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Companies looking to start or expand operations in the Caribbean or the United States have a new ally in one of the most flexible entry points in the region: Puerto Rico.
TMF Group recognizes the increasing demand for on-the-ground support for businesses seeking to expand to Puerto Rico and other jurisdictions in the Caribbean and the United States. And while Puerto Rico may seem on the surface to be in tough economic times, TMF Group’s experts argue it still represents a sound investment.
With this in mind, TMF Group – the leading global business services provider - recently announced that it will now offer corporate secretarial, human resources administration, payroll, and accounting services in Puerto Rico. The island offers a great point of entry to the US economy; its central location offers some of the best business facilities in the Caribbean, making it an attractive jurisdiction for investors or companies looking to expand operations into the Caribbean or the United States.
Jason Gerlis, Managing Director at TMF USA Inc., said: “TMF Group is constantly looking for the best way to service its clients, and helping them seize new opportunities will always be in our plan. Puerto Rico has a very strategic location and the busiest airport in the Caribbean receiving over 10 million people a year. It has full presence of international banks and employers have access to more than 1.1 million educated workers. All this is of interest to our clients and we want to help them make the most of the opportunities so they can grow their businesses in the country and in the region.”
On average, doing business in Puerto Rico costs 10% less than in the mainland United State and several incentives have been approved to stimulate economic development and attract Foreign Direct Investment (FDI) in sectors such as: manufacturing, tourism, financial services, agriculture, hospitality and hotel development, and renewable energy.
TMF Group’s expansion to the island – in recognition of the potential it offers - marks a significant achievement for the global provider, and is an important step in the company’s growth strategy and objective of supporting clients’ international expansion across every continent.
Through the acquisition of leading local business service providers – more recently with the acquisition of Apriori, the outsourcing division of PwC Brazil – TMF Group has one of the strongest multi-country offerings in the Americas. With more than 2000 professionals located in 20+ countries in the continent, it helps its clients to navigate local complexities, mitigate risks and control costs.
In Puerto Rico, TMF Group will offer statutory bookkeeping, corporate compliance and payroll management, fund accounting and valuation, shareholder services and human resources, among other services.