Costa Rica Business News – There is a growing trend with U.S. businesses expanding by opening up nearshore branches in places such as Costa Rica. Costa Rica is the most tax and investment friendly country in Central America. In addition, they are technologically advanced and have a high population of English speakers.
If you are looking to open a business in Costa Rica, here are a few steps that could help you.
Connect with organizations like PROCOMER and CINDE. PROCOMER is the export corporation and CINDE is the investment promo agency. They are both able to get you information as well as set up meetings with lawyers or anyone else you want to consult with. If they give you a timeline to finish the process, expect it to take longer.
Consulting firms have been built up in the country specifically to help foreigners set up businesses. They will help you find business opportunities, do your due diligence for you, and guide you through the whole process. Your only responsibility is to research the consulting firm you choose to work with.
The tax and labor issues are another concern. Check into tax requirements in the national and local level to avoid being surprised by hidden costs. There are strict reporting regulations and you will be responsible for paying employees fairly even if they stop working for you. You must learn about issues such as holiday and termination payments.
The last piece of advice is to treat everyone with a smile and patience. The processes are just as long and tedious for the workers and government officials. Bring them a snack and engage in smalltalk to receive a positive attitude and help in return. Getting things done depends on a mutual attitude of respect.
