Summer 2003-01 New regulation promulgated on business registration
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Summer 2003-01 New regulation promulgated on business registration

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Number 52
Summer 2003

New regulation promulgated on business registration

An amendment to Act Number 171 of August 12, 2000, required the compulsory registration of most businesses with the Department of Economic Development and Commerce.

Regulation number 6612, filed with the State Department on May 2, 2003, implements the same and protects the confidentiality of certain information.

 

Who is covered?

 

The regulation applies to any person or entity that operates or has its principal place of business in Puerto Rico, and whose annual (January 1 to December 31) gross volume of sales (goods or services) exceeds $50,000.

 

When must I register?

 

All covered individuals and entities must register with the Department of Economic Development and Commerce on or prior to January 15. An automatic extension to April 15 may be requested on or prior to January 15. The extension may be requested by electronic mail or facsimile transmission.

 

What information must I provide?

 

The following information-as of December 31 of the preceding calendar year-must be provided with the registration (all branches of the same business must register separately):

1. name of person or entity,

2. name of owner, president or highest ranking officer,

3. Social Security or taxpayer identification number,

4. name and title of contact person,

5. physical and postal addresses,

6. telephone and facsimile numbers, and electronic mail address,

7. type of structure where the business is located (e.g., shopping center, home office, etc.),

8. area (in square feet) occupied,

9. if only office, branch1 or head office,

10. year that operations in Puerto Rico began,

11. years under present management,

12. annual gross income,

13. number of employees, and if full or part time,

14. total payroll,

15. NAIC or SIC classification,

16. description of business.

 

What information will be published?

 

1. name of person or entity,

2. name of owner, president or highest ranking officer,

3. name and title of contact person,

4. physical and postal addresses,

5. telephone and facsimile numbers, and electronic mail address,

6. type of structure where the business is located,

7. year that operations in Puerto Rico began,

8. years under present management,

9. NAIC or SIC classification,

10. description of business.

All other data must be kept confidential and employed solely for statistical, survey and investigation purposes.

 

How often must I update the information?

 

Except as indicated in the next sentence, the information must be updated annually, not earlier than January 1 nor later than May 15. However, the following information must be updated within 30 days from a change taking place:

1. name of person or entity,

2. name of owner, president or highest ranking officer,

3. name and title of contact person,

4. physical and postal addresses,

5. telephone and facsimile numbers, and electronic mail address.

 

How do I register and update information?

 

Registration and updates can be performed on line by accessing http://www.fomentocomercialpr.com/, by personal delivery, facsimile transmission, or certified mail, return receipt requested.

 

What will the Department do with the information?

 

The Department must publish an annual economic and statistical report based on the data received. The report must be published not later than August 31 of each year.

 

What if I do not register or update?

 

The Department may impose fines ranging from $500 to $5,000 per event. n


© 2003 Goldman Antonetti