Are you a blockchain entrepreneur looking for a home? Then Costa Rica could be the perfect jurisdiction for you to consider. With no current licensing requirements for blockchain or cryptocurrency, it offers a welcoming environment for blockchain companies to spread their wings and get their business running.
This is your guide to blockchain company formation in Costa Rica
Why Costa Rica?
Costa Rica enjoys a stable government, economy and democracy and it has historically been a leader in the region in terms of international business. A bilingual nation (English and Spanish) it is a member of the World Trade Organisation and has a number of free trade agreements and double taxation treaties in place. Corporate tax is only payable on revenue generated within the country, meaning if your money is made abroad, you don’t pay anything. In addition to this company shareholders do not appear on public records and there are no accounting or reporting requirements imposed on any local companies.
Setting up a blockchain company is also pretty straightforward and quick, taking on average between 20 and 40 business days. You only need four members- a president, secretary, treasurer and controller, and only their names will appear on the public record.
Blockchain laws in Costa Rica
In terms of cryptocurrency, the Costa Rican government has said that it does not consider crypto as a currency. The Central Bank and its decentralised agencies do not in any way regulate or supervise cryptocurrency in Costa Rica. With regards to blockchain, there are currently no laws in place restricting any kind of blockchain activity in the country, so if you want to open a blockchain company there, all you need to do is incorporate.
The Costa Rica government’s attitude to blockchain can be described as friendly and this makes it a prime jurisdiction for the establishment of blockchain and cryptocurrency companies.
How to incorporate a blockchain company in Costa Rica
In order to incorporate a blockchain company in Costa Rica, you need to undertake a few steps.
- You should engage with a professional such as Fast Offshore who have decades of experience in Costa Rica, corporate services, and now, blockchain and cryptocurrency.
- Then you need to choose the company structure that best suits your needs and choose a name for it.
- You then need to submit all of your required documents including due diligence and KYC, articles of incorporation, a document detailing the company’s capital stock, and other documents required by law.
- Once these have been submitted, the company must announce its incorporation in La Gaceta, a legal newspaper in Costa Rica and the advert must run for eight days.
- All fees must be paid and all documents must be either certified or notarised as applicable, before being submitted to the government registry.
- Within 7-10 business days, your blockchain company will be up, running, and ready to go.