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Why Start a Business in NYC? The gross metropolitan product of NYC is $1.66 trillion. If NYC were a country, its economy would be the tenth-largest in the world. One in 10 businesses in NYC have started within the past year. The Arts, Entertainment Recreation sector added 5,200 jobs in September 2022.
Large and Diverse Market: New York City is home to a large and diverse population, which means that there is a wide range of potential customers for your business. Whether you are selling a product or a service, you are likely to find a market for it in NYC.
START-UP NY offers new and expanding businesses the opportunity to operate tax-free for 10 years on or near eligible university or college campuses in New York State. Partnering with these schools gives businesses direct access to advanced research laboratories, development resources and experts in key industries.
NYC START supports young adults who have been hospitalized for symptoms such as experiencing changed feelings, thoughts or behaviors, hearing or seeing things others dont, withdrawing from loved ones or having difficulty organizing thoughts.
Heres an overview of the key steps youll need to take to start your own business in New York. Choose a Business Idea. Decide on a Legal Structure. Choose a Name. Create Your Business Entity. Apply for Licenses and Permits. Pick a Business Location and Check Zoning. File and Report Taxes. Obtain Insurance.
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START-UP NY business tax benefits: Metropolitan commuter transportation mobility tax (MCTMT) - exemptions. Organization tax and license and maintenance fees - exemption. Real estate transfer tax exemption for leases. Sales tax credit or refund. Tax elimination credit. Telecommunication services excise tax credit.
Diverse Industries: NYC is known for its diversity of industries, including finance, media, fashion, tech, healthcare, and more. This diversity can provide opportunities for startups in various sectors. Access to Talent: NYC attracts a broad talent pool, including professionals from different fields and industries.

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