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Austin, Texas

Austin, Texas

A Welcoming Place for Entrepreneurs

Austin, TX is a city rich with culture, business, tech and industry – and is highly rated as one of the most attractive places to live for business-owners. With its combination of attractive economy and high quality of life, Austin is a great place for international entrepreneurs to consider relocating to. In fact, Austin is so popular that it was rated the Number 1 place to live for two years running by the US News & World Report.

So what makes Austin such a great place to live and work? Let’s take a look…

Book an Expert Consultation on Building Your Business in the US, US Taxes and Moving to the US

Book an Expert Consultation on Building Your Business in the US, US Taxes and Moving to the US

Austin, Texas

Book an Expert Consultation on Building Your Business in the US, US Taxes and Moving to the US

History  

A Rich and Distinguished History

Austin, Texas is a city rich with history. The small village of Waterloo was settled in the 1830’s by people form areas such as Germany, Mexico and Sweden and was named state capital in 1839. A brand new city was then built and named after Stephen F Austin – “The Father of Texas”. After the construction of a railroad Texas experienced a boom in the 1870’s, with Austin expanding to a bustling city.

In 1888, a grand capital building was built, called “the 7th largest building in the world”, and this building remains a famous and distinctive cultural landmark within Austin. The capital building has remained the centre of government for the state through to today.

A further two milestones in the growth of this great city were the establishment of the University of Texas in 1883 and the construction of the Great Granite Dam on the Colorado River in 1893. By 1938 this dam had been replaced with a series of seven further dams. Lyndon Baines Johnson – the 36th President of the United States, a Texan native, played a role in this developmental work.

The late 1970’s saw plenty of political, social and cultural growth, with many historic and cultural preservation communities developing in Austin. The musicians David Rodriguez and Willie Nelson, both Texans, drew plenty of crowds to Austin during this time and have helped solidify Austin’s reputation as a hub of musical excellence.

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Economy

A Thriving Economy for Your Business to Join

Austin has a strong economy, with statistics on growth and tax rates that are extremely attractive to the international entrepreneur. While the sales Tax Rate is a little higher than average at 8.3% (compared to a national Average of 6.0%) the Income Tax Rate is 0.0% – compared to 4.6% on average in the U.S. – helping to make Texas a beacon for growth.

Austin enjoys low unemployment (2.8%, compared to the U.S. average of 5.2%), and saw a 3.0% job market increase during 2017. Future job growth over the next decade is predicted to be a huge 43.1% – much higher than the U.S. average of 38.0%

Austin is the fastest growing large city in the whole of the U.S., making it a prime choice for international entrepreneurs to settle and grow their business. It’s considered to be a major hub for high tech and enjoys a steady stream of graduates in tech, engineering and computer sciences servicing the defense industry and tech sectors.

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Climate   

A Perfect Place for Sun Lovers

Austin, Texas has an enviable climate, with mild winters where the weather only drops below zero for around 25 days of each year. Summers are warm in this subtropical humid climate, with temperatures often rising above 90°F, which is great for sun lovers! In fact, sun tends to be abundant during all seasons in Austin, with over 2,650 hours of bright sunshine per year. If you aren’t keen on heat, don’t worry – there are plenty of natural swimming pools in Austin and most buildings and real estate have relieving AC to see you through the hottest part of the day.

Transitional periods between the mild, short winters and longer, hot summers tend to be warm and pleasant. Humidity and precipitation can vary throughout the year, with some very dry low-humidity days interspersed with high-humidity. Rainfall is around 34.32 inches per year, much lower than the national average of 63.7 inches.

Overall, Austin’s climate is warm, dry, and pleasant.

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Housing

Attractive Housing, with a Variety of Great Locations

Austin, TX has the advantage of being a thriving city with distinct neighborhoods that boasts benefits ranging from elegant condo and apartment living, through to leafy suburbs with their own unique atmosphere.

Depending on your preferences you could choose to live places like in Downtown Austin – considered the cultural epicenter of Austin, with plenty of restaurants, a vibrant business district and famous artistic communities; or choose to go further out to somewhere like West Austin, and relax amongst picturesque countryside with large lakes such as Lave Travis and Lake Austin. This area is perfect for families with fantastic schools, golf courses and lake-based activities for your entire family to enjoy.

What you get for Your Money:

Austin has attractive real estate and rentals that often include desirable amenities such as swimming pools. For around $2000 per month you can rent spacious and attractive apartments of between 2-3 bedrooms, with over 600 sqft of space.

Austin has a thriving Real Estate market, and substantial population growth, with population increasing 10% in the last five years alone. Median home prices in Austin are around $355,000. For this price it’s possible to buy spacious and attractive single family homes, with 3-5 bedrooms, swimming pools, 2-3 bathrooms and between 2000-3000 sqft of space.

