Expanding to LATAM is easier from Puerto Rico
Starting and expanding a business is a bold adventure, at times daunting, like diving head first into a dark blue ocean.
It is no surprise then that, despite its close geographical location, U.S. businesses have yet to take advantage of booming and growing Latin American market. A different language, culture, and a different set of unknown laws can seem daunting and insurmountable.
But it doesn’t have to be that way. Enter Puerto Rico.
Puerto Rico political and financial situation are very unique. A U.S. commonwealth for the past half century, the island enjoys a combination of Latino culture with its own local government while under U.S. federal agencies and laws. The island, conveniently located in the Caribbean, is a bridge that connects the U.S. with Central and South America.
Currently undergoing a financial evolution, now it’s the time to come to Puerto Rico and explore what your business can do and how it can conquer the world. And, don’t forget, play tropical whenever there’s a need for downtime.
Not convinced? Here are some reassurances
Banking is connected to the mainland as federal financial regulations apply on the Caribbean island. The dollar is the currency, transactions are protected by the Federal Deposit Insurance Corporation (FDIC) and the Office of the Commissioner of Financial Institutions has been accredited by the Conference of State Bank Supervisors. Federal agencies are an important part of the local government, including the Department of Homeland Security, Immigration, the Federal Investigation Bureau and the Federal Court.
Additionally, the World Bank positions Puerto Rico as the fourth market in the Americas on their annual Doing Business list, which measure regulations all over the world.
According to the Puerto Rico Industrial Development Company (PRIDCO), three major airports and two major ports — among many smaller ones — connect the island with the Americas and Europe. Miami, for example, is two and half hours away while New York is four hours away, both on direct flights.
If you rather spend most of your time on the island, know that, according to PRIDCO the telecommunications infrastructure is state of the art, with broadband service, undersea fiber optics and connections to 92 satellites. Also, most of the U.S. phone carrier companies are available on the island and work the same as in the mainland. And yes, we get the same Netflix.
But not everything is entirely Americanized on this Caribbean island. Puerto Rico’s culture is still very much Latino. From the flavorful food to renowned music and vibrant, colorful art, you’d get to enjoy an intense experience of living in the Caribbean…without getting lost in translation. Though Spanish is the more dominant language, English is also spoken on the island.
Puerto Rico currently experiencing a boom in entrepreneurship, including the creation of accelerators on a global scale, such a Parallel18. Accelerators provide your business with receive mentorship, funding, a network and a workspace. There you can familiarize yourself in hands on way with how businesses work in Latin America and get the proper connections, with the assurance of a group that understands the U.S. way of working.
Parallel18 helped MailLift, a startup from the accelerator’s first generation, to get connections in emerging markets. “Parallel 18 has not only expanded our opportunity within Puerto Rico but has also develop relationships for us to expand globally. And whether we’re ready for that market today or in two years, Parallel 18 gave us the opportunities that we need to make the next steps for moving forward,” said Nikki Rostollan, one of MailLift’s co-founders.
Jump starting your endeavours in Puerto Rico would provide your business with the trusted assurances of federal law while learning and immersing yourself in the Latino culture.
