Two entrepreneurs pump up Puerto Rico's economy while taking advantage of its tax incentives.
When Mario Gaztambide and Roberto Garcia merged their medical supply companies last year, Garcia, 35, brought distribution relationships with over 200 laboratories, while Gaztambide, 31, provided an array of products through his Connecticut-based sourcing business. The combined company, Cultas Group, now generates over $2 million in annual revenue.
But the smartest move may have been to headquarter the merged company in Bayamon, Puerto Rico, where Garcia had been operating. Through the Puerto Rico Industrial Development Co., Cultas Group qualified for a 100 percent tax-exempt status for manufacturing on all corporate profits. In the cost-competitive hospital supply market, those tax incentives are a boon for their bottom line.
Continue reading this article - and everything on Entrepreneur!
We make some of our best content available to Entrepreneur subscribers only. Become a subscriber for just $5 to get an ad-free experience, exclusive access to premium content like this, and unlock special discounts.
Entrepreneur Editors' Picks
Crypto Doesn't Have to Be Serious. Just Ask This Comedian Who Organized a Conference About Failure in the Industry.
Want to Succeed? Turn Your Fixed Mindset Into a Growth Mindset.
Google's CEO Is Asking Employees 3 Simple Questions to Boost Productivity
'Greatest Storyteller Wins.' Katy Perry on the Surprising Link Between Pop Stardom and Entrepreneurship.
The 5 Personalities You Meet in a Coworking Space
'Man's Best Friend' — and Investment: The Thriving Industry of Pet-Related Franchising