<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>5</documentType>

    <periodOfReport>2004-09-15</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <form3HoldingsReported>0</form3HoldingsReported>

    <form4TransactionsReported>0</form4TransactionsReported>

    <issuer>
        <issuerCik>0001167140</issuerCik>
        <issuerName>CORTELCO SYSTEMS PUERTO RICO INC</issuerName>
        <issuerTradingSymbol>CPROF.OB</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001071431</rptOwnerCik>
            <rptOwnerName>CHINAVEST PARTNERS IV</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>PRENTICE HALL CORPORATION SYSTEM</rptOwnerStreet1>
            <rptOwnerStreet2>32 LOOKERMAN SQ., SUITE L-100</rptOwnerStreet2>
            <rptOwnerCity>DOVER, DE</rptOwnerCity>
            <rptOwnerState>X1</rptOwnerState>
            <rptOwnerZipCode>19901</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>Control Person of 10% owner</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-03-22</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2004-03-22</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>178847</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.20</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>General Partner of direct owner</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <remarks>ChinaVest Partners IV (CVP) is the general partner of ChinVest IV, L.P. (CV4), a venture Fund that directly owned the reported securities. Forms 4 were filed this date for each of CVP and CV4. CV4 directly held 153,808 (12.8%) of the issuer's common stock and two affiliated Funds held 17,706 (1.47%) and 7,333 (0.60%) shares respectively. Because CVP is is the general partner of CV4 affiliated with the other Funds, CVP has reported the ownership and transactions of the three Funds in the shares as if it were the owner of the shares. This is a final Form 5, early filed (fiscal year of issuer ends July 31).</remarks>

    <ownerSignature>
        <signatureName>Edward B. Collins, General Partner</signatureName>
        <signatureDate>2004-03-22</signatureDate>
    </ownerSignature>
</ownershipDocument>

