Due to the country’s business-friendly investment policies, it is fairly easy to register a company in Costa Rica. This gives investors the opportunity to take advantage of this popular and growing market. A key part of the process is opening a corporate bank account in Costa Rica.
Costa Rica is considered an upper-middle income country, and has been economically and politically stable for the past decade. It has strong tourism and technology sectors, which are seeing growing investment. Thus, an increasing number of investors are incorporating a company and setting up a corporate bank account in Costa Rica.
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Once a company has completed registration, the last step to undertake before it can begin operating is opening a corporate bank account in Costa Rica. This will allow the company to keep a record of its financial transactions and manage its funds in a central repository.
The rules to follow when opening a corporate bank account in Costa Rica are similar to those in other countries in the region. Companies must be able to provide legal and financial documents to comply with anti-money laundering regulations.
Bank options in Costa Rica
These banks offer a wide range of services to suit the needs of international businesses, such as foreign currency accounts, international transfers, trade finance solutions, and regulatory compliance assistance.
- National Bank of Costa Rica
- Bank of Costa Rica
- Banco Promerica Costa Rica
- Scotiabank
- Banco Davivienda
- BAC Credomatic Costa Rica
- Banco Cathay de Costa Rica
- Banco Lafise Costa Rica
Our recommendation: We recommend that clients, as far as possible, choose a bank if they have a pre-existing relationship with it. If not, we recommend the following banks for foreign companies: BAC San José, Lafise
Requirements for a corporate bank account in Costa Rica
Different banks in Costa Rica may request different documents from customers seeking to open a corporate bank account. These documents may be of a legal or financial nature. Other types may also be required. Generally, most local banks will request the following information:
- Company certificate – expedited by a public notary or the National Registry, indicating the following:
- The complete name of the company.
- Company identification number.
- Name and ID number of the legal representative.
- Certificate of the distribution of shares and social capital.
- Proof of registered company office.
- The company’s bylaws.
*Depending on the company’s activity, banks may require additional documents to grant your company a bank account.
4 Steps to open a corporate bank account in Costa Rica
As long as you have successfully incorporated your business in Costa Rica and prepared all the necessary documents, opening a company bank account should be easy and relatively quick. The process can be summarized into the following four key steps:
- Step 1 – Choose a provider and bank account type.
- Step 2 – Hand over the necessary documents.
- Step 3 – Make initial deposit.
- Step 4 – Activate your account.
1. Choose a provider and bank account type
Before choosing a bank for your company account, it is important you do your research and learn about the different products and services that the local banks offer. Some banks offer only simple services like online transactions, but other banks may offer services that are more complex. You may prefer to use a private bank over a public bank, according to your company’s business needs. Depending on the type of account you choose to open, international transactions may be restricted.
2. Hand over the necessary documents
Once you have chosen a banking provider, you may request the opening of a company bank account. To formally make this request, you will be required to hand in a number of official bank documents, such as those stated above, and complete the bank account application forms. If your request is accepted, you come into agreement with the bank.
3. Make Initial Deposit
Depending on the local bank you choose, and the type of account you choose to open, you will be asked to make an initial deposit of anywhere between USD$50 to USD$500. Deposits for checking accounts are usually greater.
4. Activate your account
Once the account has been approved, you will be able to obtain your online login information. This allows you to access a wide array of online services. Now that you have a company bank account, your business is ready to begin operations.
Common Questions on Opening a Corporate Bank Account in Costa Rica
Based on our extensive experience, these are the common questions and doubts of our clients on opening a company bank account in Costa Rica:
1. Can I open a corporate bank account online in Costa Rica?
No. However, you can open a bank account from abroad with the support of a local attorney empowered through a power of attorney (POA). However, the original bank application forms will need to be sent to Costa Rica.
2. What bank account types exist in Costa Rica?
In Costa Rica you can have a checking, savings, or investments account. Many banks will allow you to hold accounts in USD and CRC.
3. Who can have access to a company bank account in Costa Rica?
Any member of the company that is authorized by company shareholders can have access to the bank account.
4. What is the best bank in Costa Rica for foreign companies?
We recommend the following banks for foreign companies: BAC San José, Lafise.
5. Why do companies open bank accounts in Costa Rica?
Companies choose to open bank accounts in Costa Rica due to the economic and political stability, the ability to hold currency in US Dollars, the benefits of the national taxation system, and banking privacy.
6. What documents are needed to open a corporate bank account?
The following documents are necessary:
- Company certificate – expedited by a public notary or the National Registry, indicating the following:
- The complete name of the company.
- Company identification number.
- Name and ID number of the legal representative.
- Certificate of the distribution of shares and social capital.
- Proof of registered company office.
- The company’s bylaws.
Biz Latin Hub can help you get banked in Costa Rica
Doing business in Costa Rica, and in other countries in Latin America, offers many opportunities for investors. That will almost inevitably mean opening a corporate bank account in Costa Rica.
However, the local business environment can be somewhat challenging, especially for foreigners. At Biz Latin Hub, we offer tailored business services to help companies overcome common problems faced during the initial stages of entering a new market.
If you have any doubts regarding doing business in Costa Rica, please reach out. Contact us and learn how we can support you and your business in Latin America.
