Costa Rica Business News – Not many businesses last more than 5 years, due to lack of capital or starting for the wrong reasons. To succeed, one needs a business plan, financial backing, legal advice, and follow through. Before starting a business in Costa Rica, consider the following six aspects.
Your immigration status will most likely remain as a tourist, unless you have invested over $200,000. That means you must leave the country every 90 days to get a new visa. You also may not work in your business and must hire locals to do the day to day tasks.
A local lawyer is needed in order to chose which business structure you will have. These include general partnerships, corporations, and limited partnerships. The one with the greatest benefits and protections is a “Sociedad Anonima.” Expect to spend about $1,000 to format and register your business legally.
Opening up a business or personal banking account takes a lot of patience and even more documentation. Chosing to work with a private bank will save you a lot of the hassles and long lines. These include Citibank and Scotiabank. They have English speaking attendants.
Business permits and all of the documents required to be able to hire people are done in Spanish. If you are not familiar with the language and the process, hire a professional to help you.
Another professional to be in contact with is a good accountant. Accounting procedures are tedious and must be done in a very specific way. Accountants not only keep track of everything, but also go to the required appointments for you. They save you money and valuable time.
As with opening up a business anywhere in the world, opening one in Costa Rica will take more time and money than you originally think. Doing business also takes longer because supplies are sent in on one way mountainous roads. The population is too small to support mass purchasing, so things are more expensive than they are in many countries. Workers almost never come at the time they say they will. It requires patience, but it’s worth it to be able to live and work in the beautiful country known for its peaceful, laid-back, ‘pura vida’ lifestyle.