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Virginia has been named the best state for business by Forbes Magazine for
the third year in a row, and offers a variety of economic incentives
and business advantages. South Chesapeake Mega Yacht Center is located in a Foreign
Trade Zone and Enterprise Zone. Virginia’s economic development incentives
include the Governor’s Opportunity Fund, job training assistance, and
sales, use and property tax exemptions. There are many other economic
development incentives as well. Virginia is a right-to-work state, and
labor is abundant and highly skilled.
Enterprise Zone
- Qualified businesses in an Enterprise Zone are eligible for case
grants for permanent new jobs created over a four-job threshold.
- Qualified zone investors making a qualified investment in industrial,
commercial or mixed-use real property within an Enterprise Zone are
eligible for a cash grant.
- Grants are equal to 20 percent of the investment, up to a maximum
of $125,000 for companies investing less than $5 million in qualified
real property investments.
- Companies investing $5 million or more can receive up to $250,000
in cash grants.
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Foreign Trade Zone
- No duty is ever paid on re-exported merchandise.
- If the merchandise is sold domestically, no duty is paid until it
leaves the zone.
- If foreign merchandise is manufactured into a product with lower
duty rates, the lower duty rate applies on the foreign content for
which duty is paid.
- Merchandise in a Foreign Trade Zone may be stored, repackaged, manufactured,
manipulated, destroyed, altered, or changed.
- No duty is charged on most waste and scrap from production in a Foreign
Trade Zone.
Virginia Incentives
- Governor’s Opportunity Fund
- Labor Training
- Virginia Jobs Investment Program
- Sales and Use Tax Exemptions
- Property Tax Exemptions
- Virginia Small Business Financing Authority
For additional information on Virginia business incentives and advantages, click here. |
