23/06/2024

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How to Open a Corporate Bank Account in Puerto Rico?

How to Open a Corporate Bank Account in Puerto Rico?

There are a quantity of explanations why Puerto Rico is a fascinating desired destination abroad traders and companies, ranging from its favorable tax advantages for resident businesses and men and women, to its idyllic seashores and vivid Caribbean society. Regardless of what is attracting you to the US island territory, at some issue you will be demanded to open up a company bank account in Puerto Rico.

There are two kinds of corporate or small business bank accounts that businesses can open up in Puerto Rico, based on their residency status:

  • Non-resident company account – For international providers that system to do company in Puerto Rico or domicile on the island but conduct overseas enterprise. This variety of company account is excellent for administrators, administrators, and/or shareholders who have no intention of dwelling on the island calendar year-spherical.
  • Resident company account – For local enterprises, or for international businesspeople who have long gone by the prolonged and arduous undertaking of acquiring authorized residency in Puerto Rico. This account is great for international companies that have moved their business to the island in purchase to take pleasure in the 4-per cent fastened corporate tax rate.
legal representatives in puerto rico a biz latin hub infographic
If you are organizing to commence a enterprise and open up a company lender account in Puerto Rico, you might need to have to employ a authorized agent.

The needed documentation to open a corporate lender account in Puerto Rico varies wildly from just one bank to the next, as do matters like least preliminary deposits.

Lots of banking companies do not need bare minimum deposits to open up organization financial institution accounts, whilst at minimum 1 financial institution on the island insists that new accountholders deposit a minimum amount of $100,000 USD. Just like in the scenario of opening a corporate bank account in the Dominican Republic, in Puerto Rico it will consider some buying all around ahead of you obtain a lender that fulfills your company needs.

Open a company lender account in Puerto Rico: Major financial institutions to look at

What follows are some of the premier and most set up area and foreign financial institutions on the island territory:

  • Activo Global Financial institution
  • Arca Intercontinental Lender
  • Banco Well known de Puerto Rico
  • Banco San Juan International
  • Banco Santander
  • Citibank
  • Euro Pacific Lender
  • FirstBank
  • Oriental Money Team
  • Scotiabank of Puerto Rico

Though the Puerto Rican govt has for decades had a coverage in spot to draw in international small business, the island’s banks are not very on the very same web page. To open up a company lender account in Puerto Rico, most banking institutions on the island demand substantial quantities of documentation, paperwork, certifications from overseas banking institutions and even governing administration bodies.

Financial institutions normally demand more documentation than what is legally essential. There is also a high amount of scrutiny that goes into every single new account software, so it’s really crucial that businesses consult on-the-floor lawful, accounting, and fiscal qualified(s) to ensure that all documents are in buy, and also to act as signatories in some conditions.

SEE ALSO: 5-move guide to setting up a company in Puerto Rico

Puerto Rico gross domestic product in curent US dollars from 2017 to 2027. An infographic by Biz latin hub.
Puerto Rico gross domestic merchandise in curent US pounds from 2017 to 2027. If you are organizing to begin functions in the region, it would be greatest to Open a corporate bank account

Files essential to open up a company lender account

Not incredibly, non-resident companies that would like to open up a corporate financial institution account in this caribbean country need more documentation and are subject to additional scrutiny than resident businesses. What follows are some of the documentation non-resident providers need to have in get to open up a company lender account at Banco Santander in Puerto Rico:

  • Duplicate of the Articles of Affiliation (with apostille) and Article content of Affiliation or firm bylaws
  • Copy of the Certificate of Incorporation
  • Certificate of ‘Good Standing’
  • Updated registry of shareholders
  • Copy of the Board resolution appointing the administrators and their powers
  • Board resolution authorizing the opening of an account with Banco Santander Puerto Rico
  • Copy of the Commercial Registration or equivalent
  • Duplicate of the company’s tax identification quantity
  • Copies of licenses demanded to run the organization in its state of origin
  • Audited annual accounts of the past 2 years
  • Bank account statements of the earlier 6 months issued by financial institution(s) in the business’s nation of origin
  • Bank reference letters, including the date the account was initially opened
  • Normal Resolution signed by the company secretary
  • Licensed resolution to use for wire transfers

Biz Latin Hub can assist you to open up a corporate financial institution account in Puerto Rico

At Biz Latin Hub, we offer built-in industry entry and again-office companies all through Latin The usa and the Caribbean, with workplaces in Bogota and Cartagena, as properly as about a dozen other key metropolitan areas in the region. We also have trustworthy partners in quite a few other markets.

Our unrivalled achieve signifies we are ideally placed to assistance multi-jurisdiction marketplace entries and cross border operations.

As nicely as expertise about how to open a corporate financial institution account in Puerto Rico, our portfolio of services involves hiring & PEO, accounting & taxation, company development, and company authorized companies.

Speak to us right now to discover out additional about how we can help you in getting best expertise, or or else do business in Latin The us and the Caribbean.

If this posting on opening a company bank account in Puerto Rico was of interest to you, check out the rest of our protection of the region. Or go through about our group and skilled authors.

A BLH infogrpahic showing key services offered by the company
Critical services provided by Biz Latin Hub. Open corporate lender account