Essay: Small Business Opportunities in Costa Rica

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Located and connected very conveniently to major cities of North America, Costa Rica presents a warm and friendly welcome to both tourists as well as business entrepreneurs. The friendly nature percolates even to the business openings that this place has making it ideal for small business ventures to flourish with abundance. There are many small business opportunities in Costa Rica. Here’s why.

Open business nature

Rules for setting up a business in Costa Rica for a foreigner or expat are quite unrestrictive.  It is not necessary that the person needs to be a resident of Costa Rica to set up their business. People visiting Costa Rica on a 90 day tourist visa also can open up a business venture.  All that is required is a good amount of the adventure spirit in the individual, even without any prior business experience, Costa Rica has opportunities for such people.  There are small hotels or B&B ventures ready to be taken over and restart the stopped project. This means, the initial infrastructure to start the business need not be planned for. Just the will to bash on regardless is all that is required.

Some tips to bear in mind

Though the rules permit to start a business on a tourist visa, but it must not be forgotten that there is s requirement for immigration rules that the person has to return to native country and re-enter Costa Rica with a fresh visa permit. The interval period between “via runs” would depend on which country the entrepreneur is a native of.

The reason for such relaxed business setting up rules is mainly to ensure job opportunities being created for the locals. A business entrepreneur therefore has to remember that the work force would necessarily have to be locals of Costa Rica. The owner of the business also must not be working in the business enterprise.

While the nice lines are there for the actual business opening and working in Costa Rica, the same cannot be written about the banking system of Costa Rica. There is a lot of documentation involved and waiting period while opening an account in the Public banks. There are however a wide array of options with Private Banks also operating in Costa Rica. Their process and time period is smooth and short.

Business permit and accounts

The business permit is called “Uso de Suelo” in Spanish. This is what states the documentation required to be processed with the government to start the business. Once started, the money earned would naturally be taxable and that requires liaison   with the revenue offices.  All such transactions being in Spanish means a local help would be necessary to run a smooth business.

Time taken requires patience

It is easy to start a business in Costa Rica due the relaxed nature of the people in the area. The effect of this people’s nature however can be experienced while setting up the business. Items expected to reach a place may not do so on the specified date. Occurrences of such slip in deadlines are a natural thing in Costa Rica. Business entrepreneurs must therefore have patience to adjust to the meandering excuses people would give for missing their deadlines.

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