(a) In order to qualify as a small or medium-size business, the business must meet the following criteria:\n(1) Have its main place of business in Puerto Rico, defined as such [sic], when fifty-one percent (51%) or more of its employees work in Puerto Rico or when fifty-one percent (51%) or more of its business activities are conducted in Puerto Rico.\n(2) The enterprise or business must have twenty-five (25) [or fewer] full-time employees without including consultants under contracts unrelated to the goods and services for which the business wishes to be deemed eligible as a small business.\n(3) The annual gross sales of the business cannot exceed five million dollars ($5,000,000).\n(4) The eligibility of the business is formalized through a letter of approval issued by the Company to the effect that it complies with the established requirements.\n(5) The regulations to be promulgated by virtue of this chapter shall provide for exceptional cases and for exemptions from some of these conditions.\nHistory —Oct. 7, 2005, No. 129, § 4; July 13, 2007, No. 63, § 3, eff. 60 days after July 13, 2007.
Puerto Rico Legal Code