As Nevada continues its post-recession comeback, Northern Nevada sets its sights on establishing itself as a hub for business growth and entrepreneurship. As of late, the region has seen unprecedented growth in technology based industries such as Switch, EBay, Immy and Koch Business Solutions. The many advantages and new incentives for doing business in the Northern Nevada area are driving the revitalized interest in the state.
Benefits of Silicon Valley without the Cons
Location is Key!
The strategic location of the Northern Nevada region allows companies to benefit from being central to the 11 western states. Additionally, Reno/Sparks is hub to national/international air travel, rail, and intersects 2 major highway systems. Large Metros such as San Francisco, Seattle and Los Angeles are mere minutes away by air travelers and convenient for trucking and rail services as well.
Further, the Northern Nevada area, comprised of Reno, Sparks, Tahoe, Carson City, Gardnerville and Fernley has access to millions of square feet of industrial space with the ability to add millions of additional feet in very short periods of time. As the 7th largest state in the union, the state has enough, yet untapped, private land available for manufacturing and technology based companies for decades to come.
Northern Nevada offers companies looking to relocate or establish a business many exemptions, abatements, deferrals and tax benefits giving Nevada the honor being the 3rd Most Business Friendly Tax Climate in the US. This distinction was given by The Tax Foundation which is an organization dedicated to providing unbiased tax information to the public.
Financial benefits of operating your business in Nevada include:
• NO corporate income tax
• NO personal income tax
• NO franchise tax
• NO unitary tax
• NO inventory tax
• NO inheritance tax
• NO estate tax
The revitalized regional economy brings businesses better financing options as well. In addition to traditional business loans and government business loans such as Small Business Administration (SBA) loans, the region has access to business capital through the EB-5 Investor Program. The EB-5 Program is a powerful tool to new and existing ventures looking to expand. Communities across the US have experienced firsthand the benefits of the program and have seen how the once underutilized program has developed in to a multifaceted economic development instrument. Through the EB-5 Program, billions of dollars have helped grow local economies.
Northern Nevada is home to its very own EB-5 Regional Center located in Carson City. The Nevada State EB-5 Regional Center offers companies and project developer’s access to supplemental capital, which can be added to their project’s capital stack, through the EB-5 Immigrant Investor Program.
NVEB-5 is a United States Citizenship and Immigration Services (USCIS) approved EB-5 Regional Center serving three key counties in Northern Nevada. NVEB-5 administrates USCIS compliance responsibilities and facilitates communication between USCIS, the participating project and foreign investors. Simply, NVEB-5 is principally focused on growth of existing businesses and new business ventures through foreign capital investment. The benefits to qualifying projects are numerous such as supplemental project capital and flexible terms and loan structures.
Northern Nevada is the home to a Tier 1 University, The University of Nevada, Reno (UNR). Serving over 20,000 students, UNR provides students with undergraduate and advanced degrees in hundreds of principles. Degree programs vary from medicine to engineering to wildlife ecology and conservation. There is virtually a degree for everyone.
The extensive research and development done at the university yields a highly accomplished staff focused on state-of-the-art technologies and practices for its students.
Additionally, the university and faculty are flexible and innovative in their approach to bridging education and business. Through unconventional tactics, companies (such as its programming with Supernap – a division of Switch) are encouraged to develop curriculum specific to their requirements which in turn are taught to students at UNR. This partnership is effective, yielding a highly specialized and skilled workforce.
Quality of Life!
Quite simply the quality of life experiences available in Northern Nevada are second to none. There is a strong sense of community throughout the region which offers a balanced life pace with focus on family.
With an affordable cost of living, emerging municipalities and endless recreational opportunities, Northern Nevada is the perfect place to call home.
With so much to offer new and expanding companies, it is no surprise that Northern Nevada has become the new Silicon Valley.
Check out what all the “Ado” is about: