If you have ever hung around sitting on the beach and pondering the possibility of opening a small restaurant, bar hotel or perhaps a flip flop stand in paradise, this article will be of interest. It outlines some of the basics regarding business opportunities in Costa Rica and ways to get started.
Osa Tropical properties can help you explore a variety of business opportunities. Whether you are looking for investment property, a business space, a bed and breakfast or perhaps a turnkey business, we can help you find the perfect solution.
According to a recent survey the most common types of businesses in Costa Rica involve providing retail goods or services to locals and expats in Costa Rica. Business process outsourcing and software development firms are the second most common type of business started and third is working at home on the internet and other types of ventures that allow one to operate from a home a base. Small businesses that cater specifically to tourism in Costa Rica are also an option.
The basics of making the decision to open a business are not dissimilar to other parts of the world. You will need to have a business plan, conduct a market study to determine if there is an audience for the business, develop an establish budget and secure funding to cover the budget.
There are aspects of opening a business that are specific to Costa Rica. The following information is a brief description of some of the key steps in the process.
Structuring the business – You will need to determine the legal structure for your business from a variety of options and based on the type of business you plan to start.
Opening a bank account for the business – It is suggested that you select your bank and make an initial visit to determine exactly what documentation is required in order to open an account for the business. An attorney or accountant can provide advice on the process.
Obtaining business permits – You will need to go to the local municipal office to obtain the necessary permits. They will also provide you with a list of additional paperwork required by various other government bodies, according to the type of business.
Hiring an accountant – In order to manage company records, most foreign and local business owners hire an accountant to manage their files with the government. Look for an accountant that will file all paperwork and is willing to make visits to the municipality and tax offices on your behalf.
Two of the company’s most important team members are your attorney and your accountant. They will be able to provide you with information about all current laws and obligations that apply to business owners in Costa Rica for the purpose of starting your business and continuing successful operation for many years.