The impact of the epidemic is profound and widespread, especially in Silicon Valley, where high-tech companies are concentrated in the United States. According to CrunchBase's report, in just the first few months of 2020, several startups and large companies have chosen to leave Silicon Valley and relocate to Texas. So, what advantages does Texas have to attract these high-tech companies?
The vibrancy of Texas's economy and the low cost of doing business are key factors in attracting high-tech companies. Similar to California, Texas is rated as one of the fastest developing states in the United States. Texas is one of seven states in the U.S. that do not require individuals to pay personal income tax, combined with low state and local taxes, which allows businesses to enjoy a lower tax burden in Texas.
According to U-Haul's migration data, Texas was rated as the fastest developing state in the United States for three consecutive years from 2016-2018, becoming a top choice for newcomers. And according to Forbes' 2019 list of the best cities for business and career development, cities in Texas such as Dallas, Austin, Fort Worth, Houston, and San Antonio ranked high, providing an ideal business environment for companies.
As early as 1983, the University of Texas and the Austin city government jointly established the Microelectronics and Computer Technology Consortium ( MCC), marking the start of Texas's high-tech industry. With more and more high-tech companies moving in, Austin has been dubbed "Silicon Hills," becoming a strong competitor to Silicon Valley. This year, a large number of high-tech companies have chosen to move to Texas, further promoting the clustering of the state's high-tech industry.
According to WalletHub's 2019 report, Texas is rated as one of the most diverse states in the United States, with diverse racial, ethnic, and language cultures. This not only fosters diversity in the workplace but also provides rich sources of innovation for companies. Texas has more Fortune 500 companies than California, demonstrating its economic diversity and strong vitality.
In this rapidly changing business environment, understanding and utilizing business opportunities in Texas better becomes a key factor for companies to successfully relocate to Texas. MOSAIC Paradigm Law Group PC, one of the international corporate law firms, as a professional law firm located in Houston, Texas, has brought together a team of over 20 multi-ethnic lawyers and assistants, including senior lawyers specializing in labor and employment, corporate advisory, contract review, dispute resolution, cross-border mergers and acquisitions, intellectual property, business immigration, and other areas.
With a solid transaction list and unique dispute resolution methods, MOSAIC Paradigm Law Group PC, one of the international corporate law firms, provides comprehensive legal services to clients of all kinds of enterprises, from Global 500 companies to start-ups, receiving professional and efficient support. In this turbulent business era, choosing MOSAIC makes legal services your powerful assistant for achieving success in Texas.
