New York City is a place that has a long history of being one of the greatest cities in the world. It is a global business and financial hub. It is a large market and a place where almost every business can succeed. This is why it is a magnet for companies and entrepreneurs looking for a great business opportunity in NYC offers. However, although it is a great place to work and live many people today choose to leave New York. Today there are many reasons why people tend to still work in NYC while relocating to NJ. Clearly, there are a lot of benefits to living in New Jersey and running a business in NYC. So, let’s explore a bit.
Doing business in NYC
New York City is a global business hub. It is a place with a great and diverse economy and plenty of business opportunities. This all meant that there is a lot it can offer to any company. Opportunities here are almost endless. If you are considering starting or moving your business here you can t go wrong. However, today there is a strong trend of people moving out of New York. There are considerable drawbacks to the city that makes people leave. However, there are not completely gone, many people decide to relocate to New Jersey and then commute to the city to run their businesses. This arrangement is not uncommon but finding out why is this so is important. Clearly, there are benefits to running a business in NYC as well as benefits to living in Jersey at the same time. So, let’s see what it’s all about.
Benefits of doing business in New York
There are a lot of factors that influence businesses here in New York. The great business environment holds a lot of promise. This makes it one of the most desirable locations in the US. Its business appeal can be summed up in a few clear points. The main cons of running a business here are.
- It is an established business environment
- The market and consumers are easily accessible
- The talent and workforce pool are wast
New York is continually nourishing its reputation of being one of the most influential business centers. It is a city that nurtures a strong business culture and environment. As such it is a location that offers a lot of amenities that can hardly be matched by any other city. Wall Street is a financial hub and an important player. There is a lot to be said about social networking and developed connections between the public and private sectors. Education, culture, and art are all at their top level. The capital of this city in every respect is therefore vast. This fact is making the city an economic stronghold and a power to be reckoned with. It is invaluable in business respect and a very influential center. This is the very reason why most companies, even those stationed elsewhere tend to keep their offices open here.
The city has a consumer base of around 8 million people. The human capital is therefore immense. This consumer base is well educated with higher income. It is also influential in making global or influencing global trends. Their income is also disposable making a considerable impact on the local economy. This makes New York a great place for companies looking to capitalize on this potential income and its financial potential.
At the same time, NYC is a magnet to the best and brightest that come here looking to succeed. this talent pool is further replenished by local educational institutions like Columbia, Fordham, and NYU. The workforce is also diverse and dynamic changing rapidly with the help of many training and skill programs and institutions. This makes it an attractive location for companies looking for talent and a diverse set of skills.
Benefits of living in New Jersey
There are considerable benefits to living in New Jersey and running a business in NYC. These benefits are usually closely tied to the cons of living in New York regardless of the pros in favor of doing business there. So let’s see what they are and what’s making many business owners hire divinemoving.com for their relocation from NYC to NJ.
- NJ is more affordable and well connected
- Calmer and quieter
- Offers Tax returns
New Jersey is more affordable than NYC. it is clear that when it comes to housing and rent NYC is quite expensive. More so the prices of nearly everything are much higher. This makes NJ quite desirable as living there is cheaper by a lot and on every level. This makes the quality of life much better. If you take into account that jersey is very well connected to New York it is clear that living in Jersey is a good decision. You can easily commute to any part of NYC for work when you need to while still exploiting the NJ financial stability an
Quiet and calm
New jersey is calm quiet and relaxing. It is a safe place with plenty of great neighborhoods that can be a true haven when escaping the hectic business day in New York. This makes it a desirable alternative to living in NYC. If you add quality education and beautiful neighborhoods and nature then NJ can seem superior.
To be clear, when living in Jersey and running a business in New York you are subject to double taxation. This means that you have to file your income taxes in both states. However, this is not a burden for you or your company. The fact is that the state of New Jersey will issue a tax credit equal to the taxes you were obliged to pay in New York.
One final word
Due to the many benefits of living in New Jersey and running a business in NYC, these two states created a unique relationship. The proximity, good connection, and easy commute made it possible to use and exploit the best of both words. This enabled the lucky ones to do business in the most stimulating economy in the world while living a calmer and more relaxed life in one of the safest and most peaceful states in the US.