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Many people know Oregon for its diverse landscape, temperate climate, never-ending breweries, and of course – the quirky city of Portland. Oregon also boasts over 320,000 small businesses and is home to household brands like Nike, Adidas, Precision Castparts, and Columbia Sportswear.
Pro Business Climate
Oregon offers several incentives to attract and encourage small business. For example, Oregon Investment Advantage is a creative incentive that encourages small and medium businesses to start or locate in selected counties in the state.
If you create at least five full-time jobs within an eligible county, your business can substantially deduct and possibly even eliminate its state business income tax liability for up to ten years. In addition, Oregon’s Emerging Small Business certification program gives preference to small businesses in a variety of government contract opportunities, many of which include municipal contracts and city contracts.
Favorable tax system
In 2019 Oregon ranked seventh in the U.S. for business friendliness, according to the Tax Foundation, and the Beaver State has maintained a top 10 spot since 2014. With no state sales tax, retailers are the single largest beneficiary of Oregon’s favorable tax system. Oregon also allows corporate net operating losses to be carried forward for up to 15 years without a cap, which can meaningfully reduce your business’s tax liability and allow you to invest those savings back into your business.
Highly educated workforce and a thriving startup community
Oregon’s rapidly growing population benefits small businesses in numerous ways, not only resulting in more potential customers but providing a diverse and talented labor pool. In fact, the region’s workforce of more than one million is growing at six times the national average. Technology-focused, manufacturing, and creative companies alike continue to draw highly educated employees to the Beaver State – meaning your chances of finding strong teammates to join your business are high.
Oregon – and Portland in particular – is quickly becoming a mecca for motivated entrepreneurs. In fact, Portland ranks tenth on Inc.’s 50 Best Places in America for Starting a Business list.
Portland’s startup scene spans a variety of industries, from tech companies, early-stage food businesses, and innovative apparel stores. The city offers entrepreneurs and startups a variety of resources, events, training and development programs, and meetups – all to encourage new business and collaboration.