APGI Costa Rica Anonymous Company
Costa Rica Offshore Company Incorporation
From €670.00/US$1000.00
Costa Rica - "the Switzerland of Latin America" - has always created favorable tax conditions for offshore operations, but the country's popularity as such, has only caught on over the last few years. Banks are required by law to maintain absolute secrecy regarding the operations of their clients. Information about normal banking operations is not passed on to any government agency - including the Tax Department. Information given to local attorneys/notaries is protected by professional secrecy.
An interesting angle of financial secrecy is the use of Costa Rican offshore companies. Like bank accounts, these anonymous companies can be started by anyone - citizen, resident, or tourist - and are supposed to be totally secret. Since there's no way of knowing just whose names are on the company books, it's almost impossible to discover who actually controls any of these companies. In fact, the legal name is "sociedad anonima" or "anonymous company". That's why company names are appended with "S. A." instead of "Inc." or "Ltd."
Costa Rica's corporate structure allows any person (Costa Rican or not) to control a company without his or her name appearing in the public records. Our Costa Rican lawyers can set up your anonymous company without the real owner's name ever appearing in the record. Although there is a legal president, vice-president, secretary and treasurer (our nominees), the actual ownership of the corporation is invested in whoever physically has the stock certificates in his/her pocket or safe-deposit box.
A Costa Rica S.A. is free to engage in many types of business activities, both in Costa Rica and in other countries and it pays nothing on what it earns outside of Costa Rica! Local laws require that a yearly tax report must be filed (We do the job!); should there be no income to report, there are no tax consequences. Last but not least, Costa Rican anonymous companies are now one of the best offshore vehicles because many of high-tax rated countries do not consider them as offshore companies!!!
Please note that the standard Authorized Share Capital is only CR Colones 10,000 (something like US$30). Bearer Shares are not permitted here but actual ownership of a Costa Rican company is invested in whoever physically has the stock certificates in his/her pocket (Shares can be endorsed) or safe-deposit box (We do provide such custodian service locally). Please take note that Costa Rica is the best offshore gaming jurisdiction to.
- Key Corporate Features
- Costa Rica General Information
- Costa Rica Company Information
- Costa Rica Compliance
- Costa Rica S.A. Schedule of fees
Key Corporate Features
| General | |
|---|---|
| Type of Company : | Limited Corporation |
| Political Stability: | Excellent |
| Common or Civil Law: | Civil |
| Disclosure of Beneficial Owner: | No |
| Migration of Domicile Permitted: | Yes |
| Corporate taxation: | Nil |
| Language of name: | Latin Alphabet |
| Corporate Requirements | |
| Minimum Number of Shareholders/Members: | Two |
| Minimum Number of Directors/Managers: | Two |
| Corporate Directors/Managers permitted: | Yes |
| Company Secretary required: | Yes |
| Usual authorized Capital: | Colones 10,000 |
| Local Requirements | |
| Registered Office/Agent : | Yes |
| Company Secretary: | No |
| Local Directors: | No |
| Local Meetings: | No |
| Government Register of Directors/Managers : | Yes |
| Government Register of Shareholders/Members: | No |
| Annual Requirements | |
| Annual Return: | No |
| Submit Accounts: | No |
| Recurring Government Costs | |
| Minimum Annual Tax/License Fee: | US$40 |
| Annual Return Filing Fee : | US$50 |
General Information
Situated in the geographic center of the Americas, Costa Rica shares borders with Nicaragua to the Northwest and Panama to the Southeast, and is bordered on the South by the Pacific Ocean and on the North by the Caribbean Sea. It is small in area (19,730 square miles), but nevertheless it is host to an enormous biodiversity.
Population
The population of Costa Rica is approximately 4 Million, more than one million living in the Central Valley.
Political Structure
Costa Rica's democracy and social policies have the 1949 constitution as their cornerstone. This document guarantees Costa Ricans freedom of expression and mobility, and upholds the sanctity of human life and private property.
Costa Rica is a country with a longstanding democratic tradition, and since the abolition of the army in 1948 it has been politically stable. Costa Rica's political system is presidential, with a one-term limit on election to this, the highest office.
