Governor Gary R. Herbert extolled the positive business climate of Utah at a foreign direct investment seminar hosted by The American Chamber of Commerce in Rio de Janeiro in partnership with the Rio de Janeiro Governor’s Office and the Utah Governor’s Office of Economic Development (GOED). As a part of the seminar, Governor Herbert highlighted several of Utah’s strengths, including the stable tax environment, diverse economy and the skilled workforce.
“Our young, well-educated workforce is second to none,” said Governor Herbert. “High tech firms can find the skilled employees they need and international businesses have access to world-class managerial skills. Now that Forbes has once again named ‘Utah #1 for Business,’ it underscores that we are not only open for business, we deliver what they need to succeed.”
Pollina Corporate had previously recognized Utah as their #1 Pro-Business State for 2014. During the trade mission, the Governor of the state of Rio de Janeiro, Luiz Fernando Pezao, noted that 12,000 native Brazilians and 30,000 fluent Portuguese speakers make Utah the most “Brazilian” state in the United States. Couple that population with our generally business friendly climate and it becomes an easy decision for Brazilian companies to do business in Utah. There are already 188 foreign firms from 29 countries currently doing business in Utah. Together, they employ 29,000 Utahns across various industries.
Utah has many services and programs that can help companies grow in the state. For example, the Economic Development Tax Increment Financing (EDTIF) incentive program which GOED administers provides post-performance tax rebates to companies that pay new incremental taxes, make significant capital investment in Utah and create new high paying jobs. Businesses that make large capital investments also have access to competitive funding thanks to Utah’s thriving financial industry.
Utah makes a considerable effort to bolster its innovative and entrepreneurial spirit. Another GOED program, the Technology Commercialization and Innovation Program (TCIP) supports the acceleration and commercialization of university and private sector research and innovation in order to drive economic development and job creation.
“Utah is the #4 state in the US for venture capital investment. Industrial loans, tax incentives and start-up money are regularly used to expand, relocate and open new businesses in the state,” said Val Hale, executive director of the Governor’s Office of Economic Development. “Companies that move to Utah soon discover that we make an effort to keep a close partnership with them.”
Utah consistently receives recognition for its predictable and regulatory business climate. Its coveted AAA bond rating, shared by only a handful of states, saves taxpayers millions in interest costs. Utah’s low, 5% flat tax has proven stable for years. Innovation, industry, education and good governance culminate in Utah to create a diverse and thriving economy that is now home to multiple world-class corporations. Utah’s unique advantages provide excellent opportunities to bring many of world’s top global companies here.
Utah is becoming a premier global business destination. Each year, the Governor’s Office of Economic Development hosts several trade missions, business seminars and forums that act as catalysts for international trade and expansion. For more information on doing business in Utah please go to utah.business.gov or contact the Governor’s Office of Economic Development at 801-538-8714.