Millennials returning to Puerto Rico, launching startups

Re:Millennials returning to Puerto Rico, launching startups by cpursley on Sunday August 06, 2017 @10:16AM (#14941412)

St. Croix USVI would be a great place to start a startup. It's on the east coast time zone, and infrastructure is good enough, real estate is cheap (for the Caribbean). There are ample outdoor activities (swimming, snorkeling/diving, kayaking, kitesurfing, fishing, sailing, golf, tennis, yoga, etc).

The incentives of the USVI EDC Program* are quite significant. It's one of the only legal loopholes for US citizens to avoid most income taxes. The main catch is, you have to hire 10 people, including 8 locals (this can include yourself):

  - 90% reduction in corporate income tax

  - 90% reduction in personal income tax

  - 100% exemption on gross receipt tax

  - 100% exemption on business property tax

  - 100% exemption on excise tax payments

  - Reduction in the customs duty from the standard 6% to 1%

  - Tax reduction on royalty income from software developed in the USVI and sold to non-US customers

  - Availability of rental space at below market rates in the St. Croix and St. Thomas Industrial Parks

* https://www.usvieda.org/incentives/edc-program

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Re:Millennials returning to Puerto Rico, launching startups by FlopV on Sunday August 06, 2017 @11:32AM (#14941685)

Do you know of any startups or tech companies in the USVI? I'm located in St. Thomas and there are financial companies that take advantage of edc I haven't heard of any startups or techs.

Tech scene seems kind of dead here.

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Re:Millennials returning to Puerto Rico, launching startups by cpursley on Monday August 07, 2017 @11:58AM (#14948491)

There's a small handful. Here's one: http://nearix.com/

How can I get in touch with you? Maybe we can connect next time I'm down that way.

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