Opening a business

Are you a US citizen?

JaniceT wrote:

Evening all. 
Can you please advice on how difficult it is for saffas to relocate to PR.  We are wanting to start 2 businesses and probably buy some land.  Im getting a lot of different advice.  We heading over end of August to hopefully get the process started....so any advice at all would be so greatly appreciated. 
Much love and thanks from Cape Town

You may want to check into this program, act 20 and act 22. Check with a tax lawyer in PR about getting enrolled.
Act 22 Information -http://www.the2022actsociety.org

More Act 22 info -http://www.the2022actsociety.org/images/pdf/2012-TAX-06EnhancedTaxBenefitsforIndividualInvestors.pdf

Thank yiou Ray.  You are always such a wealth of information and advice.

I posted all of the steps to registering a business a few years ago. This being PR, there are a lot of contingent steps that need to be followed, upfront fees that need to be made, and time that needs to wasted. Good luck!

Thanks... just part of thr process i suppose.  Thank you

Talk to the small business administration when you get to PR, I am sure they can give you advice on how to start a business in PR.

I was just going to get a lawyer to help with paperwork and banking, which you think best Rey????

You dont perhaps still have them somewhere do you ??????   

JaniceT wrote:

I was just going to get a lawyer to help with paperwork and banking, which you think best Rey????

Connecting with the BBB, SBA and a local lawyer will help smooth things out, there are also people who for a charge make all sorts of arrangements for you so you do not have to, they are connected. The only one I know like that is Mim. https://www.facebook.com/Mim-Express-Se … 379877706/http://www.gdb.pr.gov/documents/AGuidet … nPR-ll.pdf

Also get a tax lawyer to help you with making sure you pay the least amount of money in taxes.

Your tax year starts Jan 1 2019, it is also the time your legal residence in PR starts so you want to get to PR before that. A lot of tax programs require you to live in the island for a minimum of 6 months plus 1 day a year to be elegible. Keep tract of trips to the mainland, you may be asked for them once you become a resident.

Be warned that Powers of attorney from the US are not always followed in PR, so get one from a local lawyer as soon as you can to replace it. Also inherity laws are very different in PR, you want to know them well and plan acordingly with a lawyer before you start a business or start getting properties that could be inherited. Laws about inherity are based on SPain.

It takes yeras to get permits.  My friends opened a non profit consignment shop in isabela and it took like 1 1/2 plus all pernuts wtc. Thousands of dollars and aaa and aee wanting $3000 deposits each for the water and power.   Its crazy, so muxh red tape, so much disorganization.  This is the rwason people don't own businesses here. Pr need s it make it easy if they want non corporate business to be created here.  Its actually a shame

Thats amazing info, thank you for always being so positive and willing to help a complete stranger..... until we meet that is.  Will be taking all your advice,

So you telling me im gonna have a problem?  I understand these processes can be difficult, but it seems like its a mine field and now im actually scared, as it seems like it could be impossible.  HELP

It can be very difficult. I once had to wait months to receive an LLC Certificate of Organization from the PR Secretary of State. There is an express service that claims to do it faster but it also costs four times as much. You can’t open the business bank account without that (plus several other documents).

My friends are also narive to the land and speak the languages and has to jump through these hops, its even harder for transplants

Very good information here. I also am interested in taking my business from online to "brick and mortar" once I'm on the island. Many of these tips helps give me a realistic expectation of the time line and what to (and not to) expect.

Have to stay positive... grin and bare it.

I just opened up an LLC literally a few days ago all done online... through the government website, I don't know when I'll receive legal documents but everything is recorded and you can start doing business date that you filed, was a $250 fee.

I guess depending on the business there will be permitting issues, if you are a service business i guess working as a freelancer internet type of business don't think you need any permits, exception probably being financial ect.

See other post. Sorry.

NomadLawyer wrote:

I posted all of the steps to registering a business a few years ago. This being PR, there are a lot of contingent steps that need to be followed, upfront fees that need to be made, and time that needs to wasted. Good luck!

Would you mind linking the post with the detailed steps? Thanks in advance.