Every day there is more evidence that points to Puerto Rico as a world-class business destination. The implementation of structural reforms, economic programs, and an all-star lineup of incentives have positioned the island as one of the most competitive jurisdictions in the world.
This is why top companies from all over the world have made the smart move and have discovered Puerto Rico’s Business Star. There are five points that make The All-Star Island an ideal location for good business.
In this section, you will learn about all Puerto Rico has to offer as a sophisticated industrial hub.
To invest is to grow. There are a myriad of factors that need to be taken into account when deciding whether to invest in any given place. Among the benefits of doing business in Puerto Rico are an efficient government that works hand in hand with companies, ease of doing business, a high quality of life and advanced infrastructure. Given our competitive advantage in these areas and current government efforts to optimize the island's potential for growth, the time to invest in Puerto Rico is now!
Highly skilled, bilingual and productive labor force
Manufacturing wages 65-80% lower than mainland U.S.
Highly skilled, bilingual and productive labor force
One of the busiest ports in the Western Hemisphere
The highest standards of quality and service
Largest and busiest airport in the Caribbean
Robust and stable legal system
Port of San Juan #10 in container movement in U.S.
4,300 cargo flights per month/1,800 weekly flights from San Juan International Airport
No passport required for U.S. citizens traveling to Puerto Rico
139 industrial parks with 25 million square feet of space managed by the Puerto Rico Industrial Development Company (PRIDCO)
Water quality meets rigorous U.S. EPA standard
Fiber-optic telecommunications network
5,538 megawatt generating capacity
24,000-mile highway network
Official currency is the U.S. dollar
Legal safeguards and presence of U.S. federal court
Protection of intellectual property rights under U.S. law
Access to federal funds for infrastructure, social programs, education, research, and other areas
Homeland Security Act protection
Availability of banks regulated and insured by the FDIC
Part of U.S. free-trade agreements
Part of the U.S. customs system
No federal income tax
Controlled Foreign Corporation (CFCs) tax treatment, in which federal income taxes are differed until repatriation of profits
Favorable local tax treatment and other incentives
On average, doing business in Puerto Rico costs 10% less than in the U.S.
Among the largest U.S. cities, San Juan has the lowest cost of doing business
Puerto Rico may be a small island, but it boasts one of the richest histories in the Western Hemisphere. In fact, San Juan, the island’s capital city, is the oldest city under the jurisdiction of the United States. Puerto Rico has been primarily
influenced by Taíno Indian, Spanish and American cultures, enriching many aspects of local life and creating a culturally diverse and unique amalgam with a personality of its own.
As a territory of the U.S., those born on the Island are considered U.S. Citizens; more so, U.S. citizens do not require a passport when traveling to and from the United States. According to the 2010 U.S. Census, the Island has a population of roughly 3.7 million people with a median age of 32 years. More than half of the population is in the prime of their working years. Nearly evenly split between male and female, the workforce is bilingual, speaking English and Spanish.
Population in several of the island's major cities:
San Juan - 395,326
Ponce - 166,327
Caguas - 142,893
Mayagüez - 89,080
Trujillo Alto - 74,842
Humacao - 58,466
Arecibo - 96,440
With a well-earned reputation for its highly skilled and educated workforce, Puerto Rico is a dynamic location where companies can prosper and expand operations. The Puerto Rico Industrial Development Company (PRIDCO) can develop detailed demographic reports and market analysis for site selection decisions.
So whether you are walking through cobbled-stone streets or lush forests, or you are looking for the next investment opportunity, every day in Puerto Rico brings its share of big events.
If you are considering relocation or expansion in the region, please contact PRIDCO for more information at 787-758-4747. For more information about Puerto Rico’s history, culture and regions, visit: seepuertorico.com
Puerto Rico is the paradise most people only dream about. Just imagine: lush forests, white sand beaches, emerald green mountains, three of the world’s five bioluminescent bays, Spanish forts and hidden cays. The climate is as close to perfect
as it can get, averaging 83 °F (22.7 °C) in the winter and 85 °F (22.4 °C) in the summer. In other words, it is always summer!
Getting here is easy. The island is strategically located between the Caribbean Sea and Atlantic Ocean. Midway between North and South America, it is the perfect bridge to both continents and the world’s fastest growing economies. Puerto Rico is serviced by many major airlines from gateway cities in the US. In fact, it is only a two and a half hour, non-stop flight from Miami and a four-hour flight from New York. You can also receive direct international flight services to Caracas, Madrid, Frankfurt, London and Panama City.
Roughly 100 miles long and 35 miles wide, getting around the island is easy. Not only does Puerto Rico have excellent roads, even the farthest point on the island is three hours away.
As a U.S. territory, Puerto Rico is subject to both, federal and local laws. By being part of the U.S., we share with it a common defense, market and currency. This unique relationship guarantees economic, legal and regulatory stability
for investors and businesses alike.
Like the United States, Puerto Rico's government includes an executive, legislative and judicial branch that establishes a separation of powers. Puerto Rico is represented in Congress by a non-voting, Resident Commissioner in the House of Representatives.
Being governed by federal laws and the Constitution of the United States has its perks, and companies operating in Puerto Rico enjoy equal benefits as in the U.S., below are some to mention a few:
Puerto Rico is part of U.S. free trade zones and customs system
Regulated banking system which is also insured by the Federal Deposit Insurance Company (FDIC)
Puerto Rico is under the protection of the Homeland Security Act
Puerto Rico is under the U.S. legal framework and intellectual property protection
Access to federal programs and funds for infrastructure, social projects, education, research programs, among others
As you can see, Puerto Rico provides businesses a stable, safe and orderly place to conduct business, with the ease and trust in regards to quality and service standards.
The official languages of Puerto Rico are Spanish and English. While Spanish is spoken more often, business is frequently conducted in English. It is estimated that, by the age of five, over 80% of the population knows at least conversational
The local currency is the U.S. dollar and mail is sent through the U.S. Postal Service at the same rates as in the mainland. Furthermore, there are no customs duties on articles brought into Puerto Rico and taken to the United States. In general, businesses accept all major credit cards. In any case, ATMs are plentiful and are connected to major U.S. and international banks and networks.
You have access to key suppliers that provide support to various sectors like life science, electronics, and technology, among others. There is also sophisticated logistics capabilities and full presence of major couriers, including: UPS, FedEx, Crowley and Horizon.
With an Average year-round temperature of 82ºF (28ºC), San Juan’s quality of life and visitor experience is ranked as the third best among 35 top U.S. cities and ahead of Miami, NYC, Los Angeles, San Diego and Honolulu - Travel & Leisure
Moreover, according to Travel & Leisure Magazine’s 2011 America’s Favorite Cities Survey, the most attractive people and best food, drinks and restaurants are found and experienced in Puerto Rico.
With well-over 200 beaches to choose from in Puerto Rico, Flamenco Beach in neighbor Culebra Island ranked among the 25 best secret islands on earth – Travel & Leisure Magazine, May 2010. Finally, if you’re looking to mix business with pleasure in a round of golf, there are over 23 golf courses designed by the likes of Robert Trent Jones, Greg Norman and Tom Kite.