The Procedure for Obtaining a Banking License in Puerto Rico

Puerto Rico attracts the attention of international investors due to its advantageous banking license, offering unique opportunities for conducting business. This license allows companies to access international financial markets while ensuring a high degree of confidentiality and tax benefits.

Procedure for Obtaining a Banking License

Obtaining Permission from OCIF

The first step is to obtain permission from the Office of Financial Institutions Control and Licensing (OCIF) to conduct international financial activities.

Creating Company Structure

After receiving permission, it is necessary to establish the legal structure of the company, register an office, and contribute the required capital.

Submitting the License Application

The application for the license takes about four months to process. It is also important to find a correspondent bank, as the license will not be issued without one.

Registering the License

After obtaining the license, a copy must be submitted to the Department of State of Puerto Rico within 10 days.

Requirements for License Applicants

• The company must be registered as an LLC, corporation, or partnership.
• A physical office on the island with at least four employees is mandatory.
• Directors and owners must not have criminal records or be involved in fraudulent schemes.
• The minimum authorized capital is $550,000, of which $300,000 must be locked and $250,000 must remain in circulation (e.g., in cryptocurrency, stocks, or bonds).
• The minimum number of shareholders and directors is one.

Conclusion

The banking license in Puerto Rico provides unique opportunities for conducting international business with high standards of confidentiality and tax benefits. If you are interested in registering a company and obtaining a license, we recommend seeking the assistance of IT-OFFSHORE for professional support and guidance at every stage of the process.