P.R. Laws tit. 23, § 11193
For purposes of this chapter, the following terms and phrases shall have the meaning stated below:
(a) Special Youth Business Creation Agreement or Agreement.— Shall mean an agreement entered into by and between a young entrepreneur (as defined in this section) and the Puerto Rico Trade and Export Company. The young entrepreneur shall commit to the development of his/her business, the creation of jobs, and other conditions, as appropriate, in exchange for the applicable benefits provided in this chapter. Applicable benefits shall be specifically listed in the agreement. The agreement shall establish the effective term thereof and shall expire upon expiration of the benefits granted thereunder, as provided in this chapter and the obligations agreed upon in the agreement itself.
(b) Young entrepreneur.— Shall mean any individual who is a resident of Puerto Rico, between the ages of sixteen (16) and thirty-five (35), who is interested in creating and operating over the long-term a new business in Puerto Rico for an unspecified term, and who has obtained a high school diploma or an equivalency certificate of the Department of Education of Puerto Rico.
(c) New business created by a young entrepreneur or New business.— Shall mean any business that begins its main business operations after executing a special youth business creation agreement. The new business shall be operated solely by young entrepreneurs, as defined in this chapter. No business that has been operating through affiliates or resulting from a reorganization, as defined in §§ 30011 et seq. of Title 13, known as the “Internal Revenue Code for a New Puerto Rico” shall be considered a new business.
History —Aug. 7, 2014, No. 135, § 5.