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NYC’s immigrant story: vital cog of commercial vibrancy

On Behalf of | Jun 21, 2019 | Business Formation & Planning |

Any person seeking instant and conclusive evidence of New York City’s unrivaled status as a metro interwoven with a rich immigrant history hardly needs to reach for statistical proofs or academic confirmation.

A quick stroll down virtually any street will do the trick.

Indeed, the moniker of Big Apple centrally implies NYC’s all-things-possible lure for a diverse demographic.

And yes, statistical proofs do back that up. Reportedly, nearly 40% of all the city’s residents first arrived in the metro from outside the country. And, of course, Ellis Island stands as the exemplar of what one recent article terms NYC’s “welcoming policy toward immigrants maintained for over 100 years.”

The writer of that piece is Gregg Bishop, who is currently commissioner of the city’s Department of Small Business Services. Bishop is clearly proud of the city’s immigrant history and, importantly, its massive effect on the vibrancy of metro businesses. He notably stresses that 230,000 NYC small businesses are owned by foreign-born entrepreneurs

And he makes this fundamentally important point, too: It is estimated that NYC’s immigrant-owned businesses accounted for more than $5 billion in earnings in a recent year. That is reportedly close to 40% of the total taken in by all incorporated commercial entities.

R3M Law roundly endorses the metro’s singularly rich immigrant history and its deeply positive effect on the city’s economic dynamism. Our long-established area law firm and practiced legal team operates in the midst of the metro’s great diversity, providing impactful services to valued clients on both specific matters and in a general counsel capacity.

We welcome contacts to the firm and the opportunity to contribute to the continuing success story of metro businesses.