How to Start Your Own Business in Costa Rica

Costa Rica’s commitment to economic growth and social development has boosted its praise for diversification, the creation of strong sectors like advanced manufacturing. Today, our country’s exports have diversified into thousands of different products that go worldwide, are highly recognized as one of the 30 leading exporters of high-tech products.

Foreign investors continue to be attracted by the country’s political stability and high levels of education. More than 200 multinational companies have chosen Costa Rica as an ideal place to establish. The primary objective of Costa Rica’s trade policy is to promote, facilitate and consolidate the country’s integration into the international economy.

For this goal, in the last decade, the country has implemented a series of measures that guide and give coherence to the national policy in the search for a greater presence in world markets that include participation in multilateral systems, the promotion of regional integration, negotiations of free trade agreements and investment in greater opening of the economy.

Reasons to invest in Costa Rica.

There are currently more than 200 multinational companies operating in Costa Rica. The country has an overly talented and bilingual young workforce. On average 95% of the employees of multinational companies are local. Costa Rica is a preferential access platform for the world population of goods exports through Free Trade Agreements.

Excellent business climate based on a well-known tradition of democracy, stability, economy, and politics. Solid infrastructure. 93% of the energy is renewable. Redundant access to telecommunications. The quality of life in Costa Rica is high. It is the safest country in Latin America and one of the five countries with the best environmental performance worldwide.

The country does not impose limitations on transfers of capital funds associated with an investment, regardless of the currency. No restriction applies to the re-investment to the repatriation of the profits, goods, and capitals. Costa Rica has achieved international standards for the protection of intellectual property rights (IP).

To start a business.

Starting a business in Costa Rica involves procedures that will take you on average 22.5 days. The usual way is a Corporation. A company can register by name or number through the registry of legal persons. A notary public is required to draft, authorize a company registration. Costa Rica has strengthened the protection of minority investors by allowing them greater access to corporate information and during the trial and by improving disclosure requirements.

Jobs.

Entrepreneurs have new ideas to create new sources of employment for Costa Ricans, which has potential to innovate and create technology-based products and services that provide solutions to current and future needs, both in the local and global markets: Health and well-being; agri-food sector, environment and energy, and smart society, are the four umbrellas of the route that seek to promote and boost employment with new business projects aiming high at the probabilities of success.

Culture.

Costa Ricans are kind and welcoming, and relationships are important in business. Spanish is the official language, but English is widely spoken. Business cards and promotional material must be available in English and Spanish. Trade negotiations can be slow since concessions are consensual, often involving many people. There is also a lot of bureaucracy. Business attire should be conservative.

The Costa Ricans are more punctual than most Central Americans, but there is still a relaxed attitude towards time, so delays are expected in meetings. When it comes to starting a new business, you only need the best start-up business ideas to start. People today follow their dreams and choose their passion for money. They are always looking for the best business ideas that can fuel their passion; they do not want to retire at the age of 60. They look for the happiness index in a place to earn a salary while living in big cities. So it is not always about making money, but about living freely with a better quality of life. That’s why the new business ideas are in the startup business.

In fact, it is easy to start with new business ideas, but it can cost you a lot if you do not achieve success for your start-up company. Therefore the best business ideas are the ones that can strictly offer you many long-term business benefits.

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