P.R. Laws tit. 23, § 11135
(a) An eligible SMB that wishes to avail itself of the benefits of §§ 11121—11126 of this title shall file a sworn application with the Company including the following:
(1) A description of the business activity in which the eligible SMB is engaged, or intends to engage.
(2) The address where operations are or shall be conducted.
(3) The name and address of the shareholders or owners of the eligible SMB, as well as of any affiliate entities operating in Puerto Rico.
(4) The number of employees working at the Eligible SMB during the six (6)-month period preceding the filing date of the application for incentives under this chapter.
(5) The incremental job projection or, in the case of an eligible SMBs with net operating losses, the total number of employees it commits to retain.
(6) The incentives of this chapter that the eligible SMB wishes to obtain.
(7) Evidence of its organization and of having its tax and employer obligations up to date.
(8) Any other reasonable information the Company may require.
(b) The Company shall have sixty (60) calendar days as of the date of receipt of a complete application to enter into an agreement and shall not require endorsement from any other agency to enter into such agreement. As necessary by virtue of the particular incentives under this chapter that an eligible SMB chooses to request, the Company shall deliver a copy of the agreement to any other agency granting the requested incentives, such as the Municipal Revenue Collection Center of the municipality where the eligible SMB operates and the Puerto Rico State Insurance Fund Corporation.
(c) Denial of applications.— The Executive Director may deny an application if he/she deems that the granting thereof does not meet any of the requirements provided in this chapter or is not in the best economic and social interests of Puerto Rico after taking into consideration the nature of the physical facilities, the number of jobs to be created, the investment to be made, or other factors that, in his/her judgment, warrant such determination.
After being notified of the denial, the applicant shall have sixty (60) days to request the Executive Director to reconsider his/her application by stating any facts and arguments regarding the application that the applicant may deem pertinent, including offering any consideration in benefit of Puerto Rico that may warrant the reconsideration of his/her application.
History —July 31, 2014, No. 120, § 3.5.