Puerto Rico: Discover Top 4 Reasons to Move Your Business to Puerto Rico
Puerto Rico’s capital and largest city, San Juan, is located on the island’s northeastern coast. Its central position in the Caribbean makes Puerto Rico one of the most popular holiday spots among travelers. The city of San Juan is filled with a diverse array of cultures and heritage, as well as stunning sandy beaches and a warm tropical climate.
Living and working in the Caribbean isn’t only for travelers, professionals or hospitality-focused businesses anymore. Known for its favorable tax incentives, skilled workforce, and resilient infrastructure and community, Puerto Rico is considered the ideal base for startups looking to flourish in a collaborative environment.
Due to Puerto Rico’s innovation and entrepreneurship ecosystem, it is an ideal location for entrepreneurs seeking a unique combination of cultures from Latin America, the Caribbean, and the United States. It is no coincidence that businesses from all over the world know first-hand the value proposition Puerto Rico offers. The Island has now become a home for various entrepreneurs.
Puerto Rico has been working to modernize their island for the past few years. Government officials are also working with major carriers to establish a possible 5G mobile network. High-speed Internet and fiber optic cable services are also widely available allowing new businesses in Puerto Rico to take advantage of an improved modern infrastructure and communications network.
As a US territory, Puerto Rico benefits from better infrastructure than other Latin American countries, in terms of roads, schools, hospitals, and public services that are well-developed. Boasting the largest convention center in the Caribbean, Puerto Rico is also growing as a business hub in the region.
In order to build a diversified economy, the local government has developed an aggressive program of economic and tax incentives aimed at helping businesses who relocate on the island. Several tax incentives on the island, such as Acts 20/22, allow companies to develop better cost efficiencies.
Puerto Rico offers a range of tax benefits that make it attractive to investors, including a flat 4% tax rate on income, 100% tax exemptions on distributions, and an exemption from personal property taxes of 90% for certain types of businesses. These incentives result in goods and services being significantly cheaper than in the U.S. while still providing investors with the tax benefits they seek without ever leaving the U.S.
Puerto Rico’s strategic location between the Dominican Republic and the U.S. Virgin Islands makes it easy to access markets throughout Latin America and the Caribbean. A year-round climate of warm weather, vibrant culture, and a convenient geographic location offers you the chance to live the Caribbean lifestyle dream.
Puerto Rico offers many opportunities not only to enhance one’s personal well-being but to enhance one’s professional growth, through networking with other entrepreneurs and business owners. Conducting business here not only has lots of benefits for business owners, but also provides jobs for the locals, that will add to the local economy.
Whether you are a startup, digital nomad, or a business that is looking to expand to a different market, such as Puerto Rico, this island is sure to provide what you are looking for. The solid infrastructure of Puerto Rico and other domestic benefits make the island one of the region’s more business-friendly destinations. Discover more about what this island has to offer at https://www.discoverpuertorico.com/