Puerto Rico Launches Book to Highlight Innovation Ecosystem

InvestPR, the investment promotion agency of Puerto Rico, launched a book on the island’s innovation and investment opportunities.

Titled “Innovate Puerto Rico“, the book explores the island’s innovation ecosystem, including its startup community, venture capital scene and government initiatives.

It features interviews with over 50 leaders from Puerto Rico’s innovation ecosystem, in addition to providing an overview of the island’s tax incentives and other programs designed to attract investment.

It also contains case studies of several successful startups, including Unifonic, a cloud communications platform that raised over US$100 million in funding; BioMarin Pharmaceutical, a biopharmaceutical company; and DroneUp, a drone delivery logistics firm.

Last night #InvestPR proudly introduced the world to INNOVATE® Puerto Rico. 🇵🇷 The event was a celebration of innovation, showcasing our island's dynamic ecosystem, thought leaders, and limitless opportunity.

Learn more ▶️ https://t.co/oG0vKwMJg0 pic.twitter.com/tWDGgMpmGO

— Invest Puerto Rico (@InvestPR) August 17, 2023

According to Puerto Rico Science, Technology and Research Trust (PRSTRT), the number of startups in the territory grew by 30% in 2022.

“From smart tax incentives to a highly skilled bilingual workforce, US legal and financial frameworks and cutting-edge network infrastructure, Puerto Rico stands ready to embrace a world of possibilities,” stated the agency in a press release.

A 4% corporate income tax rate, a 100% exemption from federal taxes on capital gains, a 75% exemption on property tax and a refundable tax credit of up to 50% of the cost of research and development are among the most attractive fiscal benefits that Puerto Rico offers.

In addition, the government offers tax exemptions of up to US$25,000 per employee for companies relocating to the island.