DDEC awards 150 decrees to young entrepreneurs, launches ‘El Network’
Puerto Rico has awarded 150 tax decrees to entrepreneurs under 35 and launched “El Network,” an online hub intended to connect and strengthen the island’s youth business community.
Gov. Jenniffer González said the initiative will “strengthen Puerto Rico’s young entrepreneurs’ ecosystem through a community, learning and collaboration model,” offering resources to current and aspiring business owners.
From January through July, the Department of Economic Development and Commerce’s (DDEC, in Spanish) Incentives Office granted 612 decrees under the Puerto Rico Incentives Code, benefiting entrepreneurs in 26 municipalities.
DDEC Secretary Sebastián Negrón credited the increase to “the personal drive and determination” of business owners, while pointing to streamlined procedures, added technology and a larger team that have eliminated the agency’s backlog. He said the department now commits to processing all applications within 90 days.
Recent recipients include Yamuchi Ramen in Cayey, El Vagón Hardware in Yauco, House of Ella in San Juan and Dogotory Veterinary Services in Mayagüez.
The Young Entrepreneur decree provides three years of 100% income tax exemption on the first $500,000 of net income, along with full exemptions from personal property and municipal taxes. Applicants must be under 35 and reside in Puerto Rico.
Officials said “El Network” will offer access to government resources, business education, funding guidance and networking opportunities across the entrepreneurial ecosystem.
