The desire to promote foreign investment and modernize the country’s infrastructure, coupled with its advantageous geographical location in terms of access to North America, make Costa Rica an ideal place to set up a business. Don’t forget the important step of taking out international health insurance in Costa Rica to cover all your medical expenses, so you can leave with peace of mind.
A wealth of natural resources
Nestled in Central America, Costa Rica is home to nearly 5 million people and shares borders with Nicaragua to the north and Panama to the south. Though it covers just 0.03% of the world’s land area, Costa Rica boasts an astonishing 5% of the planet’s biodiversity. Over a quarter of its land is protected as national parks and reserves, making it a global leader in conservation efforts.
Fun fact: Costa Rica is often ranked as one of the happiest and greenest countries in the world, perfect for entrepreneurs who value both business and lifestyle.
The country is proud of its 190-year-long democratic tradition, and of having abolished the army half a century ago (1948). Today, money that could be spent on military purposes is invested in improving Costa Rican living standards, which has led to a culture of social peace that is very much in evidence in the country.
A stable and growing economy
Costa Rica is also an attractive destination for investment, offering strong potential for the establishment of multinational companies. Its government’s focus on social development redirecting funds toward education, healthcare and public welfare instead of military spending therefore has helped create a stable, peaceful and welcoming environment for international investors and expatriates
Our advice to entrepreneurs
Understand local culture and time perception
In Costa Rica, time tends to be more flexible than in many Western cultures. Delays in both business and personal appointments are quite common and even missed meetings don’t necessarily signal a lack of interest. It’s important to remain patient and adaptable. Additionally, Costa Ricans are known for their polite and non-confrontational communication style. Direct refusals are rare, so it’s essential to read between the lines and approach discussions with tact and diplomacy.
Be patient with administrative procedures
Administrative procedures, especially those related to residency, work permits or establishing a company, can be lengthy and complex. To streamline your experience, consider partnering with a reputable local law firm that understands the intricacies of Costa Rican bureaucracy. Legal support can significantly reduce delays and ensure your documentation is handled correctly.
Build your business network in Costa Rica
Whether you’re launching a startup or expanding an existing business, connecting with local and international business organizations can provide a significant advantage. English-speaking entrepreneurs in Costa Rica can benefit from the support of various chambers of commerce, including the American Chamber of Commerce (AmCham Costa Rica), the British-Costa Rican Chamber of Commerce and the Canadian Chamber of Commerce. These organizations offer a wide range of services such as market research, business networking, legal and tax guidance, company registration and recruitment support.
Tapping into their local expertise and expansive professional networks can be key to establishing a sustainable and successful business presence in Costa Rica’s dynamic market — as demonstrated by Patricia Richer, an expatriate chef-restaurateur who successfully launched her culinary venture with the support of local business networks.
