With low start-up costs, Mississippi is an inexpensive place to start a business, but the financial benefits don’t end there. The state has multiple financial incentives to those looking to start or expand a business in the Magnolia State. There are tax credits and exemptions available to businesses in several industries. The state is also working to phase out its franchise tax rate schedule, converting all franchise taxes to a flat fee of $25 per year by 2028. CNBC gives Mississippi high marks for the cost of doing business, and Area Development ranks the state fifth in the nation for the same category.
CNBC gave Mississippi an A+ for the cost of living. In fact, the state is first among all US states for the cost of living. According to the Tax Foundation, Mississippi residents and businesses get more bang for their buck.
Mississippi is a great place to open a business due to its many financial benefits. FranNet’s local experts are here to help you get started on your business. They know Mississippi and business, and they’re here to help you choose a path that will lead to success.