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    Study Reveals That Only 45% of Costa Rica’s Small Business are Formally Registered

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    The Costa Rica News (TCRN) –  A study by the Universidad Estatal a Distancia (UNED) recently revealed that 45 percent of micro, small and medium enterprises (MSMEs) which make up the Costa Rican business community are formalized.

    The results of this study contrast with the records of the Ministry of Economy, Trade and Industry (Meic). According to this organization, in 2013 there were 43,837 MSMEs spread across the country.

    In contrast, UNED reported the existence of 156,794 companies during the same year, which means that about 70,000 are informal.

    The researcher from UNED, Lizette Brenes, explained that the records from Meic are lacking all MSMEs operating under requirements set by Law No. 8262.

    “These companies have a municipal license, but are not always registered with the Social Security Fund,” she added.

    This analysis revealed that the county with the lowest business density (number of business licenses issued per square kilometer) is Matina de Limón, with only 0.2 companies per square kilometer.

    Tibás on the other hand had the highest rate; this Josephine Canton had 375.7 companies per square kilometer.

    According to the State of the Union XX, 71 percent of MSMEs engaged in the trade and services sector, 22 percent in industry and 7 percent of these companies are in information technology. (Amelia Rueda)

    The Costa Rica News (TCRN)

    San Jose, Costa Rica

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