With its vibrant economy and favorable business climate, it’s no wonder that more and more companies are relocating to Nevada. From tech start-ups to established corporations, they’re drawn to the state’s strong infrastructure, growing economy and favorable tax laws. While streamlined regulations and economic development initiatives support company growth, the high quality of life and affordable cost of living boost employee satisfaction and retention.
Key industries moving to Nevada are:
- Technology
- Manufacturing and distribution
- Real estate
- Finance and insurance
Quick facts about relocating to Nevada
- Las Vegas is the #1 destination for California companies that have relocated over the past 30 years.
- Of the top 10 relocation cities for companies leaving the Golden State, three of them — Las Vegas, Reno and Henderson — are in Nevada.
- Nevada’s economy has been growing steadily over the past decade, with its gross domestic product (GDP) increasing 11.02% between 2021 and 2022* alone.
Some of the benefits of relocating to Nevada
- No corporate or personal income tax in Nevada. A significant advantage of doing business in Nevada is the absence of corporate and personal income tax. While other taxes may apply depending on how the company is conducting business in other states, this unique aspect of Nevada’s tax law can yield considerable savings and improve profitability for businesses.
- Tax abatements. Nevada offers various tax abatements for qualifying businesses, including abatements on sales and use tax, business tax, and personal property tax. These can significantly lower your tax burden and enhance your business’s profitability.
- Established infrastructure. Strong infrastructure, including transportation, telecommunications and an educated workforce, supports competitiveness, resilience and connectivity.
- Workforce development grants. Designed to help businesses recruit and train their workforce, these grants cover part of the cost of training employees, making it easier for businesses to develop a skilled workforce. For example, the Las Vegas Global Economic Alliance has partnered with the University of Nevada Las Vegas to match qualified graduates with businesses moving to the state.
- Industrial development bonds (IDBs). The state issues these tax-exempt securities to finance the construction or improvement of facilities.
To maximize benefits and minimize disruptions during the relocation process, it’s vital that companies plan their move carefully. The first step is to download BPM’s checklist of items to take care of as you plan your company’s move to Nevada.
Our checklist leads you through the most important steps to take before, during and after your relocation. Don’t start your move without it!
*The last year for which data is available.