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Annual Corporation Report A corporation organized under Puerto Rico law or registered to do business in Puerto Rico is required to file an Annual Corporation Report with the Puerto Rico Department of State
on or before April 15 of each year. A $100 annual fee is payable when filing the report. The annual fee must be paid with an internal revenue voucher purchased in any collector's office in Puerto Rico (checks are
not accepted). A 90-day extension of time to file the report is granted upon application.The Annual Corporation Report must include the following:
- The corporation's employer identification number and the registration number assigned by the Puerto Rico Department of State;
- The corporation's name and the name of the resident agent as registered in the Department of State;
- A list containing the names of all directors and officers of the corporation at the date the report is filed and their addresses, social security numbers and the expiration dates of their respective terms;
- A balance sheet prepared pursuant to generally accepted accounting principles, showing the financial condition of the Puerto Rico operations of the corporation at the close of its year. The balance sheet must be
audited and certified by an independent certified public accountant with license from the Commonwealth of Puerto Rico. The auditor's opinion must have the stamp from the Puerto Rico Certified Public Accountants'
Association and the accountants' seal. Corporations organized under Puerto Rico laws must include the balance sheet certified by a Puerto Rico certified public accountant only when the volume of business exceeds
$1,000,000.
Inactive corporations registered with the Department of State must file the annual report. A certification from a Puerto Rico Certified Public Accountant (CPA) is also required for non-Puerto Rico corporations
under these circumstances. Article 13.08 of the law provides that every foreign corporation authorized to do business in the Commonwealth shall keep and maintain in Puerto Rico those accounting books, documents
and records (including inventory records) which are sufficient for:
- Clearly establishing the amount of the gross income and the deductions, credits and other details in connection with the operations in Puerto Rico which shall be declared in the income tax returns rendered to the
Commonwealth, and
- Clearly reflecting the amount of its investments in Puerto Rico, the property owned by the corporation located in Puerto Rico, and the amount of its capital spent in conducting business in Puerto Rico
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