United States

Company Formation in Florida

State of Florida — Division of Corporations (SunBiz)

Formation Time

2–5 business days

Min. Capital

No minimum

Corporate Tax

5.5% state; 21% federal (C-Corp)

Foreign Ownership

100%

Overview

Florida is the third most populous US state with over 23 million residents and the fourth-largest state economy, generating over USD 1.6 trillion in GDP — making it larger than the economies of Indonesia, the Netherlands, or Saudi Arabia. For business formation, Florida offers 0% state personal income tax (constitutionally guaranteed), a 5.5% state corporate tax on C-Corp profits (with a $50,000 exemption), and a vibrant, diversified economy spanning technology, finance, real estate, tourism, healthcare, and international trade. Miami has emerged as one of the world's hottest technology and startup ecosystems, with a particular focus on fintech, crypto, and Latin American business. South Florida serves as the de facto gateway between North America and Latin America, with extensive flight connectivity, bilingual workforce, and cultural alignment with the Caribbean and Central/South American markets. Florida's Division of Corporations (SunBiz) offers a streamlined online filing system, and the state has no state-level franchise tax on LLCs (though corporations pay a 5.5% income tax). The state's qualified foreign corporation registration process allows non-US companies to establish a formal Florida presence. For international entrepreneurs, Florida provides a compelling combination of business-friendly regulation, massive domestic market, Latin American trade gateway, and one of the best quality-of-life propositions in the United States.

0% state personal income tax

Miami — LatAm gateway

4th largest US state economy

Strong tech & startup ecosystem

International banking hub

23 million consumer market

Why Choose Florida

0% state personal income tax — constitutionally guaranteed

Miami — one of the world's fastest-growing tech and startup ecosystems

Gateway to Latin America — extensive flight connectivity and bilingual workforce

4th largest US state economy — USD 1.6 trillion GDP

5.5% state corporate tax with $50,000 exemption (LLCs: 0% state tax as pass-through)

Streamlined online filing through SunBiz

Strong real estate investment opportunities

23 million consumer market with growing population (net migration positive)

Business Entity Types

Entity	Ownership	Directors	Capital	Tax	Best For
LLC	100%	N/A (member-managed or manager-managed)	None	Pass-through; 0% state tax for LLCs; $0 federal tax for non-US owners with no US income	International businesses, LatAm trade, consulting, real estate, e-commerce
Corporation	100%	1	None	21% federal + 5.5% Florida corporate tax on net income exceeding $50,000	VC-funded startups, businesses with US operations, companies seeking to issue stock
S-Corporation	US persons only (non-US shareholders not eligible for S-Corp status)	1	None	Pass-through to shareholders; 0% state tax (Florida does not impose a separate S-Corp tax)	Small US-owned businesses seeking pass-through taxation with corporate structure
Foreign Qualification	100%	Per home state rules	None (Florida requires no additional capital)	5.5% Florida CIT on Florida-sourced income (if C-Corp); pass-through for LLCs	Delaware or Wyoming entities that want to operate physically in Florida

Step-by-Step Formation Process

Name Search on SunBiz

Same day

Search the Florida Division of Corporations (SunBiz) database to verify your desired company name is available. The name must be distinguishable from existing Florida entities.

File Formation Documents

2–5 business days (standard); 1 day (expedited)

File Articles of Organization (LLC) or Articles of Incorporation (Corp) online through SunBiz. The filing fee is $125 for an LLC. Expedited processing is available.

Draft Operating Agreement / Bylaws

1–2 days

Prepare the internal governance documents. For LLCs, this is the Operating Agreement. For corporations, these are the Bylaws and initial resolutions.

Obtain EIN from IRS

1 day (US); 1–4 weeks (non-US)

Apply for an Employer Identification Number. US persons can get this instantly online. Non-US persons must apply by fax or through an authorised intermediary.

