What metropolis is finest for beginning your small business? Whereas a number of elements ought to play into a call, a brand new report from fintech firm SumUp has recognized the highest 10 for entrepreneurship based mostly on tax knowledge, the variety of millionaires within the metropolis, and even Google searches.
New York topped the listing due to the alternatives it affords throughout industries, from tech to trend, and its 4% gross sales tax, which was the bottom of the group. New Yorkers additionally regularly Google “tips on how to get wealthy” and “tips on how to make it in enterprise,” the research discovered. The town additionally affords entry to over 30 WeWork coworking places, essentially the most of all of the cities within the report, which theoretically may assist startup workers collaborate.
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Chicago got here in at No. 2, with SumUp researchers highlighting its 120,500 millionaires and excessive curiosity in entrepreneurship by means of tracked Google searches. In addition they discovered that Chicago stood out for finance startups.
Rounding out the highest three was Miami, “the place the climate is heat and taxes are low,” in response to the research. Journey, tourism, and commerce startups thrive on this metropolis, which has 0% private earnings and capital good points tax.
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Here is an entire listing of the highest ten cities for entrepreneurship, in response to the report.
1. New York
Variety of millionaires: 349,500
Private earnings tax – highest earnings: 10.90%
Gross sales tax: 4.00%
2. Chicago
Variety of millionaires: 120,500
Private earnings tax – highest earnings: 4.95%
Gross sales tax: 6.25%
3. Miami
Variety of millionaires: 35,300
Private earnings tax – highest earnings: 0.00%
Gross sales tax: 6.00%
4. Los Angeles
Variety of millionaires: 212,100
Private earnings tax – highest earnings: 13.30%
Gross sales tax: 9.50%
5. Dallas
Variety of millionaires: 68,600
Private earnings tax – highest earnings: 0.00%
Gross sales tax: 6.25%
6. Austin
Variety of millionaires: 32,700
Private earnings tax – highest earnings: 0.00%
Gross sales tax: 6.25%
7. Houston
Variety of millionaires: 90,900
Private earnings tax – highest earnings: 0.00%
Gross sales tax: 6.25%
8. Seattle
Variety of millionaires: 54,200
Private earnings tax – highest earnings: 0.00%
Gross sales tax: 6.50%
9. Washington
Variety of millionaires: 28,300
Private earnings tax – highest earnings: 10.75%
Gross sales tax: 6.00%
10. Boston
Variety of millionaires: 42,900
Private earnings tax – highest earnings: 9.00%
Gross sales tax: 6.25%
