Doing business in NY
The state of New York is home to over 20 million people; a staggering 9 million people live in New York City with other sizable portions of the population living in the other large cities such as Syracuse, Buffalo and Rochester. As of 2014, the state’s $1.4 trillion economy was ranked third in the nation behind that of California and Texas. The economy of New York is fueled by strong real estate market and construction industry, fast growing tech sector and growth in the traditional banking and financial sector. The financial sector employs about 300,000 people and is one of the largest sources of taxes for the state.
In terms of business, New York recently surpassed San Jose, the business hub of Silicon Valley as the top city for small business. The state is home to over 2 million small business owners. Every year, the state offers a host of incentives targeting businesses that want to operate or expand. The inducements include tax incentives, financial support, innovative technology and resources and training for growing businesses. To lure small businesses and lessen the burden experienced by business owners, the state supports several tax programs. One such program is the “Startup New York”, which gives 10 years of tax free operation to businesses operating in certain locations,
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Through its experienced team of mentors and volunteer business professionals, the New York Score brings offers free counsel and guidance to business owners looking to establish new business or grow their businesses in the state. The US Small Business Association, on the other hand, offers grants, financial support and counseling services to business. Members also enjoy access to government contracts and natural disaster