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PUERTO RICO ECONOMY & BUSINESS CLIMATE OVERVIEW

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Page 1: PUERTO RICO ECONOMY & BUSINESS CLIMATE OVERVIEWaaipr.upr.edu/wp-content/uploads/2017/05/2017-PR...EXPORTS VALUE GDP PER CAPITA GDP $70.1 billion GNP IMPORTS VALUE $105.0 billion $30,516

PUERTO RICO ECONOMY & BUSINESS CLIMATE OVERVIEW

Page 2: PUERTO RICO ECONOMY & BUSINESS CLIMATE OVERVIEWaaipr.upr.edu/wp-content/uploads/2017/05/2017-PR...EXPORTS VALUE GDP PER CAPITA GDP $70.1 billion GNP IMPORTS VALUE $105.0 billion $30,516

Become the main innovation center of

the Caribbean, the US and Latin

America

Facilitate creativity and sustainable

projects

Achieve competitiveness and reducethe cost of doing business in PuertoRico

Our Mission

Develop and support our human

capital

TransformD

MO

Fle

xib

ility Jobs Creation

Science & Technology

Exports

Ente

rprise P

RIndustrial Sector

Small Business

R&DReforms

Mark

ets

Incentives Code

Puerto Rico’s Economy

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Create new and well paying jobs

Strengthen our entrepreneurial sector and

increase exports of goods and services

from our Small & Medium Enterprises

Attract new businesses to invest inPuerto Rico

Strategic Sectors

& Focus

Facilitate the expansion of our current

businesses and industrial base

ADVANCED

MANUFACTURING

HEALTHCARE

AEROSPACE

SUSTAINABLE

AGRICULTURE

INNOVATION &

TECHNOLOGY

VISITOR’S

ECONOMY

EXPORT

SERVICES

EDUCATION

Page 4: PUERTO RICO ECONOMY & BUSINESS CLIMATE OVERVIEWaaipr.upr.edu/wp-content/uploads/2017/05/2017-PR...EXPORTS VALUE GDP PER CAPITA GDP $70.1 billion GNP IMPORTS VALUE $105.0 billion $30,516

Population: 3.4 million (as of July 2016)

Languages: Spanish & English

Privileged geographical location:Easy access to U.S., Latin Americaand Europe.

About Us

Puerto Rico residents and businesses are

subject to the legal protection and

mandates of both the U.S. and the

Puerto Rico Constitutions.

Direct flights to major cities(Miami 2.5 hrs., New York 3.5 hrs., Spain 8 hrs.)

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A Modern and Diversified Economy

EXPORTS VALUE

GDP PER CAPITA

GDP

$70.1 billion

GNP

IMPORTS VALUE

$105.0 billion

$30,516

$71.9 billion

$43.3 billion

Source: PR Planning Board*Contribution of the Tourism Sector to GDP is based on an estimate made by the World Travel Tourism Council and does not necessarily match the information in the Statistical Appendix of the PR Planning Board

MANUFACTURING SECTOR GDP

42.8% Bio-Pharma22.7% Basic Chemicals19.1% Computer and Electronics5.3% Medical Devices2.8% Beverages & Tobacco2.4% Food1.6%

3.3% Others

Electrical Equipment Appliances and Component

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Our Workforce: Key Competitive Advantage

Highly educated workforce with vast knowledge in US and global regulations

University attendance has growth in the last several decades with women making up more than 55% of all students. ¹

The University of Puerto Rico – Mayagüez Campus is a top engineering school in the U.S. ¹

Educated, technical and bilingual

Highly competitive wage rate.

30% to 50% lower labor cost

than the mainland U.S.²

Source: PRMA – Miami ¹Bureau of Labor Statistics 2016²

High retention and low turnover rates

$28,740 $49,630

Avg. Wage Rate

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The Benefits of a U.S. Jurisdiction:

All U.S. legal protections and regulatory framework

Access to Federal funds & government contracts

Puerto Rico’s Legal Framework

Intellectual property protected by U.S. laws

Ability to use Made in U.S.A. label

U.S. trade agreements

FINRA & SEC, FDIC regulated financial sector

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Island-wide broadband and fiber optic network

More than 24,000 miles of highway with access to

mass-transit system

World-Class Infrastructure

3 International & 7 regional airports

11 seaports and trans-shipment seaport with

post-panama vessel capability

Puerto Rico has 7,206 acres of properties designated

as Foreign - Trade Zone

World class events and meeting facilities

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Highly Diversified Industrial Base

Finance, Banking and Insurance

Export Services

Creative Services

Life Sciences

Aerospace

Information Technology

Food Processing

Logistics & Supply Chain

Puerto Rican Rum

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Science and High-Tech Related Industries(BIO-Pharma Industry Contribution to Puerto Rico)

Jobs: 78,000

Bio-Pharma Industry GDP: 30%

Capital Investment: $10 Billion

Source: Newsletter PIA Insider 2016 10th Edition

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Puerto Rico Clusters Map – Industries

( )

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Attractive Tax Structure

• 4% Corporate income tax rate for manufacturing & related activities (12% withholding tax on royalty payment)

• 50% tax credit with for eligible research and development activities

• 90% exemption for 15 years on real and personal property taxes

• 60% exemption on municipal license tax

• 100% exemption on dividends distribution

Economic Incentives for the Development of Puerto Rico (Act 73-2008)

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• 4% fixed income tax rate on export services.

(Rate may be reduced to 3% when 90% of gross

income is derived from export services and the

export services are considered to be strategic)

• 100% exemption on dividends distribution

• 100% exemption on local taxes for new residents on

certain passive income

(i.e. interest, dividends, capital gains)

• Residency requirement: 183 days in Puerto Rico

• In addition, the individual investors shall compliance

with the requirement of Section 937 of the U.S.

Internal Revenue Code

Export Services(Act 20-2012)

Individual Investors(Act 22-2012)

Attractive Tax Structure

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• Tax credit equal to 10% of the total project costs, or 50% of the cash investment made by investors

(whichever is less)

• 100% exemption on municipal construction excise taxes

• 100% exemption on sales and uses taxes

• 100% exemption on excise taxes and other municipal taxes for new projects or 90% exemption, if

existing project

• 90% exemption on income tax or 100% exemption if project is located in the island municipalities of

Vieques or Culebra

Tourism Incentives (Act 74-2010)

Attractive Tax Structure

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International Insurance Center (Acts 399 & 400; Act 98-2011)

• Exemption from premium taxes

• Exemption on dividends and other profit

distributions made by the International Insurer and

International Insurance Holding Company

• Exemption on municipal franchise, real and personal

property taxes

• 4% tax rate on net income, in excess of $1.2 million

• Other benefits

International Financial Center (Act 273-2012)

• Income Tax - 4% flat rate

• Dividends/Other distributions of profits

• - 6% for Puerto Rico shareholders

• - 0% for non-Puerto Rico shareholders

• Municipal License Tax - 0%

• Property Tax - 0%

Attractive Tax Structure

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Puerto Rico is an island of opportunities where any company

can establish, relocate or expand their operations while

enjoying the benefits of doing business in a U.S. jurisdiction.

Take Advantage. Puerto is Open for Business!

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CONTACT US

PHONE: 787-765-2900

P.O. Box 362350

San Juan, PR 00936-2350

17

355 Ave. Roosevelt – Hato Rey, PR 00918


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