For more than two decades, Puerto Rico has attracted over 3 million travelers per year.
However, is the Island of Enchantment just a vacation hotspot, or is it also filled with business opportunities for Americans?
The World Bank ranks Puerto Rico 53rd out of 190 countries on the ease of starting an LLC. Not only is Puerto Rico in the top 30% of countries for that category, but it’s also tied with the United States.
Getting ready to launch your start-up? Let’s take a quick look at why you should consider doing business in Puerto Rico!
1. Easy to Travel Back and Forth to the U.S. Mainland
Have you ever met a person who doesn’t dread going through customs at the airport?
If you’re a U.S. citizen flying to Puerto Rico, you can skip the passports and the long lines at customs. Plus, you don’t have to worry about getting work visas for you or your workers either.
Not to mention, a non-stop flight from New York City to Puerto Rico takes a little over 3.5 hours.
2. The Opportunity to Conduct Business in Style
Imagine holding a business meeting at Flamenco Beach, which many recognize as one of the best beaches on the planet.
That’s not all. At only 3,515 square miles, Puerto Rico is over 16 times smaller than the state of Georgia. As a result, all leisure and business attractions on the island, including country clubs and resorts, are just a short drive away.
3. Tempting Tax Incentives
Aside from the lifestyle benefits, this is by far the biggest reason why many thriving entrepreneurs, including the founder of Strong|Edge Realty, make their move to Puerto Rico.
What exactly are these juicy tax incentives? The most popular one is a 4% fixed corporate income tax rate for qualifying businesses. There’s also an income tax exemption on passive income.
It’s important to keep in mind that you must become a resident of Puerto Rico to reap these tax benefits. That said, there are a few reasons why business owners from America would find it easy to adapt to life on the island.
4. Similarities with the Rest of the U.S.
For starters, the official currency of Puerto Rico is the United States Dollar. This makes it simple to transfer capital.
Also, while Spanish is the predominant language on the island, one in four Puerto Ricans over 18 speak English fluently. You won’t have any trouble finding even more Puerto Ricans who can understand what you’re saying in English.
Starting Your Own Business in Puerto Rico
Over half of Americans don’t know that people born in Puerto Rico are U.S. citizens.
Likely even fewer are aware of the many entrepreneurial perks it offers. People rarely mention Puerto Rico’s tax benefits, or how convenient and easy it is to travel and work there if you’re from the United States.
Now that you know why it’s a good idea to start a business in Puerto Rico, want to find out what apps every entrepreneur should have on their phone? If so, be sure to check out our list of the 11 best startup apps!