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Education

Excellent Education – and a Wealth of Highly-Skilled Graduates

Austin enjoys a great reputation for education – so whether you are looking for excellent schools for your family, or want to take advantage of the wealth of smart millennial graduates hungry to add to your business, Austin scores highly in this sector.

CNN ranked Austin 6th in its America’s Smartest Cities list (2010) and the University of Texas has also been named on the 2011 ‘”Best Values in Education” by Kiplinger’s Personal finance. The value Austin places on business can be seen in its education system, with the business community being an active partner in the education of students, with partnerships such as the Skillpoint Alliance – a program to promote workforce development in industries such as tech, healthcare and construction.

Austin’s reputation for producing highly-skilled graduates is underscored by the 8 top-ranked colleges and universities, including Texas State University, Southwestern University and the University of Texas.

If you want top-notch education for younger students, Austin can provide a range of highly-rated independent schools, as well as charter schools, and public schools.

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Transport

Great Public Transport Links (but watch the traffic!)

If you’re not keen on traffic jams, then Austin can prove to be a bit of a headache due to heavy congestion in many areas of the city. But don’t despair! Austin also boasts a great transit line with the CapMetro project providing a range of options from Metro Rail to express buses connecting suburban park & rides.

You can access an App for CapMetro that allows you to buy transport passes and plan commuting trips online, as well as giving you Smartphone departure time access.

At the least, using public transport will provide you with an opportunity to plan for your day, or even take some mental time out from your busy life as an entrepreneur with some music or an audiobook!

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Recreation

A Thriving Music Scene and Plenty of Entertainment to Enjoy

Austin is famous for its incredible music scene – both historically and through today. It’s often referred to as the Live Music Capital of the World. There are more than 250 live music bars in the city, with eclectic music ranging from jazz to blues, hip hop and Latino. The legendary Continental Club is known as “The Granddaddy of Austin Music Venues” and has showcased blues, rock and folk music since 1957.

Austin is renowned for its creative scene and has world-class museums such as the Blanton and the Harry Ransom Center – featuring the Gutenberg Bible. It also boasts museums such as the Austin Museum of Art and the Austin Nature and Science Center, as well as a host of others.

There are also a number of festivals and street fairs throughout the year, as well as art galleries and local filmmaking events.

Austin has a huge range of quality eateries, ranging from water-front local restaurants on the large Lake Austin & Travis, through regional Mexican cuisine and high-end restaurants.

If sports and physical activity is more your thing, then Austin has a number of large sporting venues, such as the Circuits of the Americas (Formula 1 United States Grand Prix) and is home to the Texas Stars (AHL Ice Hockey Team), the Texas Longhorns  and the Austin Spurs (NBA Basketball).

There are a number of beautiful parks which span more than 29,000 acres, and numerous hiking trails. Lakes and creeks such as Lady Bird Lake and Barton Creek allow you to enjoy activities such as swimming, kayaking, tubing and cliff diving.

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Austin at a Glance:  

  • Population: 2,123,000
  • Major Industries: Technology, Pharmaceutical, Biotechnology
  • Gross Metro Product: $134 B
  • Median Household Income: $73,493
  • Median Home Price: $315,000
  • Unemployment: 3%
  • Job Growth (2017): 2%
  • Cost of Living: 15% above nat’l avg
  • College Attainment: 8%
  • Net Migration (2017): 9,090

(Source: Forbes https://www.forbes.com/places/tx/austin/)

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FREQUENTLY ASKED QUESTIONS ABOUT TAXES, COMPANY FORMATION AND RESIDENCY IN THE USA (FAQS)

We’ve compiled over 150 of the most frequent questions and answers (FAQs) on tax, company formation, and residency in the U.S. in our knowledge base. You can visit our knowledge base here.

If you find that your personal questions have not been answered, book a telephone consultation here.

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Get Advice on Taxation, Company Formation, and Residency in the U.S.

Starting a business in the U.S. can be both exhilarating and exasperating. There is much to know and even more to learn, and the pace of the information coming at you can be overwhelming.

That’s where Mount Bonnell Advisors come in.

Would you like to live your very own American Dream? At Mount Bonnell, we can guide you through the labyrinth of regulation and red tape and out into the blue skies of a dream come true – the dream of living and working in America.

Whether it’s technical issues around tax or residency, or strategic ones involving business formation and growth, the experienced team at Mount Bonnell Advisors are here to help.

So make that dream a reality by booking a consultation today with Mount Bonnell Advisors. Let the adventure commence!

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