Puerto Rico: An Attractive Hub for Entrepreneurs
Photo: Courtesy of Invest Puerto Rico
Entrepreneurial and employment opportunities abound in Puerto Rico, the largest and most diversified economy in the Caribbean. With opportunities in a true spectrum of industries including manufacturing, technology, biosciences, and aerospace, the island is home to world-class businesses including Amazon, Oracle, Microsoft, Lufthansa, Honeywell, and many other global leaders.
So, what makes Puerto Rico an excellent place to live and work? A visible entrepreneurial spirit and diverse resources—such as InvestPR—are helping interested businesspeople put down roots in Puerto Rico.
Quality of Life
White-sand beaches, riveting canyons, lush rainforests and soaring mountain peaks await in Puerto Rico, where the average year-round temperature hovers around 85 degrees Fahrenheit. Among its most notable natural gems is El Yunque National Forest, the only tropical rainforest in the U.S. Forest Service.
The broader island’s culture has rich Spanish, African, and Taino roots which permeate every aspect of daily life, including Puerto Rico’s music, dance, and restaurant scenes. San Juan is a great option for those looking to stay close to the action, while west coast towns like Isabela and Rincón are great for surfers and beach lovers.
Photo: Courtesy of Invest Puerto Rico
Living communities in Dorado are ideal for families in search of comfortable amenities right at home. The TASIS School—a private, non-sectarian, co-educational school affiliated with The American School in Switzerland—is also an asset to families in the area. For further educational opportunities, the University of Puerto Rico has campuses in Río Piedras, Carolina, Humacao, Mayagüez, and Aguadilla.
Job Opportunities
Manufacturing makes up the largest segment of Puerto Rico’s economy. However, the island is also a heavy hitter across a number of diverse industries. Bioscience is one such sector—Puerto Rico is a leader in the production of pharmaceuticals and medical devices, cell and gene therapy, research and development, and agricultural biotechnology. For more than 70 years, the island has been a global leader in the FDA-regulated biotech sector, establishing the island as an important bioscience hub. Puerto Rico is popularly known as the “Medicine Cabinet of the United States.”
If you are a pharmaceutical and medical device manufacturing professional living in Puerto Rico, you’ll be in good company—the island has the highest concentration of these professionals in the U.S. AstraZeneca, Abbott International, Pfizer, Eli Lilly, and Merck are among the dozens of companies that have made a footprint on the island.
Puerto Rico’s technology sector is booming too, with key subsectors including the likes of IT, software development, cybersecurity, SaaS, blockchain, and AI.
An Entrepreneurial Spirit
What makes Puerto Rico an attractive hub for entrepreneurs? Incentives, shared workspaces, and business incubators are among the leading factors that make relocating to the island a smart business move for founders. Entrepreneurs who move to Puerto Rico benefit from an income tax rate that is 15 percent lower than the U.S. mainland.
Photo: Courtesy of Invest Puerto Rico
Platforms such as Impeller and Panoramica are helping entrepreneurs gain access to investment opportunities and capital, and companies of all sizes can work with Invest Puerto Rico to join a truly collaborative business network. Resources for entrepreneurs on the island also include Parallel18—a program from the Puerto Rico Science, Technology and Research Trust that provides funding, mentorship, business connections, and investment to founders—Colmena 66, ConPRmetidos, Piloto 151, and many others. Additionally, the island offers U.S. IP protections and opportunities for raising capital. Endeavor Puerto Rico, based in San Juan, offers educational and fundraising resources for entrepreneurs on the island. It’s all part of Puerto Rico’s effort to make the island a more hospitable environment for entrepreneurs in search of a new home for their businesses and employees.
Should You Move Your Business to Puerto Rico?
Over the past few years, Puerto Rico has prioritized building robust resources that are helpful to businesses expanding on the island. At the same time, its lush nature and vibrant cultural scene offer plenty of opportunities for potential residents to let their hair down and relax in one of the most beautiful islands in the Caribbean during off-hours. Interested in learning more? Visit Invest Puerto Rico’s website.
