Utah is at the top of Forbes’ seventh annual ranking of the Best States for Business, for the third year in a row. Start your own business today by contacting a business attorney Utah entrepreneurs can trust at Shumway Van & Hansen.
Even with the down economy, Utah is still considered the best place for business. According to Forbes, Utah’s economy has expanded 2.3 percent annually since 2006, versus 0.5 percent for the nation as a whole.
The Forbes ranking is based on six factors important for businesses: costs, labor supply, current economic climate, quality of life, regulatory environment, and growth prospects.
Additionally, one third of the state’s workforce is bilingual and Utah has doubled its international trade over the past five years. Law firms in Utah cite this as a great reason to incorporate in the state of Utah.
Utah’s 5 percent corporate income tax is one of the lowest in the county. And Utah is rated sixth best for mature operations, and tenth for newly established operations, according to the Tax Foundation study, meaning tax burdens for both are below the national average.
A part of why Utah is so business friendly has to do with its Governor. Last year, Utah Governor Gary Herbert initiated a review of the state’s nearly 2,000 administrative rules. Following that review the state eliminated or modified 368 of them that Herbert characterized as “a drag on the economy.” It seems as though Governor Herbert lives by his motto “Government should get off of your backs and out of your wallets” and with another term in office it is likely that business will continue to thrive in Utah.
A qualified business attorney Utah business owners can rely on can help you set up or maintain your business and take advantage of Utah’s favorable tax laws. Contact Joshua D. Freeman at Shumway Van & Hansen’s Salt Lake City offices to schedule a free appointment to discuss your business today.