Business bank accounts for Act 60 companies

At a glance

Dedicated account

Keep company and personal activity separate

Puerto Rico account

Confirm against the decree and current guidance

Fintech account

Optional operating tool

Bank letter

May be requested during an application

Novo status

Fintech, not a Puerto Rico-chartered bank

Separate three banking needs

A company may need a dedicated account for income and expenses, a Puerto Rico account or relationship for compliance, and a bank letter or account certification for an application. One product should not be assumed to satisfy all three.

• Required: maintain records that let the CPA identify every company transaction.
• Recommended: deposit business income and pay business expenses through company accounts.
• Avoid: undocumented personal spending through a company account.

Confirm the Puerto Rico banking rule

The Act 60 code contains Puerto Rico-presence banking language for exempt businesses. The exact account needed can depend on the decree, application cohort, and current professional interpretation.

• Ask whether the account must be held at a Puerto Rico financial institution.
• Ask whether operating revenue must flow through that account.
• Ask what document proves compliance and when it must be available.
• Ask whether a minimum balance or particular account type applies.

Understand what Novo provides

Novo is a financial-technology product. Its legal disclosures identify Middlesex Federal Savings as the bank providing deposit services. It can still be useful for transaction categories, connected cards and accounts, spending review, operating records, and bookkeeping handoff.

Those features do not make Novo a Puerto Rico-chartered bank.

Prepare the account-opening file

Requirements vary by institution. Obtain the current checklist before visiting a branch or beginning an online application.

• EIN confirmation or Letter 147C
• Formation certificate and operating agreement
• Ownership and responsible-party identification
• Company address
• Business description or NAICS code
• Expected transaction volume and source-of-funds information
• Act 60 documents, if the institution requests them

Order the right application evidence

An Act 60 application team may request evidence of both a personal account and a corporate account. It may also specify the addressee and wording for a banking or commercial reference.

Banco Popular’s online document-request tool offers active-account and balance certifications for individual deposit accounts, but its page excludes business-account requests. Contact the business-account institution for its current corporate-certification process instead of assuming the personal online tool applies.

1. 1

   Get the requested wording

   Ask the lawyer or application team for the required addressee and contents before contacting the bank.

2. 2

   Confirm the account identity

   Make sure the legal account-holder name matches the personal or company record used in the application.

3. 3

   Save the final document

   Retain the submitted letter and any refreshed version requested during review.

Common questions

Does an Act 60 company need a Puerto Rico bank account?

Act 60 contains Puerto Rico-presence banking language for exempt businesses, but the account and evidence that satisfy it can depend on the decree and current guidance. Confirm the rule for your company.

Is Novo a Puerto Rico bank?

No. Novo is a fintech, and its disclosures identify Middlesex Federal Savings as the deposit-services bank.

Can I still use Novo for company operations?

Yes, it can be useful for payments, tagging, connected accounts, and bookkeeping. Treat it as an optional operating tool, not automatic proof of Puerto Rico compliance.

Why might I need a bank letter?

The Act 60 application team may request evidence of personal and corporate banking relationships. Obtain its exact wording before ordering the letter.

Can personal expenses run through the company account?

Keep personal and company activity separate. If an exceptional personal transaction occurs, document its accounting treatment with the CPA.

Sources and verification

Rules, prices, locations, and provider coverage can change. These links are the primary or first-party pages checked for this guide.

• Novo: Legal disclosures — Provider and deposit-services disclosures.
• Puerto Rico Act 60 code — Check the current consolidated text and the actual decree.
• Puerto Rico Department of State: Registration of Legal Entities.
• Banco Popular: Online document requests — First-party page for individual active-account and balance certifications; business-account requests are excluded.