Virginia offers one of the best pro-business climates in the nation. It is no surprise that for several years, Virginia has been named among the top states to do business in the nation by Forbes.com and CNBC.com.
Virginia and the Richmond Region have institutionalized many business incentives that benefit new and existing businesses, both in the short and long term. Incentives include financial assistance, infrastructure development grants, tax credits and exemptions, customized training and technical support programs.
- Customized recruiting and training incentives are provided through the Virginia Department of Business Assistance’s Virginia Jobs Investment Program, including New Jobs Program, Small Business New Jobs Program, and Retraining Program.
- The Workforce Investment Act provides federal funding for employment and training activities to enhance productivity and competitiveness. In Virginia, WIA is administered at the state level by the Virginia Community College System.
- Enterprise Zone program provides cash grants for new job creation and real property investment.
- Corporate tax credits are provided through:
- Major Business Facility Job Tax Credit
- Worker Retraining Tax Credit
- Recycling Equipment Tax Credit
- Green Job Creation Tax Credit
- Research and Development Expenses Tax Credit
- Port Volume Increase Tax Credit
- International Trade Facility Tax Credit
- Barge and Rail Usage Tax Credit
- Other discretionary incentives include Commonwealth Opportunity Fund, Virginia Investment Partnership Grant, Major Eligible Employer Grant, Virginia Economic Development Incentive Grant and Clean Energy Manufacturing Incentive Grant Program.
- Financing programs include industrial development bonds for manufacturing projects, incentive grants for targeted industries, and small business programs.
- Virginia also provides broad sales and use tax exemptions and a variety of real and personal property tax exemptions for businesses.
The Partnership’s support services include research, information, publications and other services. In addition to real estate information, the Partnership maintains information on critical business factors, including labor, education and training, transportation, utilities, taxes, incentives, area industries and business climate. Presentations tailored to a company’s specific needs and comparisons with other metropolitan areas and states can be provided. These services are provided at no cost to prospective businesses.
- Infrastructure improvement incentives including road access, utility extensions and connection costs, and off-site improvements will be negotiated by individual localities.
- Enterprise Zones in Chesterfield, Henrico, and the City of Richmond offer local tax and financing incentives in addition to the state’s Enterprise Zone incentives.
- Foreign Trade Zone #207 at Richmond International Airport provides space for storage, distribution, and light assembly operations. Imported goods held in the zone are not subject to U.S. Customs duties until they leave the zone and enter the U.S. for domestic consumption. Duties are not paid on broken or wasted product or on exported items.
- Financing for small businesses is available through the James River Development Corporation, the Crater Development Company, REDC Community Capital Group Inc., Virginia Small Business Financing Authority, and other firms
- Dominion Energy offers a variety of rate options that may lower operating costs for commercial and industrial users.
- The Business Expansion Incentive Fund (BEIF) is available through the Chesterfield County Economic Development Department and was established for the purpose of securing job-creating economic development opportunities through the preservation and expansion of existing business in Chesterfield County. BEIF assistance may be in the form of a low-interest loan or a grant.
- The Defense Production Zone legislation allows a locality to establish a defense production zone. By definition, a “Defense production business” means a business engaged in the design, development, or production of materials, components, or equipment required to meet the needs of national defense. Each locality that establishes a defense production zone may grant incentives and is able to provide certain regulatory flexibility in the established zone. Incentives may be provided in the zone for up to 20 years and may include reduction of permit fees, user fees, and any type of gross receipts tax.
Workforce Recruitment Services
The Greater Richmond Partnership has developed a variety of services to assist new corporate citizens relocating to the region and to facilitate the start-up process. Relocation services are available through the Greater Richmond Partnership in cooperation with local businesses. The Partnership can provide a wide variety of community information including print publications and maps. The Partnership also can coordinate employment assistance through local staffing agencies and the Virginia Employment Commission. Based on company requirements, services may include:
Recruitment of mission-critical technical and professional employees
The Partnership can assist in the recruitment of professional and engineering employees using email, web sites, participation at trade shows and conferences, and other avenues as identified. One tool that the Partnership has developed includes a website, LoveWhatYouFind.com (http://lovewhatyoufind.com/), which was designed to attract and inform businesses, workers and families considering a move to the Richmond Region for employment.
Welcome receptions for new recruits and transferees
The Partnership can host welcome receptions and peer-to-peer meetings for new and relocating company personnel to introduce them to the region’s business community. If requested the Partnership is prepared to provide multiple copies of a wide range of community and housing information, maps and LoveWhatYouFind.com brochures for those who may be relocating.