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Costa Rica’s Corporate Compliance Requirements: What You Need to Know
As a business owner looking to establish operations in Costa Rica, it’s essential to understand the country’s corporate compliance requirements. From entity accounting and legal records to taxation and Free Trade Zone Regime compliance, there are several obligations that must be met to ensure your company is operating legally and in accordance with local regulations.
Meetings of the Management Board
The management board meetings will be led by our President, as established in our constituting documents. We believe in transparency and fairness, which is why we are committed to leading these meetings in an open and inclusive manner. Foreign members of our board are also welcome to lead these meetings, ensuring that all perspectives are represented.
Entity Accounting and Legal Records
Every company must maintain up-to-date records of legal books, including bylaws and partner divisions. These records must be kept private but can be made available upon request from shareholders or public judges. Additionally, we will keep accounting records of all transactions, which will only be requested in the event of an inspection.
Corporate Compliance Requirements for Taxation
All businesses operating in Costa Rica are required to pay various taxes, including:
- Annual tax on legal entities
- Income tax (ranging from 10-30%)
- Sales tax (applying to goods sold, not services)
Depending on the type of activity your company engages in, there may be additional obligations or financial benefits available. Our team can help guide you through these requirements and ensure compliance.
Free Trade Zone Regime Compliance
The Free Trade Zone Regime is a set of incentives and benefits granted by the Costa Rican government to companies that invest in new projects and comply with local regulations. We will ensure that your company meets all necessary requirements and takes advantage of available benefits.
Ultimate Beneficial Owner Filing
Since 2019, it has been mandatory for all legal persons and structures domiciled in Costa Rica to file a UBO declaration. This declaration aims to increase transparency in taxation and financial matters and is governed by the Registry of Transparency and Beneficial Ownership (RTBF).
Other Entity Corporate Compliance Requirements
Once your company is registered with the Costa Rican National Register, you will need to:
- Register as a contributor with the treasury
- Register with the Board for Costa Rican Social Security
- Register with the national insurance institute
- Request municipal permits
- Request specific incursion permits
Our team can help guide you through these requirements and ensure compliance.
Calendar of Corporate Compliance Requirements
We understand that navigating corporate compliance requirements in Costa Rica can be complex. That’s why we’ve put together a comprehensive calendar to help you stay on track:
- What are the common statutory appointments for a company in Costa Rica?
- Is a fiscal address needed for a legal entity in Costa Rica?
- When do companies have to submit their annual income tax declaration in Costa Rica?
- When must the General Shareholders Meeting be held in Costa Rica?
- What is the Ultimate Beneficiary Owner update in Costa Rica and what is the deadline for it to be declared?
Get Help with Corporate Compliance Requirements in Costa Rica
At Biz Latin Hub, we understand the importance of corporate compliance requirements in Costa Rica. Our team has extensive experience navigating these regulations and can help your company stay compliant and successful.
With dedicated offices in 17 countries across Latin America and the Caribbean, we can provide personalized support for your business needs. Contact us today to learn more about our services and how we can help you achieve commercial success in Costa Rica.