Company Formation Puerto Rico
The Free Associated State of Puerto Rico is a protected U.S. territory in the northeastern Caribbean Sea. It attracts foreign investors because of its legal security and wide range of preferences. Entrepreneurs who register a business in San Juan or any other city in Puerto Rico can take advantage of tax benefits and deductions. Along with its financial appeal, this territory guarantees privacy. Opening a company in Puerto Rico is advantageous because of its convenient geographical location and ease of doing business.
WHY REGISTER A COMPANY IN PUERTO RICO
- access to the market of Latin America, Canada, USA;
- stable economic and political environment;
- developed infrastructure;
- absence of currency controls and regulations;
- ability to open a company in Puerto Rico with 100% foreign capital;
- requires only one director and one shareholder, which can be the same person.
STEPS FOR REGISTERING A COMPANY IN PUERTO RICO
- check the uniqueness of the company name in the Registro de Corporaciones y Entidades;
- register the company in Puerto Rico with the Department of State;
- apply to the Puerto Rico Treasury for an Employer Identification Number (EIN);
- obtain a business license (patente municipal);
- open a bank account;
- obtain additional permits and licenses (depending on the type of business).
TYPES OF BUSINESSES
- sole proprietorship;
- partnership (limited – LP, limited liability – LLP);
- limited liability company (LLC);
- corporation (C corp, S corp, B corp, closed, nonprofit);
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