Business Friendly States: Washington in Profile
Whether you are planning to start or expand your business in the state of Washington, you will find it helpful to know a little about this region.
For many decades Washington has been thought of as one of the most innovative states in the business world. Companies such as Amazon.com, Boeing, Nordstrom, Microsoft, and other got their start in Washington State as they had access to all of the products and services that would give them the edge in their industry.
Private businesses that have quickly gained recognition such as Providence Health & Services, South Seattle Community College, Barrett Business Services, Sea-Tax International Airport, Stewart Title Company, Genie Industries, Mary Bridge Children's Hospital, and St. Joseph Medical Center, just to name a few, have also been some of the major contributors to the thriving job market and economy throughout this region as well.
As an entrepreneur considering where to set up your business it is only natural that you would weigh the advantages or disadvantages that a particular state has to offer and it is important to consider the unique business friendly environments that are available.
Tax Incentives in Washington State
While the state does not impose individual or corporate taxes on their residents, they do have a gross receipts tax in place that is collected by the Washington Department of Revenue. This requires businesses to pay 1.8% of their gross income into the state for tax purposes. There is however a tax credit incentive in place throughout the state for small businesses which marks first $42,000 of gross income as tax exempt. Gross income that a business takes in from $42,000 to $55,000 is on a sliding tax scale. After this amount the business is required to pay the entire 1.8% in gross income tax.
Working and Living in Washington State
Entrepreneurs have found that not only are the business opportunities in Washington ideal; the living conditions of the various communities such as Bellevue, Bothell, Kirkland and Redmond make for prime neighborhoods for raising their families. Schools, shopping center, medical facilities, public services, and more are readily available to meet the demands that people have for their personal lives while establishing their business establishments and networks.
Trusted sources such as Forbes and CNBC have listed the state of Washington as being the 21st most business friendly state throughout the country based on their statistical rankings in areas such as quality of life, infrastructure and transportation, economy, education, technology & innovation, business friendliness, cost of living, access to capital, and more. While Washington State has higher scores in some areas, such as Seattle and Vancouver, over others, their rates have remained consistent from one year to the next in all areas.
Employment and Training in Washington State
Businesses have found that the workforce available in Washington puts them in a position to keep their company staffed with highly trained and experienced individuals. Fresh new ideas are the backbone for the innovation that is found throughout the state and much of this innovation is the work of recent graduates from major universities and training centers such as Washington State University, Seattle University, and the University of Washington.
New business entrepreneurs have found that by working with these schools they are able to secure affordable staffing by incorporating hands on training programs for students attending these schools, giving the company the ability to create a solid foundation for their business and grow within a short duration of time.
With a strong economy in place throughout Washington businesses are finding the state to be an excellent choice for expansion.