Nevada ranks as one of the top states to start a business,[1] so it’s no surprise Elon Musk strategically placed his Tesla Gigfactory near Sparks, Nevada. Read on for 6 of the reasons you should start your business in Nevada.
- Low Tax Climate
There’s no income, capital gains, corporate income or corporate capital gains tax in Nevada.
- High Growth Entrepreneurship
Nevada ranked 4th on The Kauffman Index’s Growth Entrepreneurship Index, which is an indicator of the growth of entrepreneurial businesses in terms of revenue and employment.[2]
- Efficient Online Reporting With Secretary of State
SilverFlume, the Nevada Secretary of State’s Business Portal, is a one-stop portal for entity formation, Secretary of State Filings, and more. Often a file-stamped copy of a given filing is available to download within minutes of filing.
- Business Courts
Nevada established official business courts in Reno (Second Judicial District Court) and Las Vegas (Eighth Judicial District Court) with the goal of promoting business in the state. Nevada’s business court system is modeled after the business courts of Delaware, Maryland, Pennsylvania and North Carolina.[3]
- Cost of Living
According to Payscale, the cost of living in Las Vegas is just over the national average and less than other major U.S. cities such as New York, Chicago and Miami.[4]
- Average Commute Times
The average commute for residents of Las Vegas, Nevada, is shorter than the average commute in other major U.S. cities. According to Payscale, the average commute time in Las Vegas, Nevada, is only approximately twenty (20) minutes.
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[1] Nevada ranked highest out of the twenty-five (25) smallest states in the country in startup activity. See The Kauffman Index’s 2017 Index of Startup Activity: State Trends, available at https://www.kauffman.org/kauffman-index/reporting/startup-activity.
[2] See The Kauffman Index’s 2017 Growth Entrepreneurship: State Trends report, available at https://www.kauffman.org/kauffman-index/reporting/startup-activity
[3] Nev. Sec’y of State, Business Courts, SLIVER FLUME NEVADA’S BUSINESS PORTAL, https://www.nvsilverflume.gov/whyNevada (last visited Feb. 12, 2018).
[4] Payscale, https://www.payscale.com/cost-of-living-calculator/Nevada-Las-Vegas (last visited Feb. 12, 2018)
