What Businesses Are In Demand in Costa Rica?
On the assumption that you are a foreigner and want to open a business in Costa Rica, this article might help you to make a decision that better fits your needs.
Costa Rica has a lot of advantages for businesses: starting with the fact that a lot of locals speak English and other languages like Portuguese, French or Mandarin, the access to the Caribbean Sea and the Pacific Ocean coasts for importations and exportations, the good conditions for investments and many more.
To be an owner of a business in Costa Rica, you need to register in the Ministerio de Hacienda first. Then, you have to select your business area and check if the name is available. To create a business partnership it’s needed a partner and a couple of representatives (but as soon as you set it up it can be managed by only one person) and at that point you get together with an attorney carrying the identities of each partner to sign the Articles of Incorporation. Some fees and taxes have to be paid but after that, the partnership can be registered in the Ministerio de Hacienda and other public institutions.
In this country, tourism is a big industry to invest in. Every year the amount of tourists increases not only for pleasure but for medical and business tourism as well. So you can have a successful commerce by getting into this industry. Real Estate is a good plan too, there’s a lot of room to build housing projects.
Costa Rica is also known for the agriculture and the exportation of products such as coffee, pineapple, plantains, sugar, rice and so on. There are crops in certain areas of the country where the crops are more favorable and labor is cheaper.
The second product that Costa Rica mostly exports is medical devices. There are assembly production lines that allow the existence of medical equipment (mostly dental ones) factories along with their respective call centers for customer support.
Another great industry to invest in Costa Rica is sustainability. The ticos have a lot of moral conscience regarding renewable resources and energy and this country is good for it due to its compromise to protect the biodiversity of its ecosystems. High technology for these purposes are always welcomed.
It is common to find in each province at least one corporate center or logistics park where the companies share spaces to have their employees. Also, there are the so-called free zones. These are spaces with special benefits to encourage foreign investment in the country in exchange for jobs and stability. Some of the advantages are: reduction of taxes, reduction of utility bills, access to shared spaces with other companies, access to training for free provided by the government. However, there is a list of authorized types of businesses that can be in a free zone, not all can operate with those conditions.
Costa Rica is a developing country that allows independent business people to invest in businesses, no matter how big or small. At the end of the day, ticos are highly capacitated people and hard workers so you won’t regret investing in this country.