12 steps to company incorporation in Puerto Rico in 2023
Registering a company in Puerto Rico is easy if you know how. This page describes the steps to set up a Puerto Rico limited liability company (LLC), the simplest entity and the one preferred by multinational Clients.
- Once our Client settles our engagement fees (payable by instalments), our team confirms with our Client i) the KYC documentation required by our Firm and ii) the corporate structure of the entity (names of all shareholders, directors and (if applicable) other senior officers.
- Our Firm reserves a company name with the Puerto Rico Corporate Registry.
- After reserving a company name (which normally takes one business day), our Firm will email incorporation forms and power of attorney consent forms to appoint a legal representative for our Client’s signature and certification, along with i) a copy of an ID document and ii) proof of address for all shareholders and directors of the entity. The certification can be done with a Notary Public.
- After receiving the above documents, Healy Consultants submits a registration application file to the Corporate Registry. The same is usually processed within five business days, following which we email the following corporate documents to our Client: i) a certificate of incorporation ii) company bylaws (also known as the M&AA) and iii) all registers including the company details.
- If and when required, we also activate our virtual offices services so our Client’s suppliers and customers can send information to the registered address of the company in Puerto Rico.
- Immediately the company is registered, Healy Consultants will apply for a municipal business licence for the company in the municipality in Puerto Rico where the company will conduct business. The licence is usually processed within one business day, following which the legal representative will collect the issued provisional licence and email our Client a scan copy before displaying at the office premises.
- Following company registration, we can assist our Client to open a corporate bank account in Puerto Rico, or overseas. The legal representative will visit the bank branch to complete account opening, if we proceed with a local bank. Refer to this page for detailed account about corporate bank account opening.
- Account opening will take a minimum of four weeks, following which we will supply our Client corporate bank account numbers and online banking tokens/passwords.
- If required, Healy Consultants will assist our Client to apply for an employer identification number (EIN) issued by the US Internal Revenue Service within one business day. Upon receipt, Healy Consultants will email a scan of the document to our Client and submit the EIN to the Puerto Rico Treasury Department, and request each of our Client’s employees to complete Form 499-R-4 for the purposes of withholding tax.
- At this stage of the engagement, we also frequently assist our Client with i) merchant account opening services and ii) bookkeeping and accounting services.
- Our Compliance department reviews the completeness of our Client file.
- Following completion of the above, Healy Consultants provides our Client with a complete company and banking kit.