Monday, September 24, 2018

Puerto Rico gov’t says company incorporations continue multiplying

By on August 14, 2018

Secretary of State Luis Rivera Marín (Courtesy)

SAN JUAN – Puerto Rico Secretary of State Luis Rivera Marín announced Tuesday the results of an analysis carried out by his agency on new, for-profit incorporations this year, which reflected a 30% increase when compared with the same period in 2016.

The official indicated that two years ago, between Jan. 1 and July 31, 2016, the island’s corporate registry, which is overseen by the Department of State, reflected the creation of 6,737 new companies, while for the same period this year, 8,741 new entities were incorporated.

“Consistent with other metrics that have been shared, it is undeniable that Puerto Rico is on an economic recovery track. It is encouraging that despite the passage of Hurricane Maria, which has been an unprecedented challenge in our history, when comparing the first seven months of 2016 with the first seven months of this year we see a 30% growth in new companies registered to operate. This undoubtedly communicates the trust, hope and faith of the people that Puerto Rico is lifting itself up,” the secretary of State said.

“I am convinced that the numbers will continue to increase in the coming months and years with the public policies articulated by Governor Ricardo Rosselló, which include a comprehensive reconstruction plan with the federal resources allocated for Puerto Rico,” he added.

Rivera Marín said the incorporations are not only growing sustainably, but that they doubled compared with 2016, since by July 31, 2017, there was a 15% rise in corporations created versus the same period in 2016.

“This is excellent news because despite the inherited fiscal debacle, if you add the passage of Maria, it is truly extraordinary that the creation of new businesses in 2018 surpasses the activity of 2 years ago by 30%. When Puerto Rico sets out to do something, nothing stops it,” he added.

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