Why These 5 Companies Chose to HQ in Georgia
By Space Coast Daily // February 10, 2022
Georgia is home to 18 Fortune 500 companies and 33 Fortune 1000 companies. The state is among the top 10 states in the United States for having the most Fortune 500 companies as well as for most Fortune 1000 companies.
The numbers go to show that there is a lot more to Georgia than just their peaches.
Some of these top companies include:
1. The Home Depot Inc.
2. The Coca-Cola Company
3. United Parcel Service Inc.
4. Delta Airlines Inc.
5. NCR
“What we are building is more than just a world headquarters campus…we are building a work environment that replicates the innovative experiences we create for our customers every day and will help ensure one world-class work environment.” Bill Nuti, Former President, CEO & Chairman of NCR. There are a countless number of other companies that have established their headquarters in Georgia because of access to quality talent; the state provides competitive tax incentives and an attractive quality of life for company employees.
The official State of Georgia website states, “In the State of Georgia, we are proud of the countless large and small businesses who are doing business globally and providing a diverse economic base for the state. With the most recent Fortune 500 and 1000 rankings, we are also taking a moment to applaud those global businesses with headquarters in Georgia who have continued to create enormous success despite a worldwide pandemic.”
How to Start a Business in Georgia
Copyright: TRUiC
Starting up a business can be challenging for even the most experienced of entrepreneurs; each venture differs from the one before and the experience is never exactly the same. Starting an LLC in Georgia has proven popular amongst startups; the process becomes easier if entrepreneurs connect with a business resource in the local area for help or simply employ a professional service.
It is recommended that entrepreneurs conduct proper research to find the best service for their individual requirements, The Really Useful Information Company (TRUiC) provides practical information to help entrepreneurs during their selection process.
TRUiC specifies these 12 steps as necessary when starting an LLC in Georgia:
1. Choose a profitable business idea
2. Create a comprehensive business plan
3. Secure funding
4. Settle on a business structure
5. Register the business
6. Set your a business bank account and credit cards
7. Settle on a business insurance
8. Obtain the necessary permits and licenses
9. Hire staff
10. Define the brand
11. Build a digital platform
12. Promote and market the business
Benefits Incorporating in Georgia
Georgia Enterprise Zones: The Enterprise Zone Employment Act allows for a startup company in the state to enjoy several business incentives. These include: benefit from local property tax exemption, reduction in occupation taxes, building inspection fees, regulatory fees, as well as other fees.
Georgia Business Tax Credits: These credits will allow businesses to benefit from savings and also ensure proper expansion. Some of the popular business credits: Job Tax Credit, Mega Project Tax Credit, and Work Opportunity Tax Credit (WOTC)
Flow-through Taxation: LLC’S in Georgia benefit from the flow-through taxation that ensures there are no double taxations
Limited Liability: LLCs benefit from limited liability protection that is similar to what a corporation enjoys.
No Minutes of meetings: Unlike a corporation, an LLC in Georgia will not be required to record any minutes of the meetings or resolutions as a state requirement.
Flexible Profit Distribution: An LLC will benefit from being able to select various ways of distribution of profits.
Independent Life: The business entity can continue operations without disruption even in the unfortunate case of the death or incapacitation of one of the stockholders.
Corporate Tax Credit Incentives: New businesses benefit from several tax credit incentives to help businesses minimize or eliminate state corporate income.
Final Thoughts
The state of Georgia is a trove of benefits for any business, regardless of size or industry. Being a top choice for Fortune 500 and Fortune 1000 companies alike, it is certain that the state values entrepreneurship and prides itself on being business-friendly. From attractive tax incentives to flexibility with how operations take place– Georgia is definitely a state to consider for any business that may be looking to incorporate.
