New Procedures on the Single Business Portal
- Posted: October 23, 2019
- Posted by: Travis Lynk
- Last Reviewed: May 21, 2021
New Procedures on the Single Business Portal
In July 2018, Puerto Rico’s Department of Economic Development and Trade (abbreviated DDEC in Spanish) launched a new digital portal known as the Single Business Portal (SBP), which was meant to streamline the process of bureaucratic procedures, including setting up and managing a business in Puerto Rico. The system allows those setting up businesses on the island to apply for the necessary permits, licenses, certificates, and more simply and quickly from the online portal, eliminating the need for a trip to any government offices.
One of the system’s goals is to attract investors to the Caribbean island territory by eliminating bureaucracy and facilitating the process of establishing a business in Puerto Rico. Economic Development Secretary Manuel Laboy also stated that the portal makes it possible to “measure the speed and effectiveness of the processes in a transparent manner,” which has allowed the officials to tweak the development of the platform to improve the business environment and, ultimately, create more and better jobs across the island.
New Changes to the SBP
On October 2, 2019, after slightly more than a year in existence, the SBP was updated to include additional procedures, furthering the digitalization of the Puerto Rican business sector. From now on, the newly added procedures will be executed on the digital platform even if they were originally filed in person at the Office of Incentives for Business.
The following are the procedures that have been added:
- The filing of the following annual reports:
- Act No. 8-1987 (Puerto Rico Tax Incentives Law) (under Law 8)
- Act No. 135-1997 (Tax Incentives Act of 1998) (under Law 135)
- Act No. 73-2008 (Puerto Rico Economic Incentives for Development Act) under (Law 73)
- Act No. 83-2010 (Green Energy Incentives Act of Puerto Rico) (under Law 83)
- Section 5023.04 of Act No. 1-2011 (Law 1 – Brewery)
- Notice of Residence Date (under Law 22)
- Notification of Commencement of Operations (under Laws 73, 83, and 20)
- Selection of Flexible Tax Exemption (under Laws 8, 135, 73, and 83)
- The following procedures related to laws administered by the Office of Incentives for Business:
- Unconditional Acceptance of Decree and Amendments
- Voluntary Delivery of Decree
- Certification of Status of Request for Decree or Amendment
- Certification of Compliance with Decree
- Conversion of Decree
In addition to these new procedures, the SBP also now allows users to file amendments to annual reports (including the abovementioned) that they previously filed through the SBP. All payments are processed through the digital portal (additional processing fees apply).
Setting Up an Account
Users manage their affairs on the SBP through a Unique Profile, which they register for using their Social Security number, national identifier, or employer identification number. Users can register as individuals, companies, or representatives of other individuals. From the Unique Profile, users can easily submit new applications and view the status and profile of existing applications. Users can also edit the information on their profile and add companies or individuals to it.
The SBP provides a simple video tutorial in English to help users get set up.
All in all, the Single Business Portal dramatically simplifies and expedites the bureaucratic processes required to set up a business in Puerto Rico and make the island an even more attractive destination for investors. If you have any additional questions or require further assistance with the portal, send us an email at email@example.com or schedule a free intro call with us on our website.
By: Alyssa Bennett and Gisela Delgado
Disclaimer: Neither PRelocate, LLC, nor any of its affiliates (together “PRelocate”) are law firms, and this is not legal advice. You should use common sense and rely on your own legal counsel for a formal legal opinion on Puerto Rico’s tax incentives, maintaining bona fide residence in Puerto Rico, and any other issues related to taxes or residency in Puerto Rico. PRelocate does not assume any responsibility for the contents of, or the consequences of using, any version of any real estate or other document templates or any spreadsheets found on our website (together, the “Materials”). Before using any Materials, you should consult with legal counsel licensed to practice in the relevant jurisdiction.
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