Company Registration in Puerto Rico – A Comprehensive Guide
Are you considering Puerto Rico as your next business destination? With its strategic location and thriving economy, the island nation has become a hotspot for entrepreneurs. At 3E Accounting India, we simplify the process of company registration in Puerto Rico.
In this comprehensive guide, we’ll explore the types of companies, essential requirements, necessary documents, the registration process, and more. Our aim is to ensure you’re well-prepared for your business journey in this vibrant region, where opportunities abound.
Business Registration Requirements in Puerto Rico
Under General Corporation Law, a foreign corporation or a limited liability company must register with the State Department of Puerto Rico before conducting business locally. Registration is accomplished by filing at the Department of State a Certificate of Authorization to Do Business containing the following information:
- The name of the foreign corporation/LLC.
- The name and jurisdiction in which the corporation/LLC was incorporated/organized.
- The date of incorporation/organization and term of its existence.
- Physical address of its principal office.
- Physical and mailing addresses of its designated office in Puerto Rico.
- The name of the resident agent and its physical and mailing addresses.
- The names and addresses of its officers and directors/members or managers.
- A report of its assets and liabilities.
- A description of the business to be carried out in Puerto Rico and a statement indicating that the corporation is authorized to carry out said business in its place of incorporation and whether its
- existence is perpetual, indefinite or terminates on a specific date.
- In the case of an LLC, the name and address of the person authorized to file the Certificate of Authorization to Do Business.
Together with the request, a certificate of existence (or other similar document) issued by the Secretary of State or other officer maintaining custody of the corporate register in the place of incorporation/organization must be included. If the certificate is in a foreign language, a translation with a sworn statement of the translator must accompany the request. A foreign corporation or LLC doing business in Puerto Rico without obtaining the certificate of authorization cannot initiate a court proceeding in Puerto Rico.
5 Steps to Incorporate a Business in Puerto Rico
To successfully incorporate a business in Puerto Rico, you need to follow these five key steps:
Reserve Your Company Name
Begin by reserving your desired company name. This involves checking official databases to ensure the name is available and distinct from existing companies.
Appoint a Legal Representative
If you plan to oversee your Puerto Rican business remotely or will be away for extended periods, appoint a legal representative. They will act on your behalf and require a power of attorney.
Draft Company Bylaws
After completing the initial steps, create the company bylaws outlining its activities, structure, objectives, and shareholders.
Register Your Company
With the bylaws in place, you or your legal representative can proceed to register the company with local authorities, including the Puerto Rico Chamber of Commerce.
Open a Corporate Bank Account
The final step is to open a corporate bank account, which will serve as the hub for all company-related financial transactions. Seek advice from your legal representative on the best banking options based on your location and business activities.
Looking to Venture Into Puerto Rico?
For comprehensive support and guidance on incorporating your business in Puerto Rico, contact us today. 3E Accounting India is here to make your business venture in this thriving region a seamless and successful experience.