Q&A
I want to start a business. Is it necessary to do a Business Plan?
It is of the utmost importance to do a structured business plan that will let you understand the nature of the business you want to establish. A business plan will be helpful when requesting financing since the financial institutions will require it before lending you the money.
How can I identify if the business I want to establish is appropriate for me?
This is simple. First you have to analyze if you have the necessary tools to establish this business. Although many times we have the theoric knowledge about an enterprise, we should analyze if we have the time and discipline that takes to establish our own business. If you are sure you have the level of commitment to start up your own business, go ahead and do it!
First analyize:
- Who are your competitors
- Advantages you can offer over other businesses
- If you can create a demand for the business you plan to establish
What questions should we ask ourselves at the moment of elaborating a business plan?
- Name of the Business
- Materials or equipment needed to establish the business
- What are my financial needs?
- What is or should be my legal structure?
- Kind of business I should establish
- Business location
Where can I find the forms to register a trademark or the name of my business?
The State Department has all the forms to register the trademark as well as the name of the corporation. You can access the forms at: www.estado.gobierno.pr
How does a Corporation work?
We offer you a simple example: If you want your business to be a corporation, you have to complete the form to certify your business as a corporation in the Puerto Rico State Department. There are a few steps to follow and these are:
- A natural person with legal or lawful qualities, should fill and sign the Certificate of Incorporation
- The name assigned to the corporation has to be different from the other corporations already organized or registered.
- The Constitution establishes in Article 6, Section 14, that a corporation cannot dedicate itself to:
- Purchase of Real Estate
- Land ownership cannot exceed 500 acres
- Professional Services, unless you register under the dispositions of professional corporations
Are there sites online where I could find more information to write my business plan?
Of course, we recommend you to visit the following:
How can I identify the best place to establish my business?
Real Estate agents are professionals who can help you find the commercial property you are looking for. Don’t forget, you have to include in your proposed budget the amount of money you are willing to pay.
Although my business will be new and won’t generate a large income during the first year, will I have to fill out an Income Tax Return?
Yes, in Puerto Rico exists the auto-imposed contribution over income. For that reason, all taxpayers must:
- File their income tax return
- Estimate in the income tax return, the contribution you should pay the government of Puerto Rico.
Do you know where to go to complete the steps you must follow when developing a business?
Below are the most frequently asked telephone numbers: For business information, help with proposals and viability studies
- Puerto Rico Chamber of Commerce: 787-721-6060
- WOMENS ISSUES COMMISSION: 787-723-5444
- WOMEN’S ENTREPRENEURIAL INSTITUTE 787-723-5444 ó 787-726-7045
- COMMERCE AND EXPORT COMPANY (PROMOEXPORT): 787- 294-0101
- PR SMALL BUSINESS: 787-763-6811
- MBDC: 787-753-8484
- U.S. SMALL BUSINESS ADMINISTRATION (SBA): 787-766-5572
- CENTRO DE DESARROLLO DE PEQUEÑAS EMPRESAS (SBDC): 787-763-8611
- CENTRO DE COMERCIO INTERNACIONAL : 787-763-6811
- CENTRO DE DESARROLLO TECNOLÓGICO Y COMERCIAL: 787-279-1912
- PUERTO RICO LABOR AND HUMAN RESOURCES DEPARTMENT: 787-754-5353
Financing:
- ECONOMIC DEVELOPMENT BANK FOR PUERTO RICO: 787-766-4300
- COFECC: 787-756-5080
- U.S. SMALL BUSINESS ADMINISTRATION: 787-766-5572
- BANCO SANTANDER PR: 787-759-7070
- PR BANK ASSOCIATION: 787-753-8630
- BANCO SANTANDER PR SMALL BUSINESSES COMMERCIAL BANKING: 787-281-3030
- FINANCIAL INSTITUTIONS COMMISSIONER: 787-723-3131
Numeros para Permisologia
- THE RULES AND PERMITS ADMINISTRATIONS (ARPE): 787-721-8282
- EXPRESS PROCEDURE CENTER FOR SMALL AND MEDIUM COMPANIES: 787-294-0101
- FIREMEN OF PR: 787-725-3444
Trademark Registry and Incorporations, Franchises and Business Registry:
- STATE DEPARTMENT OF PUERTO RICO: 787-722-2121
- U.S. DEPARTMENT OF COMMERCE- EXPORT ASSISTANCE CENTER: 787-766-5926
- U.S. PATENTS AND TRADEMARKS: 787-308-4357 ó 1-800-786-9199
- INTERNATIONAL FRANCHISE ASSOCIATION: 202-628-8000
Related to Industry:
- PR INDUSTRIAL DEVELOPMENT COMPANY (PRIDCO): 787-758-4747
- PR MANUFACTURERS ASSOCIATION: 787-759-9445
- CORPORATION FOR THE INDUSTRIAL DEVELOPMENT OF PR: 787-756-5080
Imports, Exports and Maritime Register:
- PUERTO RICO TRADE AND EXPORTS COMPANY: 787-848-4955
- THE JOURNAL OF COMMERCE: 787-721-3075
- FREE TRADE ZONE-MAYAGÜEZ: 787-832-3090
- FREE TRADE ZONE-SAN JUAN: 787-793-3090
- FREE TRADE ZONE-PONCE: 787-259-4445
Other references:
- LABOR AND WORK ADMINISTRATION: 787-754-5151
- U.S. ENVIRONMENTAL PROTECTION AGENCY (EPA): 787-977-5870
- SOLID WASTE AUTHORITY: 787-765-7575
- UNITED RETAILERS ASSOCIATION: 787-641-8405
- COLLEGE OF PUBLIC ACCOUNTANTS: 787-754-1950
- MUNICIPAL AFFAIRS COMMISSIONER (OCAM): 787-754-1600
- OFFICE OF THE INSURANCE COMMISSIONER: 787-722-8686
- STATE INSURANCE FUND CORPORATION: 787-725-3444
- PR DEPARTMENT OF AGRICULTURE: 787-721-2120
- U.S. DEPARTMENT OF AGRICULTURE : 787-294-1613
- PUERTO RICO TREASURY DEPARTMENT: 787-721-2020
- DEPARTMENT OF NATURAL RESOURCES: 787-724-8774
- PUERTO RICO HEALTH DEPARTMENT: 787-274-7676
- INTERNAL REVENUE SERVICES: 1-800-829-1040
- ENVIRONMENTAL QUALITY BOARD: 787-767-8181
- PUERTO RICO PLANNING BOARD: 787-723-6200
