A guide to doing business in Las Vegas
Las Vegas is one of the best places to start a small business. In fact, it’s heaven for start-ups and companies that require lesser amount of initial funding. With affordable services, competitive real estate prices, low taxes, ready workforce and several other advantages, Las Vegas is the place to be when one considers business.
The state of Nevada is ranked second in the nation in encouraging small businesses. Did you know that Las Vegas exhibit rentals could be a great way to improve your brand reputation? It’s a good way to easily reach out to an interested audience.
The Top Benefits of Doing Business in Las Vegas
There are several reasons why you should consider starting a business in Las Vegas. However, a few that really caught my attention are as follows:
1. A Buyer’s Market
Purchasing commercial real estate in Las Vegas is a serious advantage if you are looking for a cheaper spot. Leasing deals are also available at highly affordable rates. As per Inc.com, the cost to buy commercial real estate has gone from between $4 and $6 per square foot to between $1 and $2. In fact, some landlords are even agreeing to pay the build-up costs for a simple space.
2. Low Cost of Living
As compared to New York City which has a cost of living of +355 percent, the cost of living in Las Vegas is -10 percent. It boasts of a cost of living that is even lower than the national average.
3. Get in While the Getting is Good
Las Vegas is the only place in the world which is run single-handedly by a highly successful entrepreneur. A Las Vegas Tech Fund has also been set up to provide seed investments to companies willing to set up shop in Las Vegas.
4. Several Tax Breaks
The number of tax breaks here are incredible
- No business income tax
- No personal income tax
- No franchise tax
- No gift tax
It has an extremely friendly tax climate.
How Do You Start Your Business?
Now that you understand why setting up a business in Las Vegas is a great idea, let us look at certain requirements to get your business started here.
1. Get your State Business License
Once you have a clear business idea, file the required documents with the Nevada Secretary of State. It can be either an entity, an LLC or a partnership. The Nevada Secretary of State also has their own online portal called as the SilverFlume where you can file all your documents online. As long as you are an entity, you will be required to pay a sum of $200. Documents such as Articles of Organization (LLC), Partnership Deed (Partnership) or Certificate of Incorporation (Entity) may have to be filed.
2. Employee Identification Number
It works just like a Social Security number. You need to apply for the EIN before you apply for your business license. It is free to apply and takes just a few minutes to apply on the IRS website. It isn’t wise to use your Social Security number for business purposes, so one needs to apply separately for an EIN.
3. Register with the Nevada Taxation Department
An application from the Nevada Taxation Department acts as a proof while applying for the state business permit. You can apply for either of the tax permits in Nevada – a sales tax permit or a consumer tax permit. If you are selling tangible goods, then you require a sales tax permit. If not, you will be required to calculate the tax on the goods that you purchase and remit this amount to the state.
4. Get a Local Business License
The location of your business plays a key role when opting for a business license. First, understand the location of your business. There are separate licenses for separate cities. Make sure to check with your city of choice to find out if you need to obtain a local business license. There are 2 types of licenses issued – a general license for any business that offers general or professional services and a privilege license that may affect the social, economic and moral well-being of the community.
You could even operate a business right in your home. You will be required to fill out a Home Occupation Permit which requires you to acknowledge that you are the owner of the house or have the permit to do business there.
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