While “Sin City” is known as a glittering oasis of neon lights, flashy entertainment, and over-the-top casinos in southern Nevada, it also has a business-friendly side that’s made it known as the new Wild West of entrepreneurship. Since the recession hit Las Vegas, it’s been one of the top cities in the country to come back from it and has become a promising place to start small businesses--and it’s thanks in part to the reasons you’ll see below.
1. Tax Breaks
One of the most popular benefits of starting your business in Las Vegas would be their notable lack of taxes. There is no corporate income tax, no personal income tax, and no franchise tax. The State of Nevada through the Governor’s Office of Economic Development also offers small business incentives like sales tax abatements on capital equipment purchases, real property tax abatements for recycling, and abatements on personal and modified business taxes. It’s no surprise that Nevada is known as a corporate haven!
2. Business Incentive Programs
The Nevada Small Business Development Center offers free services that include help developing a business plan, getting licensed, and incorporated from 13 locations throughout the state. You can also take advantage of programs provided by the City of Las Vegas Redevelopment Agency. Through their efforts to revitalize downtown, they’ve created incentives like:
- Downtown Retail Assistance Program
- Fast Track Programs
- New Markets Tax Credits
- Tax Increment Financing
- Visual Improvement Program
Resources like these give businesses the extra edge to succeed, and you might not find them elsewhere.
From the Red Rock Canyon National Conservation Area, to the Wynn Las Vegas Casino, to the legendary Strip, these world renowned destinations bring in a steady stream of tourists that could also frequent your business. In fact, more than 41 million people made the trek to visit Las Vegas in 2014, The Strip made $6.4 billion in gaming revenue, and 366,400 of southern Nevada jobs were supported by tourism (That’s 43 percent of the total workforce!)
Needless to say, if you’re interested in starting a business that depends on tourism, Las Vegas is the city you’re looking for. Whether you’re looking to start up a small business or move one you already have, Las Vegas is a choice that makes sense. With it’s low taxes, high popularity, and supportive business programs, this city offers an environment that’s sure to spur growth in your company.
About the Author: Jeff Reinstein is the Chief Executive Office of Premier Business Centers. He has helped the company grow from 9 center locations to more than 70 since he first joined the team in 2002.