28 June 2018 0 Comments Posted By : Administrator

Top 5 Tips For Starting Your Business In Miami

Are you looking to get your own business started in the Miami area? If so, you should congratulate yourself for actually turning into reality something that most other people have only dreamed of.

But regardless of which specific type of business you’ll be forming, there are some specific rules that you’ll need to follow. For example, did you know that while Florida does not collect personal income or corporate taxes, it still collects sales tax? That’s just one example of a Florida rule that you’ll need to be in compliance with should you decide to open up shop there.

With that in mind, here are the top five tips for starting a business in Miami:

Tip #1 - Register

The very first thing that you will need to do when you decide to formally start your business is register it with the state of Florida.

The most important decision that you will have to make when you decide to register your business is choosing the type of business that you want to form. Your options will be as a sole proprietorship, S corporation, C corporation, partnership, or as an LLC (Limited Liability Company).

In the state of Florida, you will select your business type and communicate this information to the Florida Division of Corporation through online registration. State the name of your business, your business type, and the owners. It will not be legal to start conducting business until after you have received approval from the state to do so.

Tip #2 - Have A Way To Pay Workers/Employees Overseas

Will your business be having an employees, freelancers, or workers who live overseas? If so, then you will absolutely need to have a way to pay them, which unfortunately just isn’t going to be quite as easy as paying somebody in the states because there’s the issue of converting US dollars into another currency.

The simplest method to pay anyone overseas from your business will be to use a third party remittance service. One example is Remitly, where you just follow the simple steps of entering the amount of money you wish to convert and then sending it to a designated recipient in another country. Most remittance services these days can be used online, so you won’t need to visit a physical establishment for initiating or receiving transactions.

Tip #3 - Get Building Permits

If your business requires a physical establishment (which you may need for inventory of items if you’ll be selling anything, or for office space), then you’ll need to find a suitable place to buy or rent.

Take note, however, that Miami is rather strict about the process of using buildings for business purposes. For example, did you know that simply altering an existing commercial space, making major renovations to the interior of a commercial building, or making additions to an existing structure will require you to first get building permits from the city?

Tip #4 - Prepare For Bad Weather

Miami is a beautiful and exotic city, but that doesn’t mean that it’s impervious to bad weather. On the contrary, thanks to geography, it’s very vulnerable to hurricanes and other ocean-related storms.

Just take this into consideration if you have a business that involves a physical building, as you will want to take steps to protect that building (or buildings) from storms. Examples of steps you can take include replacing all the windows with storm windows and investing in insurance coverage to help you stay afloat from any weather-related damage.

Tip #5 - Create Separate Bank and Credit Accounts For Your Business

In Florida, it is illegal for any business owner to use a personal bank account or credit card for business. Instead, you will need to create separate bank and credit accounts for your business instead, even if it’s a home-based business.

The good news is that within Florida, there are a large number of different free business checking accounts that you can sign up for as well, so it’s not like it will be an added expense for anything. As a result, your business can then quality for lines of credit and loans.

Starting A Business In Miami

Starting any business is going to be a major venture with its fair share of challenges and rewards alike. If you decide to open up your specific business in the Miami area, the above five tips are among the most crucial to remember.

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