In recent years, Denver has become renowned as one of the best cities for entrepreneurs to launch their business. The capital of Colorado is expected to continue to grow as an international center, and it's not just state-level taxes that make it a great place to start a business. The city itself offers a number of tax incentives for companies, particularly in the technology industry. The Denver Office of Economic Development (OED) has a program called JumpStart that offers credits and tax rebates to startups in the technology industry.
These credits can be used to offset up to 50% of the personal business property tax and up to 50% of the sales and use tax on qualifying purchases. In addition, Denver's 26% Department of Economic Development Opportunities (DEDO) offers a tax credit that encourages job growth to companies that create new jobs in the city. The Denver Chamber brought together citizens and business owners to form a powerful lobby that influenced the railroad's decision and changed the city forever. The Denver Metropolitan Area Chamber of Commerce (DMCC) focuses on strengthening and advocating for businesses in the area.
A study published by the Colorado Office of Economic Development and International Trade (OEDIT), in partnership with Mercer Consulting, cited Colorado's highly educated and trained workforce as a major competitive advantage in attracting new businesses to the state. Denver also has several business zones, which are designated geographical areas in the state that have been identified as being in economic difficulty. All of these factors make Denver an attractive place for entrepreneurs and companies looking to grow and succeed. With more than 200 days of sunshine a year, some of the best ski slopes in the world, more than 370 miles of hiking and biking trails in Denver, and 39,000 miles of trails across the state, Denver is an ideal place for those who want to lead a healthy lifestyle focused on outdoor activities.
To legally operate in the city and county of Denver, you may need to obtain a special business license or permit. In addition to tax benefits, starting a business in Denver, Colorado offers several other advantages that can help you succeed. The state also has a very favorable environment for investors, as highlighted by Colorado's flexible 1031 exchange industry, which is one of the safest and best regulated in the United States. Not only is Denver one of the fastest-growing cities in the country, but it also offers a variety of tax benefits for starting a business.
From coworking spaces and incubators to mentoring programs and funding opportunities, Denver has everything you need to get your business up and running. Denver's polite workforce is one of the reasons why technology companies, in particular, consider it to be an excellent place to land.