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Tax Incentives in Puerto Rico

Tax Incentives in Puerto Rico

Puerto Rico has several initiatives to boost the local economy, including incentives in different industries to motivate entrepreneurs and entrepreneurs to open their business in Puerto Rico or make the decision to expand in Puerto Rico.

Support to Microenterprises and SMEs - Law 62

(Apoyo a Microempresas y PYMES – Ley 62)

The Law of Support for Microenterprises and Small and Medium-sized Merchants (Law No. 62-2014) is intended to promulgate the well-being and growth of micro, small and medium-sized enterprises (SMEs) in Puerto Rico.

Employment Generation - Law 120

(Generación de Empleo – Ley 120)

Law of Incentives for the Generation and Retention of Jobs in SMEs (Law No. 120-2014)

It establishes a program of tax and salary incentives for SMEs in order to enable the development and expansion of that sector and the creation of new jobs, as well as the retention of jobs in SMEs with serious economic difficulties.

Young Entrepreneurs - Law 135

(Jóvenes Empresarios – Ley 135)

The Law of Incentives and Financing for Young Entrepreneurs aims to expedite and facilitate the creation of new businesses by young residents in Puerto Rico.

Colmena66 has created a Guide to facilitate the application process of Law 135. You can download it through this LINK.

Creative Industries - Law 173

(Industrias Creativas – Ley 173)

Law 173 amends multiple laws to facilitate the access of Creative Industries to various incentives. It is called the creative industry as the company that requires creativity, expertise and talent. Creative companies have the potential to create jobs and wealth mainly through the export of creative goods and services. Creative group is called those networks and associations that are created between companies or creative industries to stimulate common activities, links with each other, or achieve economy at scale.

Incentives for Agriculture

(Incentivos para la Agricultura)

The Agro. Ricardo A. Zapater Ramos was responsible for collecting information on the different incentives within the agriculture industry. If you have an agricultural business or are considering starting a business in this industry, we invite you to read this document and inform yourself about what exists. You may not be able to benefit from incentives, but you may know someone who does.

In addition, Puerto Rico Emprende has incentive information for all types of business on its website.

Certifications for Your Business

Are you interested in selling your company's products or services to the government or large corporations? Many times the local, state and federal government, like some large corporations, reserve a portion of their purchase contracts for certain small certified businesses.

“Certification” is a review process that demonstrates that the business is at least 51% owned and operated by a woman, minority, veteran, disabled veteran or a person with a disability. There is a significant variety in the different certification programs that are available; and if your business qualifies, certifying you could open many doors to you regarding the increase in sales.