What Small Businesses Should Know About Regulatory Changes: A Note from Yadira Galarza Berríos
In the ever-evolving business landscape of Puerto Rico, staying abreast of regulatory changes is crucial for small businesses aiming for sustainable growth. Legal expert Yadira Galarza Berríos , with over 15 years of experience in corporate law and compliance, emphasizes the importance of understanding and adapting to these changes to ensure continued success. Key Regulatory Updates for Puerto Rican Small Businesses Beneficial Ownership Information (BOI) Reporting Requirements Effective January 1, 2024, the Corporate Transparency Act mandates that certain businesses disclose their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). Companies established before this date have until January 13, 2025, to comply, while those formed after must report within 30 days of registration. This measure aims to enhance transparency and combat illicit activities. 2. Incentives for Subcontracting to Puerto Rican Small Businesses The Federal Acquisition Re...