The 2015 Puerto Rican Investment Summit was a meeting of the minds where the Puerto Rican government welcomed investors and entrepreneurs alike to discuss the potential for new business in Puerto Rico. Information was provided on the many benefits of doing business in Puerto Rico from tax incentives to having dual official languages. Puerto Rico can serve as the portal for entrepreneurs to take their businesses to new heights.
When it comes to the three most important criteria known as “location, location, location,” Puerto Rico has that too. Combine that with being a territory of the United States with a tax system based on foreign tax structures, and you’ve got enough reasons to create a business there.
You don’t have to be an international business or major corporation to consider creating a business in Puerto Rico. While pharmaceutical companies and travel and leisure organizations are some of the more popular industries, you can create a small business in Puerto Rico, as well. With a mindset of opportunity that comes from being a part of the United States and tax incentives based on a foreign tax structure, your business has a good chance to thrive.
Tourism and Hospitality
There are several options to choose from when it comes to tourism and hospitality. Puerto Rico is a much-loved territory for vacationers and doesn’t show any signs of slowing down in that department.
Maybe you were working as a travel agent and want to continue that path in a place that resembles paradise. You could consider becoming a consultant in the tourism industry. With huge tax incentives on income tax and property tax, you get to help visitors enjoy their time in Puerto Rico as you enjoy large tax breaks.
There have been stories about individuals who left high-paying jobs to become tour guides, travel agents or travel writers. You never know, you may just find your niche in Puerto Rico and go on to own and operate your own travel agency or become a consultant.
Real Estate Agent
If there has ever been a time to buy or sell property in Puerto Rico, the time is now. With Puerto Rico searching for ways to recover from a struggling economy, real estate may be coming down a bit in price.
Becoming a real estate agent or even investor at this time may be a wise choice indeed. If you are not already licensed, then, of course, you would have to attend classes and obtain the licensure necessary. Once you have a few years of experience under your belt, if you don’t already, the possibilities are endless. You could eventually find yourself in the middle of paradise operating your own real estate business, tax incentives and all.
The world of marketing and advertising has changed tremendously over the last several years. With the popularity of Search Engine Optimization, Search Engine Marketing, and Content Marketing, you could run a business remotely in Puerto Rico, gain all the tax incentives and enjoy a little slice of heaven as you work from your laptop beachside.
You could begin by taking marketing classes, choose a niche such as travel and tourism or health care. Health care is a popular industry in Puerto Rico. Whether you’re target audience is located in Puerto Rico or not, does not matter. You can conduct business remotely for the most part and, as long as you continue to keep the business relationship alive, your marketing business has the potential to thrive.
The most emerging trend is bucking the 9-to-5 system in the workplace and creating a business that you love as well as a life that you love. Working from home, telecommuting and working from any location you desire has become the new wave.
As a freelance writer, marketer or even graphic designer, the possibilities are endless. Just imagine creating a logo as a graphic designer and getting your inspiration from the ocean in front of you or writing an article poolside.
While you may have to hand over a hefty amount of your profits in the United States whether you freelance or not, Puerto Rico offers greater tax incentives.
If income tax and property tax remain at a minimum, imagine the profits you could earn as a return on your investment in Puerto Rico. It’s like a double reward; minimum property tax plus a rental income. That means more profit from your rental property business and more money in your pocket. With sites such as Airbnb and HomeAway, you could be showing significant profits in no time.
The fact that Puerto Rico is looking to reinvent itself and emerge victorious from its economic struggle combined with its enticing tax incentives, may just be enough of an incentive for you to start thinking about what type of business you would want to start there, and soon.