Costa Rica News – If you are looking to start a business in Costa Rica it might still be frustrating but not for as long.
A lot has changed in Costa Rica over the last 12 years. One of the positive changes noticed by the World Bank’s database of Doing Business is that the time needed to create a company in the country has been shortened greatly.
It used to take 77 days, on average, and now takes just 24. That means people can start making money 53 days sooner. The median wait in Latin America is 30 days and in the Caribbean it is 18 days.
These time frames were found by interviewing lawyers in charge of forming companies. They were asked how much time was necessary to complete the procedure legally, with no extra payments made to speed things up.
There are 12 steps required to open a company in Costa Rica. The creation of a digital platform got rid of the need to issue books to new businesses.
Additionally, low-risk businesses can obtain initial approval in a day, where it used to take three weeks.