Memo Week

We wealthy person much than xv years of experience In the Puerco Rican grocery admirering successful entrepreneurs establish or expand their accomplishments in the Island. Our unspoiled team has made a everlasting(a) analysis based of the information you gave us and is ready to give way you the knowledge c wholly(prenominal) last(predicate) for to make an informed finding. I am sure this data leave behind be of great value to you and your partners. Puerco rice is class-conscious 40 by the World posit Group in the list of quiet of Doing Business out of 1 89 in 2014. The same organization class-conscious the Island number 18 In the scratch line a transaction category.There ar 6some procedures that need to be fulfilled in order to establish a newfound enterprise in Puerco Rice as a Corporation 1 . period online the uniqueness of the company name and narrative online at the PR part of order to obtain a business certificate. 2. obtain for an employer identif ication number (NINE) with the US immanent Revenue Service and the PR Department of treasury (Department De Hacigoala). 3. Apply for a municipal business authorise. 4. Request unemployment and disability key out numbers from the PR Department of advertize and Human Resources. 5.Subscribe to a workmens insurance indemnity (Fond del Secure del Estate). 6. File an application with the Treasury Department to get the Merchant certificate. These six primary steps pull up stakes help you begin the process of establishing your operation in Puerco Rice lawfully. There are several(prenominal) other processes you must(prenominal) take like of to ensure that the business exit wear smoothly. In Puerco Rice all companies are required to provide a each year financial statement. If the company Is incorporated out-of-door of the Island or if It has a turnover of more than Sum must also take on an audited balance sheet.Also, companies must contribute certified public accountant certi fied accounting report and a financial statement. Like the United States, companies oleaginousness as Spas that provide public certification services must be registered with the frequent Accounting Oversight shape up. Entities registered in Puerco Rice are required to prepare and excite several statutory reports with different political agencies. There are four basic returns that declare to almost every entity 1 . Income tax return Entities doing business in Puerco Rice are surmount to income taxes that wander from 20% to 30%.A return must be filed with the Secretary of Treasury by corporations on or before the fifteenth day of the month following the end of the taxable year. A foreign entity is subject to Puerco Rice income taxes on its Puerco Rice sourced income and on its Income effectively connected with the Puerco Rice operations. They are allowed to deduct expenses related to the Puerco RICE operations, such(prenominal) as depreciation, also allowed. 2. Estimated inc ome tax payments allowance of the tax must be through with(p) in four installments on or before the 1 5th day of the fourth, sixth, ninth, and twelfth month of the taxable year. . ain property tax return all(prenominal) personal property is subject to a tax that ranges from 5. 80% to 8. 83% depending of the municipality in which is located. This return and payment is due on or before May 15 with the Municipal Revenue Collection concentrate on (CRIME). 4. Volume of business declaration solely businesses are required to pay a license tax based on gross revenues generated. The tax rate varies depending on the municipality but ranges from . 002 to . 005 in the case of non-financial businesses.Also, all corporations registered with the Department of State of Puerco Rice must file an annual corporation on or before April 15 of every year. Puerco Rice has a developed banking manufacture with 19 commercial banks, most of them local anaesthetic corporations. The FIDE a federal age ncy that bring offs Nanking operations regulates all local commercial banks. topically the COIF (Commissioner of Financial Institutions of Puerco Rice) regulate, supervise and oversee the financial institutions operating in Puerco Rice.This gives your operation the assurance that all your banking transactions will be made safely in the Island. Credit transactions are held by banks and most of them offer opportunities to entrepreneurs that are establishing business in Puerco Rice. In MEGS circumstantial reach of business, which is mental counseling, Puerco Rice has local laws that apply to foreign counselors who want to establish offices. world your company originally from Massachusetts, you must present evidence that you passed the NBC national exam.Also you must present evidence that your curriculum complies with certain specific competences in counseling. After all your accreditations have been evaluated by the Professional Counselors Review Board of PR Mount Regenerator De Co nsenters Professionals De PR) they will know a provisional license that will allow you to make business as a professional counselor. After that license is provided, you will have three years to acquiesce with 500 teaching hours given by a board certified mentor hat will award your durable license.The license must be renew every three years and comply with 45 hours of continuing education. We are positive(p) that the information provided in this communication will be useful in the decision of you and your partners. It is very important that MEG Inc. Complies with all local laws and avoids problems that can slow the working out process. LIMP recommends that MEG Inc. Continue with the expansion plans in Puerco Rice as currently as possible. We look prior to make full with your executive team and continue forward with the plans. It will be a cheer doing business together.