HOw Does Florida Compare To…
Is your UK office in the City of London? If not, why do you feel a need to be in Manhattan, where costs are high and staff are difficult to recruit and retain? Read this
on commuting in Manhattan. The median house price for a home in New York City is $655,109 compared with $208,132 in Tampa, Florida.
It makes us sad when companies insist they want to be based in Manhattan, New York and when we ask where they are in the UK they reply Stoke-on-Trent, or Salford, or Salisbury, Swansea, Sheffield…. Stratford-upon-Avon, but rarely the City of London.
Living in California is so expensive, salaries have gone (in our view) crazy. The median house price in San Francisco is $1.3 million compared with $208,132 in Tampa, Florida.
Commuting in Silicon Valley has reached the point where companies like Google have to provide luxury buses with WiFi to get their staff to work.
Kate Downing and her husband Steve live in Palo Alto, California. They both hold good jobs – he a software engineer in Silicon Valley, she a planning and transportation commissioner for the city. If they wanted to purchase their current house – which they rent with another couple for $6,200 a month – it would cost $2.7m with monthly mortgage and tax payments of $12,177, adding up to more than $146,000 a year. They are moving. And so are thousands more.
Be absolutely sure you need to be incorporated in Delaware. The people advising you to incorporate in Delaware may profit, but what is the real benefit to you?
There are reasons you might want to incorporate in Delaware. A group of third party investors might insist they want your company incorporated in Delaware. You might be planning an imminent initial public offering (IPO). Maybe you plan to trade from the state of Delaware (very, very, very unusual).
Chances are if an attorney recommends incorporating in Delaware, they will also be looking for an annual retainer.
Since 1792 US companies have incorporated in Delaware. In 2017 it is as easy as ever to register a company in the state with scant disclosure of the real owner, making the state a magnet for anonymous shell companies that law enforcement agencies say can be used to avoid taxes, launder money from drug-trafficking or conceal terrorist financing.
Other states (including Florida) now have the business regulations and courts which initially made Delaware attractive to law-abiding companies.
Delaware in the only US State without a commercial airport. It has only one Fortune 500 corporation headquarters, DuPont, and that may not be there much longer.