Client Alert

September, 2016
T ime to put your corporation
up to date in its annual report filings

The Puerto State Department has established a grace period that will allow corporations with past-due annual reports to file such reports at a reduced cost. The grace period ends October 21, 2016.

Since January 1, 2012, fees for filing annual reports at the State Department are $150 and the reports are due yearly by April 15. The annual filing fee for reports due prior to January 1, 2012, is $100. However, if you file your report late, there is an additional late filing fee. For annual reports that were due before December 31, 1999, the late filing fee is $100; for reports that were due between January 1, 2000 and December 31, 2011, the late fee is $500; and for annual reports due from January 1, 2012 on, the late filing fee will be $750.

This means that for annual reports not filed between the years 2000 and 2011, a corporation can save $500 per year and for filings due from January 1, 2012 to the current year, a corporation can save $750 per year. The annual reports that may be filed during the grace period will still need to comply with the usual filing requirements, that is, the filled annual report form and applicable attachments and filing fee. Please note that the waiver only applies to late filing penalties and not to filing fees as well.

We at Goldman remain committed in alerting and assisting you and your business to adjust to these changes in law.  If you have any annual reports missing, you may contact Thelma Rivera, Esq., at, or Marlena Riccio, Esq., at, to assist you in this process and put your corporation up to date, or you may call 787.759.4104.

Attorneys -- Corporate & Banking Law Department

Myrna I. Lozada
Marlena Riccio
Thelma Rivera
Arnaldo Villamil
Although the information included in this document may concern legal issues, it is not a legal opinion or professional advice and clients shall not use it as such. We assume no responsibility or liability of any kind for any information contained herein, and we expressly disclaim all liability for any claim for damages arising from the use, reference to, or reliance on, such information. If legal or other expert assistance is required, the services of a competent professional should be sought.