Open Business Bank Account

1 day (digital) to 3 weeks (traditional)

Open a US business bank account. Florida has extensive banking infrastructure with major national and regional banks, plus digital banking options for remote account opening.

Costs & Fees

Government / License Fee	USD 125+
Our Service Fee	USD 1,000 – 2,500
Annual Renewal	USD 138+

Fees are indicative and may vary based on business activity, entity type, and additional approvals required. Contact us for a precise custom quote.

Get Custom Quote

Banking

Florida has one of the strongest banking ecosystems in the US, particularly in South Florida. Miami is a major international banking hub with branches of virtually every major Latin American and Caribbean bank. For non-US residents, digital banks offer remote onboarding, while traditional banks like City National Bank and Citibank have experience with international clients.

Account Opening Time

1 day (digital) to 3 weeks (traditional)

Multi-Currency

Yes — multiple currencies supported

Recommended Banks

MercuryRelayChaseBank of AmericaCity National Bank of FloridaCitibankWise BusinessBCI Miami (Chilean bank)

Tax Overview

Corporate Tax

5.5% state corporate income tax on Florida-sourced net income exceeding $50,000 (C-Corps only); 0% for LLCs (pass-through); 21% federal CIT for C-Corps

Personal Income Tax

0% state income tax (constitutionally protected — no state income tax since 1855)

VAT / Sales Tax

6% state sales tax + county discretionary surcharge (0.5–2%) — applies to tangible goods and some services

Capital Gains Tax

0% state; federal rates apply for US persons

Withholding Tax

30% federal on US-sourced income to non-US persons (reduced by treaties)

Double Tax Treaties

68 countries

Florida LLC with non-US single member and no US-sourced income: $0 US tax. Must file Form 5472. Florida annual report: $138.75 (LLC). Florida does not impose a franchise tax on LLCs. The $50,000 CIT exemption means small corporations pay no Florida tax on their first $50,000 of net income.

Frequently Asked Questions

Does Florida have state income tax?

No. Florida has no state personal income tax — this is guaranteed by the Florida Constitution and has been in effect since 1855. Florida does impose a 5.5% corporate income tax on C-Corporations, but LLCs (taxed as pass-through entities) pay no state income tax.

Why form in Florida instead of Delaware or Wyoming?

Florida is the best choice if you plan to physically operate in Florida or serve the Latin American market. Miami's tech ecosystem, bilingual workforce, and Latin American banking connections are unmatched. If you have no Florida physical presence, Wyoming or Delaware may be more cost-effective for a pure holding LLC.

Can non-US residents open a bank account in Florida?

Yes. Digital banks like Mercury and Relay offer fully remote account opening for Florida LLCs held by non-US residents. Additionally, Miami has numerous international banks (Citibank International, City National) experienced in serving foreign-owned companies. Some traditional banks may require an in-person visit.

What is the annual cost of maintaining a Florida LLC?

The Florida Annual Report fee is $138.75, due by May 1 each year. Late filing incurs a $400 penalty. Add registered agent fees ($50–150/year) and your total annual maintenance is approximately $200–300. This is higher than Wyoming ($60) but lower than California ($800 minimum franchise tax).

Is Miami a good base for Latin American business?

Yes. Miami is the undisputed gateway between North and Latin America. It has the largest concentration of international banks in the US, direct flights to virtually every major Latin American city, a large bilingual (English-Spanish) workforce, and a cultural affinity with the region. Major Latin American companies including MercadoLibre, Globant, and SoftBank LatAm have established Miami offices.

Can I qualify a Delaware or Wyoming LLC in Florida?

Yes. If you formed an LLC in Delaware or Wyoming but want to operate physically in Florida, you must register as a 'foreign LLC' with Florida SunBiz. This is called foreign qualification and requires filing a Certificate of Authority. You will then be subject to Florida's annual report requirements and, if a C-Corp, Florida's 5.5% CIT on Florida-sourced income.