Cryptocurrencies are becoming appealing to more and more people, and businesses in this sector thrive in countries all over the world. This is also the case of Costa Rica where such ventures can be created without too much hassle, as there is no crypto exchange license required, at the moment.
While there is no specific legislation governing this sector, if you want to open a cryptocurrency company in Costa Rica is possible. Find below the steps and procedure for company formation in Costa Rica in this sector as presented by our local specialists. You can also rely on for support in immigration to Costa Rica.
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Steps to complete to open a cryptocurrency company in Costa Rica
The procedure related to starting a crypto business in Costa Rica must respect the same regulation applies to commercial enterprises and must start with the selection of the legal entity.
Then, the following steps must be completed:
- ensuring a unique trading name;
- drafting the company’s Articles of Association where the object of activity must stipulate the type of crypto operations to be conducted;
- these documents alongside other information (details about the shareholders, directors, and registered address) must be filed with the Trade Register;
- the creation of a local bank account and tax registration is also mandatory steps for such a company.
At the moment, there is no crypto exchange license in Costa Rica, however, such companies can trade virtual assets in or outside the country.
If you want to open a company in Costa Rica, you can request the services of our consultants who will help you incorporate it in the shortest time possible. You can also rely on our immigration lawyers in Costa Rica for guidance in moving here. Do you want to open a company in another country, such as Bahrain? We can put you in contact with our partners.
What are legal structures that can be used to start a crypto business in Costa Rica?
The private limited liability company and the offshore company are two of the most employed legal forms used to create any type of business in Costa Rica. If the first one can be used for activities within the country, the other can be used for conducting operations outside Costa Rica. The procedure of registration is the same for both.
If you are a foreign investor and want to open a cryptocurrency company in Costa Rica and operate in your home country, the offshore entity can be a good solution.
We remind you that you don’t need a crypto exchange license in Costa Rica, but when operating abroad special authorizations may be required, depending on the respective country’s regulations.
If you decide on immigration to Costa Rica, we are at your service with tailored support.
Useful cryptocurrency business ideas for Costa Rica
The Costa Rican crypto exchange is a great business idea in the fintech sector, however, there are also other activities that can be completed in related to digital money. Among these:
- mining is one of the simplest activities that can be completed as a cryptocurrency company;
- initial coin offerings or ICOs imply the trading of digital money with the purpose of raising funds for various projects;
- ATMs and e-wallets can also be used as cryptocurrency business ideas in Costa Rica.
We are also at your service if you decide to immigrate to Costa Rica for business or other reasons.
Taxation of cryptocurrencies in Costa Rica
The Costa Rican National Bank does not consider virtual money as an official currency, however, various trading operations are allowed.
If you want to open a cryptocurrency company in Costa Rica and wonder about the taxes you will need to pay, here are the most important highlights:
- if your activity is completed in Costa Rica, the corporate tax to be paid is 30%;
- capital gains taxes are also levied at a rate of 30%;
- dividend payments may be taxed at rates of 5% or 15%;
- however, if the activities target other countries, no tax will be paid in Costa Rica;
- double tax treaties also apply to such ventures, however, Costa Rica only has one agreement with Spain.
If you want to know more about the Costa Rican crypto exchange license and how to open a business in this sector, please contact us. Feel free to address our immigration lawyers in Costa Rica for details on relocation.