There are several factors that make Puerto Rico an attractive destination for overseas investors and companies. These include favorable tax advantages, beautiful beaches, and a vibrant Caribbean culture. If you plan on doing business in Puerto Rico, you will likely need to open a corporate bank account. There are two types of accounts available depending on your residency status.
For foreign companies that plan to do business in Puerto Rico but do not intend to live on the island year-round, a non-resident corporate account is ideal. On the other hand, if you are a local business or a foreign businessperson who has obtained legal residency in Puerto Rico, a resident corporate account is the way to go. This account is especially beneficial for foreign companies that have moved their business to the island to take advantage of the 4-percent fixed corporate tax rate.
When opening a corporate bank account in Puerto Rico, it is important to note that each bank has different requirements and minimum deposit amounts. Some banks may not require a minimum deposit, while others may insist on a minimum deposit of $100,000 USD.
Here are some of the top banks in Puerto Rico to consider for opening a corporate bank account: Activo International Bank, Arca International Bank, Banco Popular de Puerto Rico, Banco San Juan International, Banco Santander, Citibank, Euro Pacific Bank, FirstBank, Oriental Financial Group, and Scotiabank of Puerto Rico.
While the Puerto Rican government aims to attract international business, the banks on the island have stricter requirements for opening a corporate bank account. Banks often require more documentation than legally required and scrutinize each application thoroughly. It is crucial to consult with legal, accounting, and financial experts to ensure that all documents are in order and to act as signatories if necessary.
If you are a non-resident company looking to open a corporate bank account in Puerto Rico, you will need to provide various documents, including copies of Articles of Association, Certificates of Incorporation, Board resolutions appointing directors, and more. It’s important to check with your chosen bank for specific requirements.
Some common questions related to opening a corporate bank account in Puerto Rico include whether it can be done online (which is not possible), what documents are needed, who has access to the account, and which banks are recommended for foreign companies.
In summary, opening a corporate bank account in Puerto Rico requires careful consideration of the specific requirements of each bank. It is advisable to seek professional assistance to ensure a smooth process.
