Costa Rica’s commitment to economic growth and social development has driven its focus towards diversification, creating strong sectors in advanced manufacturing. Today, our country’s exports have multiplied into thousands of different products exported all over the world and the country is 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 in its workforce. More than 200 multinational companies have chosen Costa Rica as their operational base.
The primary objective of Costa Rica’s trade policy is to promote, facilitate and consolidate the country’s integration into the international economy. In the last decade the country has implemented a series of orientations that guide and give coherence to the national policy in the search for a greater presence in the world markets that include participation in the multilateral economic systems, the promotion of regional integration, Free trade agreements and investment negotiations towards a greater opening of the world economy.
Reasons to invest in Costa Rica
a) The country has a talented and bilingual young workforce, on average 95% of employees in Multinational companies are locals.
b) Costa Rica is a platform for preferential access to the world population to the exports of goods through Free Trade Agreements.
c) Excellent business climate based on a recognized tradition of democracy, stability, economy, and politics.
d) Solid infrastructure, 93% of its energy is renewable.
e) Redundant access to telecommunications.
g) The quality of life in Costa Rica is high.
h) It is the safest country in Latin America.
i) It is one of the five countries with the best environmental performance worldwide.
j) The country does not impose limitations on transfers of capital funds associated with an investment, regardless of currency.
k) There is no restriction on re-investment to the repatriation of profits, knowledge or capital.
l) Costa Rica has achieved international standards for the protection of intellectual property rights.
Starting a business in Costa Rica
Starting a business in Costa Rica involves procedures that will take on average 22.5 days. The usual way is creating a corporation. A company can be registered by name or number through the establishment of a legal entity. A notary public is required to write, authorize the company registration. Costa Rica has strengthened the protection of minority investors by allowing them greater access to corporate information and by improving disclosure requirements.
Entrepreneurs every single day come up with new ideas for creating new sources of employment for Costa Ricans who have the potential to innovate in technology-based products and services that provide solutions to current and future needs, both in the local and global markets. Health and wellness; agri-food sector, environment and energy, and intelligent society are the four umbrellas on which the route that aims to promote and boost employment in new projects of companies with a high probability of success, is drawn.
Costa Ricans are friendly 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 concession making is consensual, often involving many people. There is also a lot of bureaucracy to cover. Business attire must be conservative. Costa Ricans are more punctual than most of Central Americans, but there is still a relaxed attitude towards time, so delays in meetings are sometimes expected.
When it comes to starting a new business, you just need the best start-up ideas, they mean a lot for the growth of your business from the beginning. People today follow their dreams and choose their passion for money. They are always looking for the best business ideas that can feed their passion; they don’t want to retire at the age of 60. They look for the happiness index in a place to earn a salary while living in or near big metropolitan areas. So it’s not always about earning money, but about living freely with a better quality of life. That is why new business ideas are always welcomed here.