Whether it’s tax breaks, grants, low-interest loans, or other forms of assistance, state economic development leaders can influence startup business costs through incentive programs. Here are 10 reasons why the U.S. should be on the radar for ambitious Japanese entrepreneurs:
The Allure of the U.S. Market
- Economically Attractive States: New York, Florida, South Carolina, Georgia, Tennessee, North Carolina, and Alabama for instance, have consistently been top states for doing business. The attractive blend of strategic location, favorable tax policies, and incentives make it a prime destination.
- Rich Incentive Packages: South Carolina, offers a plethora of incentives like tax reductions, grants, and financial aid. Ohio, Indiana, and Arkansas are also emerging as favorites due to their broad range of business aids.
- Capital Accessibility: When you think of fundraising, major markets like San Francisco, Boston, and New York Dominate the game. But research from pitchbook.com points out that in 2022, the value of Southern based venture capital investments amounted to 32 billion U.S. dollars.
- Talented Workforce: With cutting-edge initiatives, particularly around STEM, Greenville, South Carolina is dedicated towards developing the right skills and knowledge to help startups flourish. Moreover, the state boast a rich talent pool available at competitive pay scales, ensuring startups can source the best minds.
- State-of-the-Art Infrastructure: Infrastructure is vital for seamless operations. With Georgia offering superb port and air access and Ohio focusing on water infrastructure. Logistics and transport facilities are also top-tier across many states.
- Prime Real Estate: For startups looking to set a physical base, states like South Carolina, Texas, and Ohio offer prime real estate options. They come with the added advantage of being shovel-ready, meaning they are primed for immediate construction.
- Supportive Governance: The success of a startup often hinges on how government bodies view and support them. States like South Carolina, Georgia, Tennessee, and Ohio are champions in this regard, being renowned for their pro-business stance.
- Tax Incentives: The U.S. offers varied tax landscapes. For instance, Florida’s no personal, corporate, or state property tax is a game-changer. Both North Carolina and Texas are innovatively restructuring their tax systems to attract businesses.
- Swift Project Approvals: Time is money, and some U.S. states understand this perfectly. The South, in particular, is known for its quick permitting processes, allowing businesses to get moving without bureaucratic delays.
- Energy Availability and Cost: Energy-related business advantages in South Carolina include Santee Cooper, the state’s largest power provider and one of the nation’s largest public power utilities, which offers rebate and incentive programs.
For Japanese startups eyeing global dominance, the U.S. is a goldmine of opportunities. By harnessing the unique offerings of each state and tailoring it to their specific needs, Japanese businesses can establish a formidable presence in the U.S. The future beckons, and it’s brightly lit by the stars and stripes.