Opening a Business in Costa Rica: Key Benefits and Required Documents
Costa Rica is a country in Central America with coastlines on the Caribbean and the Pacific Ocean. Costa Rica has been attracting foreign investors and entrepreneurs with favorable conditions for business and company registration for many years.
Why consider opening a business in Costa Rica:
Favorable Tax Legislation: Costa Rica does not impose taxes on income earned outside the country. There are also incentives for newly established enterprises.
Special Economic Zone Benefits: Companies registered in Special Economic Zones (SEZs) enjoy tax and customs advantages.
Developed Infrastructure and Skilled Workforce: Costa Rica boasts excellent roads, communication networks, and a well-educated workforce.
Political Stability: Costa Rica is considered one of the safest countries in the region, and there's no risk of nationalization of businesses.
Simplified Company Registration and Banking for Non-Residents: Personal presence is not required.
Registering a company in Costa Rica is a relatively straightforward process. Firstly, you must decide on the legal structure, with corporations and limited liability companies (LLCs) being popular choices. For small businesses, an individual entrepreneur option is available. The preparation of founding documents and the company's bylaws in accordance with local legislation is crucial.
To become a director of a company registered in Costa Rica, the following key documents are required:
- Copy of the director's passport.
- A completed signature card from the director.
- A notarized power of attorney in the company's name, appointing the director and granting relevant powers.
- A document confirming the official residence place - it can be a utility bill or a bank statement.
- Proof of payment for the registration fee for the director in the national registry.
For company registration in Costa Rica, the following essential documents are needed:
- A formal application in the prescribed format.
- The company's articles of incorporation and bylaws - they must be translated into Spanish and notarized.
- Copies of the passports of directors and shareholders. At least one director must be a resident of Costa Rica.
- A document confirming the company's registered address in Costa Rica.
- Proof of payment of the government registration fee.
- A bank statement confirming the payment of the company's share capital. The minimum for an LLC is $2,000.
- A notarized power of attorney for an authorized representative if the registration process is not conducted in person.
- A signature card with samples of the directors' signatures and the company seal.
Costa Rica is considered one of the most progressive countries in Latin America with a rapidly growing economy. Registering a company in Costa Rica is an important step that requires attention to detail and compliance with local laws. If you want to register your company in Costa Rica, we recommend consulting IT-OFFSHORE experts.