Puerto Rico offers a fascinating blend of cultures and traditions that make it an enjoyable place to do business. And although Puerto Rico has struggled through financial turbulence in recent years, this small yet well-developed Caribbean island still has much to offer those interested in global expansion.
Thanks to its status as a US Commonwealth, the island has modern infrastructure and an institutional framework guided by the US, including laws governing intellectual property. Because of the island’s proximity to the US mainland, it also enjoys well-established transportation networks — serving as an access point to the vast US consumer market.
Yet, despite sharing a regulatory framework with the US, Puerto Rico retains its own favourable foreign tax structure — a major competitive advantage for businesses looking to expand overseas. Combined with its well-educated, largely bilingual workforce and lost cost of doing business, this competitive tax system and Puerto’s Rico’s robust infrastructure make it one of the more attractive markets for investment in the Caribbean region.
An employer of record, sometimes known as an international PEO can help you quickly hire and onboard workers in Puerto Rico – often with just two weeks’ notice. Establishing your own local entity without risk and saving costs, this type of service makes an EOR in Puerto Rico worth checking out!