Main Characteristics and the basic rules of Company registration in Costa Rica
Costa Rica located in Central America and bordered by the Caribbean sea, is a dream destination for millions of tourists and honeymoon couples. However, Costa Rica is also viable for entrepreneurs seeking expansion of ventures into new offshore locations. If you have such plans, it is the time to act. It has been a peaceful country with no army uprising since 1949. The relaxed lifestyle and unexplored sectors lure entrepreneurs from various countries.
If you are one of those entrepreneurs who want to expand your business to Costa Rica, you have reached the right place. We are offering professional Costa Rica Company Formation service for all our clients so that people like you don’t have to waste your time on legal or other complex things. While we will be keeping ourselves busy with all the formalities that are commonly associated with Costa Rica Company Formation, you can do what you do best i.e. expanding your business.
Do not let the small dimension of Costa Rica fool you- it is well suited for business investment and expansion. The population is mostly educated and skilled- which is what businesses need for expansion. The climate is quite pleasant and there is no lack of urban amenities either. The friendly people and affordable cost of living also makes it conductive for starting business operations.
Costa Rica is good for small business owners too. This is the reason why the term – ‘Costa Rica Company Formation’ has gain currency among small investors. The lower property and living costs make it ideal for starting a venture here. Foreigners do not face too many hurdles in setting up business in the country as well. You can opt for setting up Limited Liability Company, limited partnership, corporation etc. You need to learn the process of opening a bank account for running the venture and be aware that the method is different from what you experience in the USA. You also need to get a business license for starting any type of business here.
If you are not proficient in Spanish and local norms, hiring a professional accountant may help. The corporate tax may vary as per total revenue. The expats from Canada, EU, Brazil, Australia and the USA are eligible for a 90 day visa. It can be renewed shortly after expiry. The businesses that create job opportunities in sectors like agriculture, tourism get tax exemptions and grants. You can start various types of business in the country. Most of the entrepreneurs who have tasted success in Costa Rica have started ventures in niches like food, real estate, hospitality and tourism.
While starting a business or bringing existing venture in Costa Rica can be profitable, you still may face some problems in the way. Initially, you may need assistance in finalizing documentation related to Costa Rica Company Formation and applications. In this context, the BRIS group is the right partner for you. We offer all types of assistance in setting up ventures in Costa Rica. To know more on our Costa Rica Company Formation services, get in touch fast.
|Costa Rica Company Formation||Financial Advantages|
|Double Taxation Treaty Access:||Yes, Treaty Access (USA)|
|Costa Rica Tax Information Exchange Agreements:||Yes, Costa Rica signed Exchange Agreements|
|Account Filing Requirements:||No accounting / reporting requirements|
|Annual Return Filing Requirements:||Yes annual return/ reporting requirements|
|Audit Requirements:||No audit required.|
|Costa Rica Company Formation||Registration Requirements|
|Share Capital:||CRC10,000 (divided in to 100 shares of CRC100). Minimum paid up share capital: CRC2,500.|
|Classes of Share Available for Costa Rica company formation:||Shares with or without voting rights, redeemable shares, registered shares, preference shares, shares of no par value.|
|Bearer Shares:||Not Allowed|
|Registered Office Required:||Yes, required and must be maintained in Costa Rica.|
|Shareholders:||Minimum number is one|
|Directors:||Minimum number is three. Can be any nationality and need not be resident in Costa Rica. Corporate directors are allowed.|
|Your Company language:||Latin alphabet. The Registrar requires a Spanish translation|
|Name of your Company must be ended:||“Sociedad Anonima” /”S.A.”|
|Documents required for Costa Rica company formation:||A certified copy of your passport or ID and proof of your residential address dated less than 3 months.|
|Costa Rica Company Formation||Restrictions|
|For Costa Rica company formation you cannot use words in your company names without justification:||“Bank”, “Trustee Company”, “Assurance”, “Building Society”, ”Trust Company”, “Royal” etc.|
|Restrictions on Trading:||None|
|Not permitted without a licence:||Fund management, insurance, Banking, reinsurance, assurance, trust management, collective investment schemes, trusteeship business provision.|
|Costa Rica Company Formation||Confidentiality and Security|
|Publicly Accessible Records:||No public register of company officers (Directors, Shareholders, Secretary)|
|Nominee Shareholders and Nominee Directors:||Yes, Allowed|
|Disclosure of Beneficial Ownership to Authorities:||No|
|Meetings of Directors and Shareholders to be held:||Anywhere|
|Stability:||Stable jurisdiction and strengthening reputation.|
|About Costa Rica|
|Capital city:||San José|
|Region:||A country in Central America, bordered by Nicaragua to the north, Panama to the southeast, the Pacific Ocean to the west, the Caribbean Sea to the east, and Ecuador to the south of Cocos Island.|
|Political System:||Presidential System|
|Governing corporate legislation:||The Commercial Code, Law No. 3284|
|Type of Law:||Civil|
|Currency:||Costa Rican Colón (CRC)|
|Language of Legislation and Corporate Documents:||Spanish|
This publication is provided for information purposes only. This info should not be treated as a substitute for a tax or legal consultation or legislation. You should not act on the basis of the information contained in this publication without having obtained individual advice from the professional expert.
BRIS GROUP does not assume responsibility for any damage resulting from decisions made by the reader on the basis of this publication.