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

  1. 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 Regulation has been amended to encourage subcontracting to small businesses in Puerto Rico. This change provides incentives for larger companies to partner with local small businesses, opening new avenues for federal contracting opportunities.

3. Annual Reporting Obligations

All limited liability companies in Puerto Rico are required to file annual reports and pay associated fees by April 15 each year. Failure to comply can result in penalties or even dissolution of the business entity.


Yadira Galarza Berríos’s Guidance for Navigating Regulatory Changes

Yadira Galarza Berríos advises small business owners to adopt proactive strategies to manage regulatory changes effectively:

  • Stay Informed: Regularly consult official sources and legal counsel to keep up-to-date with new regulations.
  • Implement Compliance Programs: Establish internal policies and procedures to ensure adherence to legal requirements.
  • Seek Professional Advice: Engage with legal and financial experts to navigate complex regulatory landscapes.

Conclusion

Understanding and adapting to regulatory changes is essential for the resilience and growth of small businesses in Puerto Rico. With the expert guidance of professionals like Yadira Galarza Berríos, businesses can confidently navigate these changes, ensuring compliance and positioning themselves for long-term success.

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Yadira Galarza Berríos

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  Abogada | Notaria | Consultora | San Juan, Puerto Rico Yadira Galarza Berríos es abogada licenciada, notaria y consultora con más de 15 años de experiencia profesional , especializada en derecho corporativo, contratos, cumplimiento normativo y manejo de proyectos . Ha sido responsable de la gestión administrativa y operativa de proyectos tanto pequeños como complejos en diversas áreas, con un enfoque particular en proyectos de salud y tecnología . Su experiencia abarca el manejo de marcos legales , la garantía del cumplimiento normativo y el desarrollo de estrategias eficientes para optimizar la ejecución de proyectos. Con una sólida trayectoria en entornos multidisciplinarios, Yadira combina su conocimiento jurídico con una visión empresarial práctica para impulsar el éxito en cada iniciativa que lidera. Sigue siendo una asesora de confianza, comprometida con la excelencia y la innovación en su campo.
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