Memo Week

We meet more than fifteen years of experience In the Puerco Rican marketplace abeting successful entrepreneurs establish or expand their operations in the Island. Our expert team has make a thorough analysis based of the information you gave us and is ready to present you the knowledge involve to make an informed decision. I am sure this data volition be of great appraise to you and your partners. Puerco sieve is ranked 40 by the World Bank Group in the list of facility of Doing Business out of 1 89 in 2014. The same organization ranked the Island number 18 In the starting a business category.There argon SIX procedures that need to be fulfilled in order to establish a new enterprise in Puerco sieve as a spate 1 . Check online the uniqueness of the company name and register online at the PR Department of verbalize to obtain a business certificate. 2. Apply for an employer identification number (NINE) with the US Internal Revenue servicing and the PR Department of Treasury (Department De Haci endinga). 3. Apply for a municipal business indorse. 4. Request unemployment and disability notice numbers from the PR Department of Labor and Human Resources. 5.Subscribe to a workmens insurance policy (Fond del Secure del Estate). 6. wedge an application with the Treasury Department to get the Merchant certificate. These six basic steps will help you begin the process of establishing your operation in Puerco Rice lawfully. There are several other processes you must(prenominal) take care of to ensure that the business will run smoothly. In Puerco Rice tout ensemble companies are required to return a yearly financial statement. If the company Is incorporated outside of the Island or if It has a turnover of more than Sum must also include an audited balance sheet.Also, companies must present certified public accountant certified accounting report and a financial statement. Like the United States, companies unction as Spas that provide public attestation ser vices must be registered with the Public Accounting Oversight Board. Entities registered in Puerco Rice are required to prepare and file several statutory reports with different governmental agencies. There are four basic returns that control to almost every entity 1 . Income appraise return Entities doing business in Puerco Rice are subject to income taxes that range from 20% to 30%.A return must be filed with the escritoire of Treasury by corporations on or in the beginning the 15th 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 affiliated with the Puerco Rice operations. They are exclusivelyowed to deduct expenses related to the Puerco RICE operations, such as depreciation, also allowed. 2. Estimated income tax allowances fee of the tax must be done in four installments on or before the 1 5th day of the fourth, sixth, ninth, and twelfth month o f the taxable year. . Personal property tax return whole 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 have-to doe with (CRIME). 4. Volume of business declaration All 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 industry with 19 commercial banks, most of them local anesthetic corporations. The FIDE a federal agency that oversees Nanking operations regulates all local commercial banks. Locally the COIF (Commissioner of monetary Institutions of Puerco Rice) regulate, supervise and ove rsee 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 spell opportunities to entrepreneurs that are establishing business in Puerco Rice. In MEGS specific area of business, which is mental counseling, Puerco Rice has local laws that apply to foreign counselors who want to establish offices. Being your company originally from Massachusetts, you must present evidence that you passed the NBC bailiwick 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 Consenters Professionals De PR) they will issue a provisionary license that will allow you to make business as a professional counselor. After that license is provided, you will have three years to comply with 500 mentoring hours given by a get along certified mentor hat will award your permanent license.The license must be re-create every three years and comply with 45 hours of continuing education. We are confident 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 expansion process. LIMP recommends that MEG Inc. Continue with the expansion plans in Puerco Rice as soon as possible. We look forwards to meet with your executive team and continue forward with the plans. It will be a pleasure doing business together.