Econ. Dev’t issues 41 decrees of new co.’s developed by young entrepreneurs
The Department of Economic Development and Commerce, through its Youth Development Program, issued 41 decrees of new companies developed by young entrepreneurs, the agency’s Secretary Manuel Cidre announced.
The program and its decrees are regulated by Law 60 of 2019, known as the New Incentives Code. This program targets participants between 16 and 35 years old who are going to develop a new business.
“The Youth Development Program works hand in hand with the Incentives Office to streamline processes so that young entrepreneurs can gain access to these benefits when creating their first business,” said Cidre. “These 41 decrees represent 41 new companies that will operate in Puerto Rico, led by our young people who symbolize the economic future of our island.”
The incentive consists of three main benefits that include three-year exemptions from up to $500,000 in taxes, municipal tax payments, and Municipal Revenues Collection Center payments. This allows the recipient to concentrate their efforts on developing their business without incurring expenses related to setting it up, the agency official said.