In-Brief

Nearly 3K Puerto Rico corporations obtain fine waivers

Secretary of State David Bernier (Credit: © Mauricio Pascual) Secretary of State David Bernier (Credit: © Mauricio Pascual)

An estimated 2,867 Puerto Rico corporations got the opportunity to bring their State Department records current without facing penalties during a two-month waiver period the agency granted through April 15, Secretary David Bernier said Wednesday.

In all, participating corporations submitted some 12,500 past-due reports, which generated nearly $1.6 million for the agency that launched the waiver period Feb. 13.

“In an effort to streamline the Electronic Corporations Registry, we established a fines waiver program for corporations that wanted to come into compliance,” Bernier said.

“We hope this year to exceed the revenues obtained during the year 2013,” he said, referring to total collections through the registry.

Corporations doing business in Puerto Rico must pay different fees established by the State Department to file their annual reports and other required business information. If those reports are not filed by the set deadlines, the agency will move to impose late fees.

Author Details
Business reporter with 25 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other areas of the economy.

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