Opening a Bank Account for a Costa Rica Company: A Complete Guide for Foreigners

Opening a Bank Account for a Costa Rica Company: A Complete Guide for Foreigners

Introduction

For foreign entrepreneurs, opening a bank account in Costa Rica is often the most challenging step after company formation. Costa Rica has well-regulated banks and strict AML (Anti-Money Laundering) and KYC (Know Your Customer) requirements, making professional guidance critical.

A Costa Rica corporate bank account is essential for:

• Managing company finances
• Receiving payments from international clients
• Paying local expenses and taxes
• Supporting business credibility

This guide covers the step-by-step process for opening a Costa Rican corporate account, including requirements, tips, and common challenges.

➡️ For an overview of company formation, see our guide: Costa Rica Company Formation – The Definitive Guide for Foreign Entrepreneurs and Investors.
➡️ For company types, see  Blog: Costa Rica Company Types Explained.

1. Why Banking in Costa Rica Matters

A corporate bank account in Costa Rica:

• Legitimizes your business operations
• Allows compliance with local tax authorities
• Enables international transfers and FX management
• Builds credibility with clients and partners

Tip: Banks require a clear, structured business plan showing the flow of funds.

2. Choosing the Right Bank

Costa Rica offers local and international banks. Selection depends on:

• Business model and expected transaction volume
• Desired international banking services
• Familiarity with foreign clients and currencies

Popular Banks for Foreign-Owned Companies

1. Banco Nacional de Costa Rica (BNCR) – largest national bank
2. Banco de Costa Rica (BCR) – widely used for corporate clients
3. Scotiabank Costa Rica – international presence
4. Davivienda Costa Rica – suitable for smaller international businesses

Tip: Consider banks experienced with foreign-owned companies and international clients.

3. Required Documentation

Banks will require comprehensive documentation:

Company Documents

• Articles of Incorporation / Notarised Company Deed
• Legal Representative appointment
• Shareholder registry
• Tax identification (RUT / NITE)

Shareholder / Director Identification

• Passport copies (valid and notarised)
• Proof of residence (utility bill, bank statement)
• Professional references (if requested)

Business Plan

• Detailed explanation of business activity
• Expected revenues and expenses
• Source of funds for initial deposits

4. Steps to Open a Costa Rica Corporate Account

Step 1: Select a Bank

Choose a bank familiar with foreign-owned companies.

Step 2: Prepare Documentation

Ensure all corporate and personal documents are authenticated and translated if necessary.

Step 3: Schedule a Meeting

Many banks require in-person interviews with directors or legal representatives.

Step 4: Submit Application

Provide:

• Company documents
• Business plan
• Shareholder and director IDs

Step 5: Bank Due Diligence

• Banks perform AML and KYC checks
• Verify source of funds and financial history

Step 6: Account Approval

• Timeline varies: 2–6 weeks
• Some banks may request additional documents or explanations

5. Challenges Foreign Entrepreneurs Face

• Strict AML/KYC Policies: High due diligence for non-resident directors
• Physical Presence Requirements: Some banks require at least one director to visit in person
• Extended Timelines: Approval can take 4–6 weeks or longer
• Currency Restrictions: Certain accounts may limit foreign currency operations

6. Tips to Improve Approval Success

1. Use Professional Corporate Services
   • Bris Group provides guidance and acts as liaison with banks
2. Prepare a Clear Business Plan
   • Demonstrates legitimacy and reduces red flags
3. Keep Documentation Accurate
   • Notarised, translated, and complete
4. Explain Source of Funds Clearly
   • Avoids delays and requests for additional verification
5. Choose a Bank Experienced with Foreign Companies
   • Reduces complications and processing time

7. Types of Corporate Accounts

Operating Account

• For day-to-day business transactions
• Domestic and international transfers

Foreign Currency Account

• Handles payments in USD, EUR, or other major currencies
• Essential for international clients

Investment Account

• Used for managing surplus funds
• May require higher minimum balances

8. Compliance and Reporting

Once the account is opened:

• Maintain accounting records of all transactions
• Report income to the Costa Rican Tax Authority (Hacienda)
• File monthly VAT declarations if applicable
• Keep bank informed of any major changes in shareholders or directors

Regular compliance avoids account freezes or fines.

9. Alternatives If Banking Becomes Challenging

For companies unable to open a Costa Rica bank account immediately:

• Use international business accounts (e.g., HSBC, Citi, Payoneer)
• Consider digital banking solutions for initial transactions
• Maintain detailed documentation to transfer to a local account later

Tip: Local banking is strongly recommended once the business is operational.

10. How Bris Group Assists with Corporate Banking

Bris Group provides end-to-end banking support:

• Selecting the right bank
• Preparing corporate and personal documentation
• Liaising with bank officers
• Assisting with AML/KYC compliance
• Guidance on account types and international transfers

Our services simplify the banking process for foreign entrepreneurs and investors.

👉 Learn more:

• Company Formation Service
• Offshore Banking
• Bank Account Opening FAQ

Conclusion

Opening a bank account for a Costa Rica company is critical for operational and legal compliance. While it can be challenging for foreigners due to strict AML/KYC policies, careful preparation and professional guidance make the process smooth and efficient.

With the right bank, complete documentation, and strategic support, your Costa Rica company can access:

• International and domestic banking
• Efficient payment processing
• Financial credibility with clients and partners

If you wish to open a business bank account our team will be happy to help you there and provide you with more detailed information, you can contact us

Costa Rica Corporate Banking Guide

Related pages:

• Offshore Banks
• Bank Account Opening FAQ
• Bank licences
• Offshore Banking
• Offshore Banking License
• Offshore Business Bank Accounts
• Services
• Costa Rica Comany Formation: The Definitive Guide for Foreign Entrepreneurs and Investors
• Why Open a Company in Costa Rica? Key Benefits for Foreign Entrepreneurs
• How to Set Up a Company in Costa Rica: Step-by-Step Guide for Foreigners
• Costa Rica Company Types Explained – Choosing the Best Structure for Your Business
• Taxation of Costa Rica Companies: What Foreign Owners Must Know