Together, the Commonwealth of Virginia and the City of Virginia Beach have one of the fairest tax structures in the United States:
Additionally, Virginia traditionally has one of the lowest industrial electricity rates on the East Coast, as well as low natural gas costs.
According to a 2012 study published by the Building Owners and Management Association, Virginia Beach is among the 5 least-expensive commercial real estate markets in the US.
Yes. Virginia Beach has created 5 special service districts (SSD) that include higher real estate tax rates in order to help pay for specific projects and/or programs:
Numerous forms of assistance for new and existing Virginia Beach businesses, depending on their individual needs. For start-ups and small business entrepreneurs, the City has an active Small, Woman- and Minority-Owned Business program that works closely with the US Small Business Administration (SBA), the Virginia Department of Minority Business Enterprise, the Service Corps of Retired Executives (SCORE), and many local financial and legal resources to provide targeted assistance.Additionally, the Virginia Beach Development Authority administers its Economic Development Investment Program (EDIP), which provides local grants to qualifying business that are locating to or expanding in the City of Virginia Beach; this discretionary grant was created to support economic development projects creating new jobs and capital investment in the City.Businesses locating in an APZ-1 Special Incentives District have access to an enhanced discretionary EDIP grant program, in addition to several entitled incentives.
Learn more.The City has also created a business license fee incentive for new companies locating in Virginia Beach, which has established a $50 per year cap for each of the first two years a company operates in Virginia Beach (manufacturers are exempt from paying any business license fee).Certain projects may also be eligible for assistance from the Commonwealth of Virginia.The Virginia Beach Development Authority also has the ability to induce the issuance of industrial revenue bonds to provide financial assistance to private sector entities for the acquisition and construction of industrial and commercial facilities. Since these bonds are tax-exempt, the interest rates offered are significantly lower than traditional forms of financing.
One of every three new companies opening in the entire Virginia Beach MSA is located in the City of Virginia Beach, and for good reason. Companies and entrepreneurs in Virginia Beach have access to a wide variety of programs designed to expand investment and job creation opportunities, starting with the Virginia Beach Department of Economic Development, which has a business development manager specifically responsible for assisting small business.
Additional free counseling resources include:
For more information, contact Virginia Beach Department of Economic Development.