Meet Giovanni Mendez at Global Economic Optimization.

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Giovanni Méndez is a Puerto Rican tax attorney and service provider licensed by the Puerto Rico bar and the U.S. tax court. Méndez is the creator of Global Economic Optimization (GEO), a company dedicated to providing tax support to entrepreneurs interested in Puerto Rico’s diverse incentives program. Méndez met with BĀSED. in early 2020 to discuss the role of tax incentive programming in Puerto Rico’s economy, and his journey to forming GEO.

Méndez began his career as a financial analyst with pharmaceutical giant Johnson and Johnson. After graduating from college, he consistently focused his efforts on working with companies that had a local presence in Puerto Rico. “I was always good with numbers,” he said, explaining that as young college graduate, he struggled toconceive of a lucrative career in mathematics and chose to pursue a path in finance and accounting instead.

When he first started GEO, Méndez saw an opportunity to provide financial consulting services to companies interested in benefiting from Puerto Rico’s tax incentives legislation. The company offers a wide range of services, including financial reporting, tax preparation and regulatory matters. GEO also supports businesses with
offerings such as:

 

  • structuring tax exempt and taxable operations in
    Puerto Rico
  • Structuring complex business transactions
  • Transfer pricing consulting
  • Entity formations
  • Negotiation of tax exemption decrees
  • Tax planning and counsel for Puerto Rico and United
    States federal international income tax matters
  • Accounting services 

The main tax incentives that GEO focuses on include Acts 20, 22 and 73, respectively the Individual Investor Incentives Act, the Services Export Act and the Economic Incentives Act for the Development of Puerto Rico. Méndez pointed to the fact that the incentives programs are designed not only for foreign companies seeking to relocate to the island, but for local businesses as well. “It’s important to note that pretty much most of the incentives except one are available to local businesses,” Méndez said, “so you don’t have to come here, you can be here and see if your business qualifies or create a new business that qualifies for these business incentives.”

Méndez explained that the benefits of taking advantage of the tax incentives program lie in the potential for businesses to reinvest any profits saved through the exemption. “Even at, let’s just say, $200,000 of net, $250,000 of net,” he said, “your differential is about $60,000 – that’s an employee’s salary and maybe two employees’ salaries.

GEO, therefore, works with a wide range of clients, fromsolo entrepreneurs to large business owners in the hundreds of millions of revenue. To learn more about Global Economic Optimization, visit their website at http://www.geo.tax.