Doing Business In ... New York, New York

Quick Stats

City Population: 8,232,000
Job Growth: 6.03%
Median Home Price: $684,502
Website: http://www.nyc.gov/

As the most populous city in the United States, with one of the most diverse cultural atmospheres, New York City is a prime location to start and develop a small business. Each of the city's five boroughs offers a different environment and a unique opportunity for economic success. New York City is home to the largest central business district in the United States as well as the first and second largest stock exchanges in the world. Also known as 'The City that Never Sleeps', New York is renown as the global hub for international business and commerce and the command center for the world economy. The mass transit system in New York City is the dominate transportation utilized by the majority of its citizens in both everyday life and commuting to work. In addition to the transportation benefits, New York City is supported by an educated and capable workforce having many graduates of top institutions, such as New York University and Columbia University, feed into its population.

Business Start-Up Assistance

Spending some time researching your idea, writing a business plan, and scouting a location will significantly increase your chances for success. There are a number of free and low-cost services that can help you get your business off the ground:

• New York City Business Portal
  Provides information and assistance on business licensing, city regulations, and contacts relevant to business owners.
• New York Small Business Development Center
  Provides free start-up advice, training and counseling services to entrepreneurs and small businesses throughout the state. Supported by the U.S. Small Business Administration (SBA).
• SCORE New York City
  Provides free and confidential business advice and counseling tailored to meet the needs of your small business and your personal objectives.
• New York City Economic Development Corporation
  Provides resources necessary to develop businesses and the overall economic environment in each of the city's five boroughs.

Visit New York City's Business Express portal for detailed information on starting and developing a successful business in the Big Apple.

Financing Your Business

The following organizations provide help getting loans and other types of financial assistance for businesses in New York City.

• Business Financing and Incentives
  Provides New York City entrepreneurs with information on banks, credit unions, venture capital firms and networks that are available to help offset the financial needs of running a business.
  
• Small Business Incentive Programs
  For relocating, hiring employees, or investing in new equipment, NYC Business Solutions can help businesses lower costs through incentive programs and loans.

For general information on small business loans and financial assistance visit the Financing Your Business page.

Obtaining Licenses and Permits

To legally operate a business in the city of New York, you'll need to obtain all necessary business licenses, operating permits and registrations.

• New York City Licenses, Permits, and Regulations
  Contains information, forms, and applications regarding the proper licenses required to operate a business in New York City.
  
• New York State's Online Permit Assistance and Licensing Site
  Assists new and current businesses locate necessary permit and licensing information to start and operate in the state of New York.

In addition to city permits, you will also need to register your business with the federal government and State of New York. Visit the New York General Licensing page to learn about obtaining necessary federal and state licenses, permits and registrations.

Tax Credits for Small Businesses

Small business owners in New York can take advantage of several tax credits.

• New York City Tax and Payment Information
  Provides business owners in the New York City area with information on available tax incentives and general tax information.
• New York State Online Tax Center
  Provides detailed information on the taxes and incentive programs available to residents of New York.
  

Additional Resources

• New York State Business Portal
  Business resources to facilitate economic growth and development in the state of New York.