In 2023, the number of businesses moving to Texas is on the rise. With its thriving economy, business-friendly regulatory environment, and affordable living options, many companies continue to be enticed to set up shop in Texas. The economic outlook in the Lone Star State is strong, as rapid population growth and more diversity continue to make Texas a dynamic place to do business. Read on to discover the step by step guide for a successful corporate move to Texas:
- Team work makes the dream work. As with any major life event, when making a corporate move to Texas, it can be helpful to seek strong advisors and wise counsel. In this case, seeking assistance from a professional tax consultant, accountant, and attorney would be a smart move. These professionals can help you to get familiar with laws, to learn about local incentives and regulations, and to verify that necessary legal requirements are fulfilled before opening up in Texas. In addition to seeking these professionals, The Texas Economic Development Connection has 3 decades of experience with helping companies move to Texas.
- Map it out. Business is booming in Texas right now. Finding just the right Texan city or town for your corporate move is essential for success. Consider the many different regions of Texas and where your company might thrive. Looking at factors like zoning ordinances, supply chain accessibility, workforce quality, and proximity to customers will be key to choosing the right location. The Texas Economic Development Connection has a helpful relocation planning tool that can lead you to discover some of the best locations and opportunities for corporate relocation.
- Figure out finances. Moving your business to Texas means you need to plan to do your business banking in your new location. If your business doesn’t use a nationwide bank, then you may need to open a new business account in Texas. If you will continue to bank with the same institution, be sure to take care of details like updating addresses for your accounts.
- Plan for permits and licensing. Determining the necessary licenses, permits, certifications, registrations, or authorizations is an important part of your corporate move to Texas. If your business is a sole proprietorship or partnership, this can be a simpler process. Cancelling local business licenses and permits in your original location before applying for new ones in your Texas city is necessary. If your business has an assumed name or a “doing business as” (DBA), ensure that you withdraw the DBA in your current state and file for a new one in Texas. In addition, it’s key to let your current state know you’re relocating, which can be done by filing a Certificate of Conversion with the Secretary of State in the state where you started your business. Then, make a plan of conversion, including information about your business and moving plans. Later, let the state of Texas know your business is headed to the Lone Star State. You can file a Certificate of Conversion and a Certificate of Formation with the Secretary of State of Texas.
- Taxation information is essential. For your move to Texas, be sure to determine the potential tax responsibilities with federal, state, and local tax authorities. Before your move, it’s important that you pay all outstanding fees, sales, or employment taxes in your current location. In Texas, find your local appraisal district and tax office through the Texas Comptroller of Public Accounts. Be sure to inform the IRS of your business move so that your Employer Identification Number (EIN) is up to date with change of address. In addition to getting all set up with taxes, it’s good to know that there are many great tax benefits and incentives to enjoy in Texas.
- Let your people know. If all of your employees will relocate with your company, be sure to let them know with plenty of time to prepare for moving to a new state. If your company has an online presence, spread the word about your relocation through tools like local media, social media, and press releases.
- Communication is key. Communicating well with your customers, clients, and suppliers regarding your corporate relocation to Texas is so important. Make accommodations to maintain these relationships once you move, and be sure to establish new connections once you’ve settled in your new location in Texas.
Need Advice On A Corporate Move to Texas?
It is essential to consider all the key details of making a corporate move to Texas. Fortunately, help is available; connect with the professionals at the Texas Economic Development Connection, and learn about all the right moves to make for your move.