Are you thinking about starting a business in Puerto Rico?

Checklist of what your business needs to operate

It is very important that you seek the guidance of an accountant when starting your business, as there are a number of steps to take to ensure that your business is compliant from the start.

1. Get guidance from an accountant: This will help you start your business the right way, knowing your responsibilities and the steps to follow.

2. Register your business: You don't necessarily need to have an LLC or a Corporation to start your business. But, you should be aware of the tax benefits that this can bring you.

3. Apply for Permits: In Puerto Rico, it is necessary to have a merchant registration, a single or domiciliary permit, and a patent. There are businesses that, depending on their type of service, will require another type of additional permit.

4. Create a Business Bank Account: It is important to separate your bank account from your business account.

5. You've set a salary: It's important to view the business as a separate entity from you. You shouldn't be making personal payments from the business bank account. Instead, set a salary for yourself and make a payment to yourself month after month.

If you need to do an accounting or want some guidance , let us know so we can help you through the process.