What metropolis is finest for beginning your corporation? Whereas a number of components 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 information, the variety of millionaires within the metropolis, and even Google searches.
New York topped the listing due to the alternatives it provides throughout industries, from tech to vogue, and its 4% gross sales tax, which was the bottom of the group. New Yorkers additionally incessantly Google “the best way to get wealthy” and “the best way to make it in enterprise,” the research discovered. The town additionally provides entry to over 30 WeWork coworking places, probably 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 keeping with the research. Journey, tourism, and commerce startups thrive on this metropolis, which has 0% private revenue and capital features tax.
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Here is a whole listing of the highest ten cities for entrepreneurship, in keeping with the report.
1. New York
Variety of millionaires: 349,500
Private revenue tax – highest revenue: 10.90%
Gross sales tax: 4.00%
2. Chicago
Variety of millionaires: 120,500
Private revenue tax – highest revenue: 4.95%
Gross sales tax: 6.25%
3. Miami
Variety of millionaires: 35,300
Private revenue tax – highest revenue: 0.00%
Gross sales tax: 6.00%
4. Los Angeles
Variety of millionaires: 212,100
Private revenue tax – highest revenue: 13.30%
Gross sales tax: 9.50%
5. Dallas
Variety of millionaires: 68,600
Private revenue tax – highest revenue: 0.00%
Gross sales tax: 6.25%
6. Austin
Variety of millionaires: 32,700
Private revenue tax – highest revenue: 0.00%
Gross sales tax: 6.25%
7. Houston
Variety of millionaires: 90,900
Private revenue tax – highest revenue: 0.00%
Gross sales tax: 6.25%
8. Seattle
Variety of millionaires: 54,200
Private revenue tax – highest revenue: 0.00%
Gross sales tax: 6.50%
9. Washington
Variety of millionaires: 28,300
Private revenue tax – highest revenue: 10.75%
Gross sales tax: 6.00%
10. Boston
Variety of millionaires: 42,900
Private revenue tax – highest revenue: 9.00%
Gross sales tax: 6.25%