Doral Named One Of The Fastest-Growing Cities In Florida, State Ranks Second-Best In The Nation For Entrepreneurs

A new study ranks Florida second best in the nation for entrepreneurs and small businesses in the United States, primarily due to its tax advantages, job opportunities, and increased consumer spending.

This is revealed in a study conducted by SimplifyLLC, an independent publication that provides free consulting for small business owners. The report indicates that Florida secured this position because the state was number one in net inflow of educated workers, reaching the figure of 144,915 and sixth in job creation rate, with a 12.7% increase.

Additionally, Florida held the 15th position regarding the increase in consumer spending, which rose by 3.4%. It’s worth noting that unemployment has also decreased, and workers feel more confident and stable in their jobs, allowing them to increase their spending levels.

The study considered six key factors to determine the ranking of states and their level of small business development, including tax rates, inflation, migration of educated workers, formation of new businesses, job creation, and consumer spending.

This prestigious list was led by the state of Texas, followed by Wyoming as the third best state for small businesses, and then Missouri and Delaware, all characterized by an increase in the creation of small businesses and innovative ventures.

According to the Small Business Administration, in 2023, more small businesses were created in the country compared to previous years. In fact, 5.5 million new small businesses were opened last year, marking the third consecutive year of record levels of new businesses in the nation.

What Does Doral Offer?

Within the state of Florida, Doral stands out as one of the fastest-growing cities by percentage, according to the 2020 Census. For the fiscal year 2023-2024, Doral adopted the lowest millage rate in all of Miami-Dade County, standing at 1.17166. It’s important to note that a lower millage rate translates to lower taxes for residents and businesses

Manuel Pila, Economic Developer for the City of Doral, explained that this ensures there are no tax increases for residents and businesses in the area. Simultaneously, it prioritizes public safety, transportation, exceptional services, parks, and recreation.

On multiple occasions, Doral has been recognized among the best places in the United States to do business. It is acknowledged as an excellent location for real estate investment within the state, one of the most robust cities for business creation, and a preferred place to live due to its cultural services, a favorable environment for commerce, and a highly skilled workforce.

In fact, the educational preparedness of Doral’s workforce also positions it as one of the best cities in Florida, with 52.9% of its residents holding a college degree or higher, and 89.7% possessing a high school diploma. This categorizes Doral as highly qualified, multilingual, and multicultural.

Manuel Pila explains that within the City of Doral, the Economic Development Division focuses on elevating Doral as a world-class national and international destination for trade and business.

“We concentrate on retaining and expanding existing businesses, building relationships with companies and government to stimulate our economy, promoting business education, and actively seeking new businesses for our locality,” said Pila.

A significant part of the Economic Development Division’s work in the City of Doral is to promote the city within the business community through trade fairs, partnerships, presentations to business groups and investors, trade missions, relationships with Sister Cities, and actively seek and manage grants for Doral.

Starting A Business In Doral

Pila also explained the general steps for forming a business in Doral, emphasizing that the first step is to decide on the legal structure you would like to have: sole proprietorship, partnership, corporation, or limited liability company (LLC), for example. Lawyers and doctors can form a Professional Association (PA).

He also recommends seeking legal and accounting advice at the beginning of any new venture or business and checking the website of the Florida Division of Corporations: www.sunbiz.org.

Once you move on to the phase of renting or buying a space for your business operation, it is crucial to consult zoning, parking regulations, and other measures with the City of Doral’s Planning and Zoning Department before signing a purchase or lease agreement.

For businesses moving into an existing space and planning interior renovations, it is essential to obtain building permits. You may also need additional permits from the Miami-Dade Fire Department and the Department of Environmental Resources (DERM), as well as operational licenses based on the business you plan to implement, which can be consulted with the Doral Building Department.

Taxes should not be overlooked. Every business in the City of Doral must obtain a local business tax receipt (Occupational License) or a Certificate of Use, regardless of how small the business is, even if it operates from home. All businesses must also obtain an LBT license from Miami-Dade County. For assistance with these requirements, you can contact the Doral Code Compliance Department.

Miami-Dade County also provides online assistance for starting a business through a Business Start-Up Assistant that provides personalized information on what you will need to start your business. They also offer a checklist of local, state, and federal requirements for nine different types of businesses.

More information can be found here: https://w85exp.miamidade.gov/MDBusinessWeb/.

Source: Doral Family Journal