Incentives for Locating at Cape Charles Yacht Center
As a top state for business, Virginia offers a variety of economic incentives and business advantages. Cape Charles Yacht Center is located in a Foreign Trade Zone and Enterprise Zone. Virginia’s economic development incentives include the Governor’s Opportunity Fund, job training assistance, and sales, use and property tax exemptions.
There are many other economic development incentives as well. Virginia is a right-to-work state, and labor is abundant and highly skilled.
Cape Charles Yacht Center is just minutes away from Hampton Roads. Referred to as the Pentagon of the South, the region hosts a well-trained and skilled workforce since it's home to so many military contractors and 12,000 exiting military personnel a year, many skilled in engineering and maritime services.
- Qualified businesses in an Enterprise Zone are eligible for case grants for permanent new jobs created over a four-job threshold.
- Qualified zone investors making a qualified investment in industrial, commercial or mixed-use real property within an Enterprise Zone are eligible for a cash grant.
- Grants are equal to 20 percent of the investment, up to a maximum of $125,000 for companies investing less than $5 million in qualified real property investments.
- Companies investing $5 million or more can receive up to $250,000 in cash grants.
FOREIGN TRADE ZONE
- No duty is ever paid on re-exported merchandise.
- If the merchandise is sold domestically, no duty is paid until it leaves the zone.
- If foreign merchandise is manufactured into a product with lower duty rates, the lower duty rate applies on the foreign content for which duty is paid.
- Merchandise in a Foreign Trade Zone may be stored, repackaged, manufactured, manipulated, destroyed, altered, or changed.
- No duty is charged on most waste and scrap from production in a Foreign Trade Zone.
- Governor's Opportunity Fund
- Labor Training
- Virginia Jobs Investment Program
- Sales and Use Tax Exemptions
- Property Tax Exemptions
- Virginia Small Business Financing Authority
For additional information on Virginia business incentives and advantages, click here.