Research and knowledge are the first steps for New York Travel Business Assistance.  Here is a fact file for New York to get you started.  Contact us if you are looking to start a business in or expand your market to New York. We have consultants ready to help you on the ground in York.

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THE BIG APPLE:

New York City is North America’s premier economic hub, situated on the East Coast of the United States. It is the most populous U.S. city, with double the population of Los Angeles, the next most populous U.S. city. Additionally, it is also the U.S.’s most population dense city, though it has the same geographical size as Berlin, Germany. With more than 600 languages spoken, New York City is one of the most linguistically diverse cities in the world.

Known for its sophisticated financial sector, New York City is home to both Wall Street and advanced consultancy companies all over the city. In addition, although California is famous for Silicon Valley, New York City is, in fact, home to its own Silicon Alley, with a plethora of modern technology companies that contribute to the world’s most advanced innovation, as well as the tech-based needs of the financial sector.

The headquarters of many of the world’s most important contemporary businesses are housed in New York City. Some of these contemporary businesses have their roots in the city’s historied past, while others have only joined the business scene in the last few decades. For businesses looking to expand into North America, New York City is one of the first locations to consider, as it is central to commerce in the Western Hemisphere.

New York City is serviced by three major airports (JFK, LGA, EWR), which offer direct routes to most major international airports, simplifying business for a city that values order and efficiency. Moreover, the city’s multiculturalism and multilingualism also simplify many processes in international business, as communication and linguistic barriers for international investors and business owners are broken down.

Doing Business Index Scores (World Bank) –

Overall rank: 6^th in world (USA, 2020)

Overall score: 83.99 (2019)

Starting a business score: 91.6 (2019)

Getting credit score: 95 (2019)

Trading across borders score: 92.01 (2019)

Enforcement of contracts score: 79.06 (2019)

Resolving insolvency score: 90.91 (2019)

MUST SEE LIST:

• Times Square
• Madison Square Garden
• Central Park
• Statue of Liberty
• Empire State Building
• Metropolitan Museum of Art

EVENTS:

• (January / July) NYC Restaurant Week: Twice-a-year, top chefs curate three-course lunch and dinner menus across restaurants in New York to attract food connoisseurs from around the world.
• (January / February) New York City Lunar New Year Parade and Festival
• (February / September) NY Fashion Week
• (April) Tribeca Film Festival
• (April) NY International Auto Show
• (April to October) Smorgasburg: Called the “Woodstock of Eating” by The New York Times, Smorgasburg is the U.S.’s largest weekly open-air food bazaar, a popular local showcase of local food vendors every weekend in Brooklyn and Manhattan.
• (June) Pride Week
• (August / September) U.S. Open
• (November / March) Ice-skating at the Rink at Rockefeller Center: The ice-skating rink at Rockefeller Center is one of NYC’s most popular winter attractions, especially during December when visitors can skate under the famous Rockefeller Center Christmas Tree. Public general admission tickets are for 1 hour each, and skate rentals are available at the Center with free day lockers during skating sessions.
• (November) Macy’s Thanksgiving Day Parade
• (December) Rockefeller Christmas Tree Lighting
• (December) Hanukkah Menorah Lighting
• (December) Radio City Christmas Spectacular
• (December) New Year’s Eve at Times Square
• (All year round) Brooklyn Flea: Hundreds of vendors gather for what has been called one of the best markets in the world to sell food, arts and crafts by local New York artisans and designers.

https://www.nyc.com/events/

LOCAL FOOD:

The most iconic New York foods include brick oven thin-crust pizza, hot dogs and bagels with cream cheese and lox (smoked salmon).

New York City is most notable, also, for offering food from every corner of the world. Each ethnic neighborhood has its own specialty offerings. Historically, the international foods central to New York City culture have included halal Middle Eastern food trucks, Italian-American penne alla vodka and kosher pastrami sandwiches at Jewish delis.

MAJOR NYC AIRPORTS:

John F. Kennedy International Airport (JFK) (Queens, NY)- NYC’s largest airport

LaGuardia Airport (LGA) (Queens, NY)

Newark International Airport (EWR) (Newark, NJ)- Although this airport is located across the border in New Jersey, it does not always take longer to travel from EWR to parts of the city. EWR is serviced by several travel options, including: the Airtrain/New Jersey Transit bus to Penn Station; the Newark Airport bus; and the Go Airlink NYC shuttle; and Uber/ride-share/taxis. Each of these airport transfer options has pros and cons based on the final NYC destination and its cost.

DOING BUSINESS IN NYC:

Quick Facts:

• The NYC economy is the U.S.’s largest municipal and regional economy.
• Midtown Manhattan is the world’s largest central business district.
• Wall Street, in Lower Manhattan, is home to the world’s two largest stock exchanges—the New York Stock Exchange (NYSE) and NASDAQ—and has been called the premier financial center of the world.
• The New York metropolitan area’s gross metropolitan product (GMP) of $1.5 trillion (2020) is approximately equal to South Korea’s GDP, despite housing less than half its population.
• New York City is a leader in many sectors of the global economy. The economy of the city is built on finance, technology, real estate, insurance and healthcare; concentrated within the city are advanced service sector firms in law, accountancy, banking and management; within the U.S., it is the most important center of mass media, journalism, and advertising; finally, NYC plays a central role internationally in the creative industries, including in fashion, design and architecture.

Corporate Tax rates:

• Base rate for small businesses: 6.5-8.85%
• Base rate for financial corporations: 9%
• NY state income tax (for all New York residents and workers, in addition to federal income tax): 4-10.90%
• Consumer sales tax: 8.875%

Get started with opening a business: https://www1.nyc.gov/nycbusiness/

Information about business tax: https://www1.nyc.gov/site/finance/taxes/business-corporation-tax.page

BUSINESS IN THE POST-PANDEMIC WORLD

Business suffered greatly in New York City during the lockdowns of the Covid-19 pandemic. Compared to the U.S. as a whole, New York City took a much larger economic hit. This has been attributed to the high population density of the city, which required more stringent Covid-19 regulations.

However, business operations have gradually returned to normal over the last two years, as New York is one of the most globalized cities in the world, and international commerce is critical to both its identity and economy.

USA and New York Travel Business Assistance

Are you planning to move your business to New York or open up New York as a new market? Perhaps there is a conference in New York you need to attend and you need some help.  We are here for your New York Travel Business Assistance.