Costa Rica has a well-established financial industry made up of various types of companies and institutions. Some of them offer financial services to the general public, while others serve private clients. This means that to operate one way or another, a business in this field must obtain a financial license in Costa Rica.
Below, our Costa Rican specialists for opening a company present the main types of financial licenses, the requirements, and the procedures to obtain them. You can rely on them for support with the application.
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Steps to obtain a financial license in Costa Rica
Locals and foreigners – holders of residence permits in Costa Rica – are welcome to open financial companies for which they must complete the following steps:
- draft the Articles of Association indicating the scope of the enterprise;
- ensuring the minimum share capital, in accordance with the type of activity to be completed;
- appointing the minimum number of directors (in certain cases at least 2 directors must be nominated) or creating the board of directors;
- filing for the appropriate financial license in Costa Rica.
The license to be obtained is linked to the activities to be undertaken and may be regulated by specific laws. From this point of view, you can rely on our lawyers in Costa Rica to understand the law applicable to this sector.
Types of financial licenses in Costa Rica
There are several types of financial licenses that can be obtained in Costa Rica. Based on the operations they designate, here is an overview:
- the banking license which covers all operations undertaken by national and international banks operating through branches in Costa Rica;
- the Forex license which is issued to Forex traders;
- the investment fund license which is issued in accordance with Law No. 7523/1995.
The banking license is by far the most complex type of financial license available in Costa Rica as it covers multiple activities, among which:
- currency exchanges;
- consumer credit issuance;
- business credit issuance;
- operation of internal and external payment systems;
- financial leasing operations;
- non-financial credit issuance;
- insurance/reinsurance operations;
- financial intermediation activities;
- bank deposit opening services;
- trustee services.
All types of financial companies are supervised by the National Council for Supervision of the Financial System and by the General Superintendency of Financial Institutions. They both fall under the oversight of the National Bank of Costa Rica.
Most financial licenses in Costa Rica are issued by the National Council for Supervision of the Financial System.
If you want to open a company in Costa Rica and apply for a financial license, our local specialists can assist you. Depending on its size, you can choose to incorporate it as a private or public limited liability company.
Documents required to obtain a banking license in Costa Rica
The banking license is the most comprehensive type of financial business permits in Costa Rica. To obtain it, one must file:
- an application form;
- a copy of the company’s statutory documents;
- a list of the shareholders;
- audited financial statements;
- a detailed business plan;
- a declaration of the source of funds.
How many banks operate in Costa Rica?
Costa Rica has one of the most stable banking systems in the world, according to data from 2023. Banks here are divided into:
- 4 public banks operating here since 1949;
- 3 state-owned banks;
- 29 licensed banks, credit unions, and mutual associations.
Our lawyers are also at the service of private individuals with tailored legal services. For example, if you want to move to Costa Rica, you can rely on us for support with the immigration process. We can help you apply for both residency and citizenship in Costa Rica.
Contact us for support in applying for a financial license in Costa Rica and opening a business in Costa Rica.