Benefits of Doing Business in Costa Rica

Business in San Jose Costa RicaCosta Rica is a beautiful country located in Central America. The country is nearly 31,500 square miles in size, with coastlines along the Caribbean Sea and the Pacific Ocean. Recognized for its many beaches, diverse wildlife, dense rainforests, national parks, and volcanoes, the country is also home to a growing number of businesses.

In 2013 the population in Costa Rica was estimated by the World Bank to be about 4.87 million (compared to nearly 6.1 million in Nicaragua and 3.86 million in Panama). The literacy rate in Costa Rica is very high, with United Nations’ estimates at nearly 96%.

San Jose, the capital city of Costa Rica and also the largest city, is located in the Central Valley. More than 2 million people live in or around San Jose. Characterized by a unique style of Spanish architecture, San Jose is organized into 11 separate districts, each with their own neighborhoods. The city is home to the National Theatre of Costa Rica, numerous museums including the Museum of Costa Rican Art and the Pre-Columbian Gold Museum, fine restaurants and shops, top educational institutions and much more.

8 Benefits of Doing Business In Costa Rica

When it comes to doing business in Costa Rica, there are a number of reasons you should consider this location in Central America.

A report by the World Bank focusing on doing business in Latin America in 2014, details the following benefits of doing business in Costa Rica.

  1. You save time since records for tax registration in Costa Rica are now digitalized.
  2. The process of getting a sanitary permit for activities considered “low risk” has been simplified in Costa Rica.
  3. There is an online platform to create a business in Costa Rica. This cuts down on time and simplifies the entire process.
  4. Construction and building permits are now easier to get in Costa Rica, with an approval system you can access online.
  5. Property transferring is faster and simpler with a streamlined process offering certificates on a single website.
  6. Borrowers’ rights to inspect personal data are guaranteed in Costa Rica. This makes it easier to access credit information.
  7. Online payments to the country’s social security program are used by most taxpayers in Costa Rica.
  8. Companies can pay municipal taxes in Costa Rica electronically.

If you are considering doing business somewhere in Latin America, you should definitely explore the many possibilities and benefits Costa Rica has to offer. While the country may be most widely recognized as a beautiful vacation spot, it is increasingly becoming known as a great place to do business as well.