3 May, 2019
Glenn Laga, president at Guardian Data Destruction, was invited to meet with Puerto Rico government officials to better understand the economic and investment opportunity within Puerto Rico as well as learn about how Act 73 can benefit GDD.
Act 73 of Puerto Rico is also known as the “Economic Incentives for the Development of Puerto Rico Act.” This act promotes the economic development of Puerto Rico. Business in Puerto Rico describes this act as, “An Act that provides economic incentives, tax exemptions and tax credits to business engaged in eligible activities in Puerto Rico. To avail from such benefits, a business needs to become an exempt business by applying for a tax concession and obtaining a tax exemption decree.”
This Puerto Rico trip consisted of two days touring the economic development zone and participating in extensive meetings with PRIDCO and its following officials: Teresa Jimenez-Melendez (Export Services), Carlos Tavarez (Law Firm), Antonio Colorado (Colorado Group), Julian Aspinall (Attorney at Law), Julio Maldonado (Universidad Interamericana de Puerto Rico), and Jose Rivera (E-cycling Puerto Rico). In addition, he was joined by Tamas Doczi, a New Jersey resident who has relocated to Puerto Rico to head three new start ups. Green Earth Tek, an efficient and environmentally friendly paint coating that reflects the heat and contains the cool air. Monsterate Wagyu, a cattle ranch on a leased 2,500 acres from the government as part of Act 73 to raise Wagyu beef. Lastly, a third company that involves manufacturing past from hemp flour. It will be exciting to see what lies in the future for such start ups and we’re excited to see the progress in the upcoming years.