Infrastructure and Economy
The economy has traditionally been based on agricultural commodities such as coffee, cacao, bananas, sugar and beef. In the recent years successful efforts have been made to introduce new exports, services and tourism.
Language
Spanish is the official and spoken language. English is also spoken widely in urban areas and is often used in commerce and international trade.
Currency
Costa Rican Colon (¢)
Exchange Control
None.
Type of Law
Based on French Civil Law.
Principal Corporate Legislation
Commercial Code, Law No. 3284, passed on September 19, 1964, and its subsequent amendments.
Company Information
Type of Company for International Trade and Investment
Generally, stock corporations are incorporated as "Sociedades Anónimas" under the Commercial Code, articles 102 ff.
Procedure to Incorporate
By presentation of the proposed corporation's signed Articles of Incorporation before a Notary Public who creates a Public Deed for registration at the Public Registry.
Restrictions on Trading
Private banking, public finance, investment funds, collective investment schemes, and pension funds are allowed, but the Government must authorize operations. Insurance and the distribution of petrol, gasoline, and diesel are prohibited as they are state owned monopolies. There are also restrictions placed on the provision of utility services such as telecoms and power. Trustee services are permitted.
Language of Legislation and Corporate Documents
Spanish
Registered Office Required
Yes, must be maintained in Costa Rica at the address of the Registered Agent.
Name Approval Required
Yes
Shelf Companies Available
Yes
Time to Incorporate
3-4 weeks, subject to name approval.
Name Restrictions
A name that is similar to or identical to an existing company. Names of well known companies incorporated elsewhere or a name that implies government patronage.
Language of Name
Names may be expressed in any language using the Latin alphabet. The Registrar requires a Spanish translation.
Names Requiring Consent or a License
Bank, savings, assurance, reinsurance, fund management, investment fund, or their foreign language equivalents. "Trust" or "Trustee" is permitted.
Suffixes to Denote Limited Liability
All Costa Rican stock corporations must end with the suffix "Sociedad Anónima" or the abbreviation "SA."
Disclosure of Beneficial Ownership to Government Authorities
No requirement
.Compliance
Authorized and Issued Share Capital
The standard authorized share capital is Colones 10,000 divided in to 100 common voting shares of Colones 100 each. The capital may be expressed in any convertible currency. The minimum issued capital is one share at par value.
Classes of Shares Permitted
Preferred shares and registered (nominal) shares.
Taxation
No corporation tax is levied on non-Costa Rican sourced income.
Double Taxation Agreements
None
Investment Protection Treaties
Germany, France, Romania, Chile, Great Britain and Switzerland.
Licence Fees
Annual Franchise Tax of US$ 40 is payable.
Financial Statement Requirements
No requirement if income is of non-Costa Rican sources.
Board of Directors
Costa Rican companies are required to appoint a minimum of two officers (manager, and secretary) who may also be the directors, and may or may not have Costa Rican citizenship. Additionally.
Shareholders
The minimum initial number of shareholders is two.
Schedule of Fees
| Basic Fees: BVI IBC | €EURO | $US DOLLAR |
|---|---|---|
| Annual License Fee: | included | included |
| Annual Registered Office fee: | included | included |
| Annual Registered Agent fee: | included | included |
| Incorporation Fees: | included | included |
| TOTAL FIRST YEAR FEES: | €665 | US$1000 |
| Additional Services: | € EURO | $ US DOLLAR |
| Corporate Seal | €45 | US$65 |
| Open Bank Account | From - €275 | From - US$400 |
| Power of Attorney | €120 | US$150 |
| Certificate of Good Standing | €120 | US$150 |
| Notarization per document or set | €100 | US$150 |
| “Apostile” per document or set | €100 | US$150 |
| Nominee Director | €280 | US$350 |
| Nominee Shareholder | €280 | US$350 |
| Costa Rica Mailing Address | €200 | US$300 |
| Mail Forwarding Deposit | €50 | US$50 |
| Custody Service | €200 | US$300 |
| Annual Fees: | €EURO | $US DOLLAR |
| Maintenance Fee | €335 | US$500 |
| Nominee Director | €235 | US$350 |
| Nominee Shareholder | €235 | US$350 |