It's no secret that Nevada is one of the most business-friendly states in the United States. With its low regulatory environment, simplified licensing and approval processes, and favourable tax environment, it's no wonder why so many entrepreneurs are choosing to start their businesses in Nevada. Nevada is one of eight states that do not have an income tax, and its corporate and property tax rates are among the lowest in the country. This has helped place Nevada in the top 10 in the business cost category, which together represented 30% of the overall ranking.
Additionally, employees who work in Nevada can keep more of their salary by not paying state individual income tax. In addition to the monetary exemptions offered to business owners and the easing of tax filing requirements, Nevada stands out from most of the other 49 states because it has laws that offer more protection to businesses. The promise of building a mecca for start-ups from scratch has attracted dozens of people and companies, such as Elon Musk's Tesla, which built its Gigafactory outside Reno. The population of Nevada has experienced a significant increase in the past 10 years, from 2.7 million to about 3.2 million residents of the state.
This growth has created a great opportunity for entrepreneurs looking to start their own businesses. According to the SBA, there are currently about 310,000 small businesses in Nevada and 42.8% of workers are employed in a small business. When entrepreneurs are looking for places to relocate or expand their businesses, Northern Nevada is an ideal choice. The other areas are also growing at breakneck speed, so you can be sure that businesses will continue to move to Nevada.
Starting a successful business is no easy task, but with all the benefits that Nevada offers, it's no wonder why it's one of the best states to start a business. For entrepreneurs who want to start their business, check out the Forbes Advisor guide on how to start a business.