Perhaps the pandemic put your business in a bind. Or maybe you just can’t find the right people to hire in the state you’re in. Or it could be that tough taxes and a high cost of living are stunting your company’s growth. Sometimes, the cost of doing business where you are can prevent you from making investments in the infrastructure of your own company. Whatever the reason, many business owners are making the choice to move their companies to Texas. There is so much room for growth in the Lone Star State, where businesses in a variety of industries have found ways to flourish. Have you made the decision to make a move to Texas? Congratulations! Now, read on to learn more about what to do before moving a company to Texas.
Get a team together. You may already have some great employees for your company, but before a big out-of-state move, consider the personnel you’ll need for all things moving and establishing in Texas. Seeking out some trusted advisors in the areas of taxes and accounting as well as real estate and law can help you to learn about local laws, regulations, good locations for businesses, and requirements that are needed before you move your company. The Texas Economic Development Connection can help you to identify your needs for your company’s move; they can help with all of the logistics of your relocation.
Scout out some locations. Texas is the second largest state in the nation (after Alaska); there’s a lot of ground to cover when it comes to finding just the right region to move your company. Some factors to consider in your geographic decision include nearness to customers, supply chain accessibility, workforce availability, and zoning laws. Want to look into some of the regions yourself? The TexasEDConnection has compiled a great resource of community guides that include the Alamo region, the Capital region, Central Texas, the Gulf Coast, the High Plains, the Dallas Metroplex, and the rest of the regions all over the state. The Texas Economic Development Connection even has a helpful Relocation Planning Tool online that can help you with exploring some of the best locations in Texas for your company.
Get permission. Permits, licensing, and paperwork are all a big part of any business relocation. You’ll have to convert your company to a Texas business and file for a Certificate of Conversion and a Certificate of Formation with the Secretary of State of Texas. If you’re officially “doing business as” a company in Texas (DBA), be sure to cancel current local business permits and licenses, then apply for new ones in Texas. You’ll need to withdraw a DBA in your state, then file a new one in Texas.
Do some accounting. While Texas is quite a business-friendly state, it will be essential to determine what your potential tax costs may be for your company. You can check this on a federal, state, and local level with the proper authorities. Be sure to clear your tax record in your current location by paying outstanding fees and other taxes. Get some more Texas tax information from the Texas Comptroller of Public Accounts, and inform the IRS of your business move.
Identify some business incentives. Texas’s booming economy is no doubt supported by the many business incentives that are available for companies of all sizes. How do you figure out which incentives will be most helpful for your company? The TexasEDConnection can help with that. Don’t miss out on some great ways to save or earn more money for your company with Texas business incentives. The Texas Economic Development Connection can help you to find the right incentives for your company.
Be clear. Communicating with your current employees about your intentions to relocate is so important. Allowing time for transferring jobs or moving states is one of the most considerate things you can do for employees. You may also want to communicate via press releases, advertising, and media about your company’s relocation plans.
Plug in. Networking is one of the best ways to establish your business in a new place. Get to know the business owners nearby in Texas. Find out about companies in the regions you are considering relocating to. The Texas Economic Development Connection connects companies with economic developers all over the state; their extensive network is expansive and impressive, and it can help you to connect with the right colleagues and peers in Texas.
The thriving economy in Texas makes it such a great place to move your company, but know that the Lone Star State has so much more to offer. A growing population, a powerful workforce, and wonderful communities will help contribute to a successful outlook for your company. There are just so many details to take care of when you make such a big business move. Reach out to the professionals at the Texas Economic Development Connection so they can help you with moving your company to Texas.