What Can You Do with a Costa Rica Gambling Company?
A Costa Rica gambling company will allow you to carry out online casino, poker, slots, eSports, betting, and other forms of digital gambling from Costa Rica. You are able to offer these services to customers around the world, but not in Costa Rica. In addition to this, you can provide ancillary gaming services with a Costa Rica company.
One of the other leading uses of a Costa Rica Gambling company is that of cryptocurrency gambling operations. The Costa Rican government has a very crypto-friendly approach and the country is home to a number of crypto-gambling platforms. In fact, Costa Rica gambling companies cannot operate with conventional banking and payment merchant services so it’s the perfect location for those looking for crypto payments only.
Fast Offshore recommends a Costa Rican gambling company just as a temporary solution while a start-up finds its feet. It’s a great, cost-efficient way to test the water and iron out any issues before moving operations to a licensed jurisdiction.
History of Online Gambling in Costa Rica
Costa Rica is known for its tolerant government, fondness for technology such as bitcoin and crypto, and a welcoming business environment. It is also known for its somewhat relaxed approach to gambling operators and has not created any formal legislation specific to the industry.
When it comes to the location of the gambling operator’s sever, the Costa Rican government doesn’t view what takes place on a server on the internet as taking place in Costa Rica. This means it is legal for a company to offer online gaming services from the country.
Costa Rica has been home to around 300 online gambling companies in the past, however, that number shrank considerably during the last years.
In 2013, the government started discussing the possibility of establishing a gaming control board and various gaming taxes. Draft proposals were created but at the time of writing, nothing has materialised.
Is there a Costa Rica Gambling License?
No. There is no such thing as a Costa Rica gambling license. Instead, those wishing to operate an online gambling company from Costa Rica must establish this in the description of business activities upon incorporation. A company that wishes to operate a legal online gaming or betting operation from Costa Rica must state the object in the “Escritura” or notarised Articles of Incorporation.
In addition to this, the gaming company will have added liability for the registered agent so there is a higher cost for services related to incorporation.
Costa Rica Gambling Company Benefits
One of the key benefits is that there are no stringent restrictions, requirements or obligations to adhere to. Gambling companies are left to self-regulate in line with local corporate law and international gambling best practices.
Another key benefit is the fact that there is no need for a Costa Rica gambling license. This means lower costs as you don’t have to pay licensing fees or annual license renewal fees.
Thirdly, there is zero tax levied on revenue that is generated outside of Costa Rica. If the company that carries out activities abroad is not required to pay tax on any of its income. This is a huge benefit for small businesses and entrepreneurs.
Other benefits include no limits on the nationality of directors, basic due diligence, fast turnaround time, no paid-up capital requirements, and affordable setup and maintenance fees.
Name Restrictions for a Costa Rica Company
The name of the company can be in Spanish or English but must be accompanied by a translation to Spanish. The name must end with Limited, Corporation, Incorporation, or other international suffixes to denote limited liability.
You cannot include words like insurance, assurance, fund management, or reinsurance that require consent or licensing to operate in Costa Rica. Additionally, names that could suggest a link to the state, government or royal patronage are not allowed.
Like other jurisdictions, you cannot use names that are the same as or similar to other companies in Costa Rica, or names that are offensive.
Taxation in Costa Rica
A Costa Rica gambling company is not subject to any betting or gaming tax. Furthermore, any revenue generated outside of Costa Rica is not taxable in the country. If the company generates revenue inside the jurisdiction, only then is it subject to local tax laws.
Accounting & Financial Statements
Any Costa Rican company is required by law to prepare annual financial statements. These must be in Spanish and should be kept for 10 years. There are no requirements to appoint an auditor or carry out any kind of audit.
Disclosure of Beneficial Owner
The ultimate beneficial owners must disclose their identities to the Registrar of Companies. This information is not publicly accessible, therefore providing a level of privacy for company owners.
There is no minimum capital requirement for a Costa Rica gaming company.
How Much Does a Costa Rica Gambling Company and Costa Rica Gambling License Costs?
The price of a Costa Rica gaming company starts at $4,500 depending on the services and requirements that you have. The entire process takes from 2 to 3 weeks. As there is no regulatory framework in Costa Rica, there is no requirement for an online gambling license in Costa Rica, this is why the cost is so low when compared to other Online Gaming Licenses.
You can also benefit from our special renewal package and additional optional services. To get full price details, related documents and services click on the button below:
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More Locations to Incorporate a Gambling Company
Not sure about a Costa Rica Gambling Company? No problem! There are other locations to consider establishing your gambling company. Select any of the locations below to learn more: