There are a variety of explanation why Puerto Rico is a fascinating vacation spot abroad traders and corporations, starting from its favorable tax benefits for resident firms and people, to its idyllic seashores and vibrant Caribbean tradition. No matter is attracting you to the US island territory, sooner or later you can be required to open a company checking account in Puerto Rico.
There are two kinds of company or enterprise financial institution accounts that firms can open in Puerto Rico, relying on their residency standing:
- Non-resident company account – For overseas firms that plan to do enterprise in Puerto Rico or domicile on the island however conduct abroad enterprise. Such a company account is good for administrators, managers, and/or shareholders who don’t have any intention of dwelling on the island year-round.
- Resident company account – For native companies, or for overseas businesspeople who’ve gone by the lengthy and arduous activity of reaching authorized residency in Puerto Rico. This account is good for overseas firms which have moved their enterprise to the island with a purpose to benefit from the 4-percent fastened company tax price.
The required documentation to open a company checking account in Puerto Rico varies wildly from one financial institution to the following, as do issues like minimal preliminary deposits.
Many banks don’t require minimal deposits to open enterprise financial institution accounts, whereas at the very least one financial institution on the island insists that new accountholders deposit a minimal of $100,000 USD. Similar to within the case of opening a company checking account within the Dominican Republic, in Puerto Rico it’s going to take some purchasing round earlier than you discover a financial institution that meets your online business wants.
Open a company checking account in Puerto Rico: Prime banks to think about
What follows are among the largest and most established local and foreign banks on the island territory:
- Activo Worldwide Financial institution
- Arca Worldwide Financial institution
- Banco Standard de Puerto Rico
- Banco San Juan Worldwide
- Banco Santander
- Euro Pacific Financial institution
- Oriental Monetary Group
- Scotiabank of Puerto Rico
Whereas the Puerto Rican authorities has for years had a coverage in place to draw worldwide enterprise, the island’s banks aren’t fairly on the identical web page. To open a company checking account in Puerto Rico, most banks on the island require in depth quantities of documentation, paperwork, certifications from overseas banks and even government bodies.
Banks typically require extra documentation than what’s legally required. There’s additionally a excessive stage of scrutiny that goes into each new account utility, so it’s extraordinarily necessary that firms seek the advice of on-the-ground authorized, accounting, and monetary skilled(s) to make sure that all paperwork are so as, and in addition to behave as signatories in some circumstances.
SEE ALSO: 5-step information to beginning a enterprise in Puerto Rico
Paperwork required to open a company checking account
Not surprisingly, non-resident firms that want to open a company checking account on this caribbean nation require extra documentation and are topic to extra scrutiny than resident companies. What follows are among the documentation non-resident firms want with a purpose to open a business bank account at Banco Santander in Puerto Rico:
- Copy of the Articles of Affiliation (with apostille) and Articles of Affiliation or firm bylaws
- Copy of the Certificates of Incorporation
- Certificates of ‘Good Standing’
- Up to date registry of shareholders
- Copy of the Board decision appointing the administrators and their powers
- Board decision authorizing the opening of an account with Banco Santander Puerto Rico
- Copy of the Business Registration or equal
- Copy of the corporate’s tax identification quantity
- Copies of licenses required to function the enterprise in its nation of origin
- Audited annual accounts of the previous 2 years
- Checking account statements of the previous 6 months issued by financial institution(s) within the enterprise’s nation of origin
- Financial institution reference letters, together with the date the account was first opened
- Basic Decision signed by the corporate secretary
- Licensed decision to use for wire transfers
Biz Latin Hub can assist you to open a company checking account in Puerto Rico
At Biz Latin Hub, we offer built-in market entry and back-office companies all through Latin America and the Caribbean, with workplaces in Bogota and Cartagena, in addition to over a dozen different main cities within the area. We even have trusted companions in lots of different markets.
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In addition to information about tips on how to open a company checking account in Puerto Rico, our portfolio of companies contains hiring & PEO, accounting & taxation, firm formation, and company authorized companies.
Contact us right this moment to search out out extra about how we will help you to find high expertise, or in any other case do enterprise in Latin America and the Caribbean.
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