Expanding into Costa Rica
The Republic of Costa Rica, is a Central America nation lying between the Pacific Ocean and the Caribbean. International companies expanding into Costa Rica will find an upper middle-income nation considered to be an international success story by the World Bank, largely due to its liberal attitude towards international trade and Foreign Direct Investment by multinationals.
Get the Support You Need
Ensuring compliance without sufficient knowledge of the country’s laws also adds stress to getting your new entity off the ground and ready to test new markets. Going at it without the proper support can increase the costs, time and risks involved.
The opportunities that come with expanding into Panama can be stimulating as well as intimidating and confusing, especially when you consider all the registration procedures that need to be done and the documentation required.
These can be worked through more efficiently and cost-effectively with the support of a Professional Employer Organisation (PEO) such as Bradford Jacobs, primarily through our Employer of Record (EOR) framework.
This can be best utilised when businesses are just beginning their expansion process and require more information before incorporating an entity and fully establishing themselves in that market.
Hiring Staff
in Costa Rica
International companies expanding into the Republic of Costa Rica will be entering a market in the increasingly attractive economic arena of Central America. Lying between the Pacific Ocean and Caribbean with Nicaragua to the north and Panama to the south, Costa Rica is also a logistical link between North and South America.
The World Bank gave Costa Rica’s Gross Domestic Product (GDP) at €61.20 billion (US$64.28 billion) in 2021, a post-pandemic increase of 7.8% over the previous year, with the services, manufacturing and agriculture sectors all improving. Costa Rica’s relatively small economy is nevertheless diverse, with exports including electronic components, microprocessors, medical equipment, coffee, fruit and vegetables, sugar, nuts, spices and rubber.
Natural resources in copper, gold, bauxite and manganese deposits opened export doors and provided another route for Foreign Direct Investment. Costa Rica’s emphasis on the Green economy has advanced renewable energy as a growth area. The services sector, accounting for three-quarters of the GDP, also includes a sizeable tourism sector, with visitors attracted by spectacular scenery and the government’s commitment to maintaining biodiversity.
Costa Rica’s outlook to international commerce is highlighted by free trade agreements with the European Union, US, Canada, Mexico, China, Singapore and many Central America and Caribbean nations. Costa Rica also has bilateral investment treaties with these nations and others, including Qatar, Taiwan and South Korea.
Foreign individuals have an 11- or 12-digit DIMEX (Immigration Identification Document for Foreigners)
Foreigners without a DIMEX have a 10-digit tax identification number called a NITE
Hiring Staff
in Costa Rica
International companies expanding into the Republic of Costa Rica will be entering a market in the increasingly attractive economic arena of Central America. Lying between the Pacific Ocean and Caribbean with Nicaragua to the north and Panama to the south, Costa Rica is also a logistical link between North and South America.
The World Bank gave Costa Rica’s Gross Domestic Product (GDP) at €61.20 billion (US$64.28 billion) in 2021, a post-pandemic increase of 7.8% over the previous year, with the services, manufacturing and agriculture sectors all improving. Costa Rica’s relatively small economy is nevertheless diverse, with exports including electronic components, microprocessors, medical equipment, coffee, fruit and vegetables, sugar, nuts, spices and rubber.
Natural resources in copper, gold, bauxite and manganese deposits opened export doors and provided another route for Foreign Direct Investment. Costa Rica’s emphasis on the Green economy has advanced renewable energy as a growth area. The services sector, accounting for three-quarters of the GDP, also includes a sizeable tourism sector, with visitors attracted by spectacular scenery and the government’s commitment to maintaining biodiversity.
Costa Rica’s outlook to international commerce is highlighted by free trade agreements with the European Union, US, Canada, Mexico, China, Singapore and many Central America and Caribbean nations. Costa Rica also has bilateral investment treaties with these nations and others, including Qatar, Taiwan and South Korea.
Foreign individuals have an 11- or 12-digit DIMEX (Immigration Identification Document for Foreigners)
Foreigners without a DIMEX have a 10-digit tax identification number called a NITE
The Main Sectors of the Costa Rican Economy
The country focuses on the following key sectors, which all have a significant impact on the country’s economy:
The Main Sectors of the Costa Rican Economy
The country focuses on the following key sectors, which all have a significant impact on the country’s economy:
Commercial Laws in Costa Rica
Commercial Laws in Costa Rica
