’s targeted industries:
• Aerospace and Defence
• Health Care
• Information Technology
• Logistics and Operations
• Tourism and Gaming
There have been significant economic development efforts in each of the targeted industries, notably Unmanned Aerial Vehicles (UAVs), indoor agriculture, Information Technology and health care.
UNMANNED AERIAL VEHICLES
The State of Nevada is the birthplace of Unmanned Aerial Systems (UAS) and is becoming a global leader in UAV R&D, testing and management applications. Nevada has moved forward in further developing this sector for increased global engagement by signing a Memorandum of Understanding with the Province of Alberta, Canada to enhance the R&D opportunities. Furthermore, the Nevada System of Higher Education is preparing for the increased demand on the workforce through the University of Nevada Las Vegas operating a fleet of robust UAV platforms, the University of Nevada Reno launching a minor in UAS, and the Desert Research Institute utilising UAS for their environmental research.
INFORMATION TECHNOLOGY AND TECHNOLOGY COMMERCIALISATION
With an unparalleled digital infrastructure, low rating for natural disasters, and an abundance of traditional and green power sources, Nevada is emerging as an advanced centre for Information Technology businesses. IT in southern Nevada is anchored by technology giants Switch and Zappos.com together with Take-Two Interactive Software, Inc. In northern Nevada, Microsoft Licensing and the Sierra Nevada Corporation are leaders in the region with Apple also joining its technology community.
As a result of steady growth by Nevada Pharmaceutical companies such as Spectrum Pharmaceuticals, Nevada’s healthcare sector is advancing. Additionally, medical device manufacturing companies in Nevada such as Varian Medical Systems are increasing their global footprint by exporting medical diagnostic imagining hardware and border safety x-ray and thermal imaging machinery. The Sierra Nevada Corporation is another fine example of a Nevada-based company that develops leading edge military-grade Telecommunications and Health Information Exchange hardware.
Plans to establish a medical centre of excellence on the University of Nevada Las Vegas campus are moving forward. It will house an allopathic medical school and be able to host clinical trials and advanced research partnerships with neighbouring institutions.
As a result of the first Indoor Agriculture Conference in 2013, Nevada is working to bring the indoor agriculture industry to the US, enabling exportation of the products and technology used by the industry; Nevada’s transportation infrastructure and location in the western part of the US, makes the state an ideal location for indoor agriculture.
FOREIGN TRADE ZONES (FTZs)
Nevada has unique FTZs in the cities of Las Vegas in the south and Reno in the north. As a result of one of the first national designations as an Alternative Site Framework, Nevada is able to use the entire county of Clark (south) and Washoe (north) as FTZs. There is now the added incentive of a subsidy of up to 75% of annual personal property taxes being discounted for those companies locating in the FTZs. In an FTZ, a company may bring foreign goods or raw materials for manufacturing or assembly into Nevada without formal US Customs entry or payment of duties and taxes until the finished product leaves the zone.
Whether you are looking to expand or relocate your business to Nevada or you are simply looking to invest in industry-leading companies, Nevada is the state to empower your success.