How to start a business in Costa Rica?
Certain areas of Costa Rica’s economy are still controlled by the state. However, in general, this country offers stable and attractive conditions for running your own business. Foreigners will have to look for a resident of the country for legal representation. In addition, you will also need a license from the local municipality.
In the late 90s, the customs rules of Costa Rica were greatly changed: in order to attract foreign capital to the country, many bureaucratic procedures associated with starting a business by foreigners were simplified. Today, starting your own business in Costa Rica can be practically based on the “one window” principle.
Costa Rica can offer foreign businessmen a range of tax incentives, a duty-free zone, anonymity, and the protection of personal information. At the same time, Costa Rica is a full member of the World Trade Organization.
The process of registering your own business in Costa Rica takes approximately 2 weeks to one month. Doing business in Costa Rica will also require a license issued by local municipalities. The term for obtaining the appropriate license takes several months, but if you wish and fulfill a number of formalities in a timely manner, you can go through this procedure much faster.
When opening an account, the Bank of Costa Rica may request letters of recommendation from a foreign entrepreneur.
State and some private banks in Costa Rica work closely with international banks, therefore, with a high degree of confidence, we can say that when opening an account, the Bank of Costa Rica will request letters of recommendation from a foreign entrepreneur.
Some of the organizational and legal forms that can be registered in Costa Rica are as follows:
- stock corporation (Sociedad Anonima)
- limited liability corporation (Sociedad Limitada),
- public limited liability company (Public Limited Liability Company),
- partnership with unlimited liability (General Partnership), partnership with limited liability (Limited Partnership),
- a corporation with unlimited liability (Collective Corporation),
- branch of a foreign corporation (Foreign Corporation),
- private entrepreneur (Empresa Individual De Responsabilidad Limitada).
Experts agree that the most convenient form for foreign investors is a joint-stock corporation, since two individuals are enough to establish it. As for the authorized capital, the minimum requirement for a joint stock company is $ 100, 25% of which must be paid at the time of registration of the company in Costa Rica.