Virginia Business Opportunities

Williamsburg was Virginia's capital from 1699 to 1780.
Williamsburg was Virginia's capital from 1699 to 1780.[1]

A Quick Glance at Virginia

Virginia, whose nickname is The Old Dominion State, first obtained its statehood in 1788. With a population of 8,260,405 people, Virginia is the twelfth most populated state in the United States.

If you are considering starting your new business in Virginia, you might want to look into one of Virginia's top three most populous cities - Virginia Beach, Norfolk or Chesapeake and also in the commonwealth's capital of Richmond.

Top Industry

The largest industry in the commonwealth of Virginia is food and beverage and tobacco products manufacturing.

  • The gross domestic product (GDP), of this industry, is roughly $14.9 billion and accounts for 3.1% of Virginia's GDP.
  • Food and beverage and tobacco products manufacturing also employs 0.9% of Virginia's private workforce.

Small Businesses

In the United States, the more than 600,000 plus franchised small busineeses account for 40% of all retail sales and provide jobs for some 8 million people. According to the Small Business Administration (SBA), their standard definition of what constitutes as a small business includes a maximum of 500 employees or operations with and/or up to $7 million in revenue, depending on the industry.

  • There are 1.5 million small businesses, in the commonwealth, of Virginia.
  • Small businesses in Virginia, make up 34.8% of the commonwealth's private workforce.

State and Local Taxes

Listed below are the state and local taxes, for the commonwealth of Virginia, and how they rank against other states in the U.S.

State Tax Rate Avg. Local Tax Rate Combined Rate Combined Rank* Max Local Tax Rate
5.3% 0.33% 5.63% 41 0.7%
*Combined Rank is rank from highest to lowest tax percentage

California has the highest state tax rate in the United States at 7.25%, but Lousinana has the highest combined tax rate, overall, at 9.98%. Delaware, Montana, New Hampshire and Oregon share the spot for lowest combined tax rates at 0%.

Additional Information

If you need additional information about how to start a business in Virginia, their official state page might be a good place to start. If you are looking to own your own established franchise in Virginia, we have collected a comprehensive list of companies that are actively looking to expand in Virginia, for you to explore.

References

  1. By Ron Cogswell - The Governor's Palace -- Williamsburg (VA) September 2012, CC BY 2.0
  2. Census.gov
  3. Comparison between U.S. states and countries by GDP (nominal) from Wikipedia
  4. Largest Industry in Each State from 24/7 Wall St.
  5. Civilian Labor Force and Unemployment by State from the U.S. Bureau of Labor Statistics
  6. State and Local Sales Tax Rates in 2017 from the Tax Foundation

City and County Level

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