According to the World Bank, one company is registered in Costa Rica only 24 days. The index can be considered positive as it is below the Latin American average (29 days) and close to the world average (23 days).
Compared to neighboring countries, Costa Rica has a better rate than countries like Brazil (83 days), Peru (26 days) and Argentina (25 days). but still It can improve and disputes with the most agile nations on the continent: the process lasts six days in Mexico and five in Chile.
In the annual Doing Business Report, which identifies the most attractive countries for entrepreneurs, the World Bank analyzes the impact of the regulations that governments impose on companies. Costa Rica ranks fifth the best economies Latin America and the Caribbean for Entrepreneurs, but falls to 20th place in the “Starting a Business” category.
Guide to registering a company in Costa Rica
After analyzing options, studying the market and looking for partners, when the time comes to register a company, the entrepreneur must face the path bureaucracy. This is a challenge for newcomers as there are many requirements to be met before the company can start operations.
The first step is to learn and understand what are the procedures. In the following guide you will find the most important steps to register a company in Costa Rica:
- Check name availability: The first step is to find out if the name you want to register for your business is it available. That is: if it has not yet been registered by another company. You can check this availability free of charge at https://www.rnpdigital.com.
- Certify the documentation: You must use the services of a notary to certify public documents for the registration of companies. This professional can do this online at the address http://www.crearempresa.go.cr.
- Open a bank account: You must deposit 25% of the share capital that appears in the social contract of the company in a national bank. You can withdraw this deposited value after the company is properly registered. Then you have to pay the registration fee.
- Register a memorandum of association: You must register the memorandum of association in the commercial section of the Public Register. You can submit all founding documents electronically in the portal http://www.crearempresa.go.crwhose purpose is precisely to speed up the process of registering a company in Costa Rica.
- Registration at the Ministry of Economy: Now you must do this company registration at the Ministry of Economic Affairs via the portal https://www.haciendadigital.go.cr/inscriptipopersona.jsp
- Request health certificate: If you produce food, you must apply for a health permit to operate. In addition, the company must also register with the National Insurance Agency for the appropriate occupational risk policy.
- Register the company with the Costa Rica Social Security Fund (CCSS): Upon submission of the required documentation, the CCSS will issue a registration form enabling the company to start operations. About 15 days after the start of the work, the company receives a visit from a staff member who verifies the accuracy of the information provided.
If you still have doubts about the procedure, a good tip is to hire one specialist lawyer or accountant at the opening of the business.