Puerto Rico Market Development Agreement (PRADA) refers to a contractual arrangement aimed at boosting economic growth and investment in Puerto Rico. This agreement is designed to foster collaboration between the government of Puerto Rico and various business entities, both domestic and international, to develop and expand the local market. The primary objective of the Puerto Rico Market Development Agreement is to attract new businesses, promote job creation, strengthen existing industries, and diversify the economy of Puerto Rico. Through this agreement, the government provides incentives, tax breaks, and other benefits to encourage businesses to invest on the island. There are several types of Puerto Rico Market Development Agreements, each addressing specific economic sectors or industries. Some common types include: 1. Tourism Market Development Agreement: This agreement focuses on the growth and development of Puerto Rico's tourism sector. It aims to attract more tourists, promote cultural heritage, enhance infrastructure, and support eco-tourism initiatives. 2. Manufacturing Market Development Agreement: This agreement targets the expansion of Puerto Rico's manufacturing industry. It encourages businesses to establish or expand manufacturing facilities on the island, creating job opportunities and increasing exports. 3. Renewable Energy Market Development Agreement: With a focus on sustainable development, this agreement aims to expand Puerto Rico's renewable energy sector. It encourages investments in clean energy projects, such as solar and wind farms, biofuels, and energy storage systems. 4. Technology and Innovation Market Development Agreement: This agreement aims to foster the growth of Puerto Rico's technology and innovation ecosystem. It focuses on attracting technology companies, promoting research and development activities, and supporting entrepreneurship and startups. 5. Agriculture Market Development Agreement: This agreement focuses on revitalizing Puerto Rico's agricultural sector. It aims to increase food production, promote sustainable farming practices, support local farmers, and enhance food security. Each Puerto Rico Market Development Agreement is tailored to the specific needs and priorities of the respective industry. By offering incentives, infrastructure development plans, tax benefits, and other forms of support, these agreements contribute to the overall economic development of Puerto Rico.
Puerto Rico Market Development Agreement
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How to fill out Puerto Rico Market Development Agreement?
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Business name and registration Register your business name with the local government where your business is located. If you are a corporation, you will also need to register with the Department of State in Puerto Rico, or with the Department of Corporations and Trademarks in the U.S. Virgin Islands.
Application for Registration CostDescriptionDownload$150.00Stock CorporationDownload$5.00Non-Stock CorporationDownload$150.00 o 5.00Foreign Corporation - Certificated of Authorization to do businessDownload$150.00Close CorporationDownload2 more rows
Puerto Rico Business Taxes No income tax on dividends and interest. No capital gains tax. Fixed income tax rate of 4 percent on income gained from export services. No property tax for the first five years (Only 10% of the usual property tax rate afterwards) 60% reduction of the municipal tax rate.
To start a corporation in Puerto Rico, you'll need to do three things: appoint a registered agent, choose a name for your business, and file Certificate of Incorporation with the Department of State. You can file online or by mail. The certificate costs $150 to file.
A market development agreement is an agreement between companies where they each agree to band together to discover and develop new markets for their product. The contract states who the parties are, what their obligations are under the contract, and what the terms and conditions of the working relationship are.
Under Puerto Rico law, an LLC uses a limited liability company agreement, or LLCA, to govern the internal affairs and administration of the LLC. This is valid regardless of what it is called, but the law says that they must be written. We recommend a written LLCA that is signed by all members.