Financial technology or fintech is one of the best industries to open a company in Costa Rica due to the simple registration requirements. Furthermore, the government does not have specific legislation for such activities, which makes the licensing procedures easy.
Below, our company formation agents in Costa Rica explain how to set up a fintech company, as well as some of the activities such an enterprise can undertake.
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Registration of a fintech company in Costa Rica
The first step to open a fintech company is registering one of the available business formsin Costa Rica. Depending on the size of your future enterprise, you can choose between:
- a private limited liability company;
- a joint stock company.
For each of them, you need to ensure a local address, bank account, and the minimum number of directors, as required by the Company Law. Most entrepreneurs choose the private limited liability company, as it has simple incorporation requirements.
If you are a foreign investor, the same company formation rules will apply to you, except if you also want to move to Costa Rica. In this case, we strongly advise you to apply for a residence permit for Costa Ricabefore relocation. However, if you will not be able to immigrate, you need to ensure you have a local representative to work at the headquarters of the company. Our local specialists can inform you about all the legal requirements to comply with when opening a fintech companyin Costa Rica.
Types of fintech activities that can be completed in Costa Rica
When you set up a fintech company in Costa Rica, you should also decide the activities it will undertake and the main ones are:
- online payment processing;
- money transfer and remittance activities;
- payment service gateway operations;
- transaction monitoring activities;
- personal financial management solutions;
- automated portfolio management services;
- crypto-related services;
- robot advisory services;
- peer-to-peer lending platforms;
- investment applications.
Certain activities can be linked to an application or website. In the latter’s case, you will also need to register a domain name.
It is important to note that, depending on the activities to complete, you may also need to apply for certain licenses in Costa Rica. This is the case for fintech businesses that deal in cryptocurrencies.
Feel free to ask for the support of our local agents if you want to establish a fintech companyin Costa Rica and register a domain name associated with its website. If you want to extend your company in other countries, such as Argentina, we can put you in touch with our local specialists in company formation.
Licensing requirements for fintech companies in Costa Rica
There are no specific requirements in terms of licenses that need to be obtained when setting up a fintech company in Costa Rica. Only for certain activities, such as crypto-related ones, authorization may be necessary from the National Bank. However, it is useful to note that not all such activities are subject to this condition. This is why, before launching your business, it is recommended to check with our company formation advisors whether you need to apply for such authorization or not.
Why open a fintech company in Costa Rica
The easy setup process and the possibility to carry out various crypto-related activities are 2 of the main reasons to open a crypto business in Costa Rica. Thanks to these facilities, there are about 87 fintech startups already operating in the country. As the industry develops, it is expected to have an important contribution to the economy.
In terms of economic performance, according to data gathered by the World Bank:
- in 2023, Costa Rica’s economy grew by 5.1% thanks to exports and domestic demand;
- in 2024, the country’s economy is expected to increase by 3.9%;
- for the near future, specifically for years 2025 and 2026, a 3.7% growth is projected.
If you want to relocate and open a fintech company, you can remain here until you obtain citizenship in Costa Rica. Please note that you can contact us for support in both endeavors: immigration and company registration.