Benefits and drawbacks of Doing Business in Costa Rica–

Costa Rica, actually “Rich Coast” in Spanish, is a fitting name for a country with varied geography which ranges from tropical rainforests to large oceanscapes. Five million people call Costa Rica house, and the main language is Spanish. Costa Rica’s GDP is US$74.9 billion with 72% attributed to imports and exports like coffee, sugar, and fruit. The average wage for Costa Ricans is about CRC654,059(Costa Rican Colón) or US$ 1,150 monthly.

Costa Rica is a prime location for business owners because of its proximity to the United States and since of its numerous free trade contracts. Its biggest foreign investments come from the United States, which led to a 2016 marked a trade surplus of US$ 1.6 billion in between Costa Rica and the United States.

In the previous few years, large tech business like Amazon have bought the Costa Rican market. Among the strong qualities of Costa Ricans, locally called “Ticos,” is their literacy rate of 97.8%, The country has actually put education as a top priority, and English is common amongst the young population.

Financially, the inflation rate remains low (0.8%), and the relative financial stability is a major plus for investors. In spite of Costa Rica’s remarkable renewable energy usage of 98.1%of overall energy produced, Costa Rica might use upgrades to both its water and transportation systems. And according to the World Bank, Costa Rica may need a justice system reform with approximately 852 days to settle a claim, compared to the Latin America & Caribbean average of 749 days, which is incredibly long compared to 370 in the United States and 480 in Chile.

As chances are increasing, accelerators and coworking spaces are sprouting approximately motivate business owners to get into business. For example, venture capital company Carao Ventures invests in ingenious start-ups and offers resources for entrepreneurs, helping them construct their services. As partners of essential networks, like EY Central America and Xcala, Carao Ventures has reviewed over 2,000 applications, producing an effective portfolio and track record. Auge deal with college student and business owners to assist develop and grow successful ideas through partnership, neighborhood, and partnerships and began in 2015 with an objective to incubate concepts sustainably with financial resources provided by companies like Coopetarrazu.

Located in Costa Rica’s capital city, San Jose, Creasala is a coworking space and coffee shop created to link service specialists, trainees, and business owners in a creative environment. Also based in San Jose is Slidebean, a Start-Up Chile graduate business that helps teams create engaging and interactive discussions. Slidebean will launch its 3.0 version with help from the United States$850,000 in seed funding it got from Carao Ventures, Lava Partners, 500 Startups, Firstrock Capital and other funds and has an office in New York in addition to its San Jose base. In addition to presentations, Slidebean offers a pitch deck creation tool, allowing start-ups to track investor activity and quickly develop presentations that fit their requirements. CEO and Co-Founder, Jose “Caya” Cayasso, runs Slidebean workplaces out of Latin America and the US. He talks more about his journey on the Crossing Borders Podcast.

Gopato, another Carao Ventures business, runs through Facebook Messenger, taking orders from clients and delivering products on-demand. Gopato deals with restaurants, stores, pharmacies and more to deliver customers items at the touch of a button. Creators José Navarro and Leonel Peralta developed the courier service in 2015, and by 2017, they received US$ 550,000 in funding to connect messengers with consumers.

Costa Rica makes it simple to start a betting service due to the fact that there are no license requirements, which is likewise driving entrepreneurial activity. It’s reasonably easy to establish an online organization for sports betting or high stakes poker in Costa Rica, and it is totally legal. Presently, there are approximately 200 online gaming organizations in the nation which number continues to increase as the expat betting community grows.

Costa Rica’s sustainable and renewable energy practices are another plus. The Costa Rican Electrical Power Institute exposed that 98.1% of energy consumed in 2015 was sustainable. The country’s strides in sustainability have actually not gone undetected and the “Pura Vida” way of life is drawing in attention from all over the world.

In addition to the environmentally friendly movement, Costa Rica is going through a major rise in tech, drawing in start-ups and worldwide corporations alike. Companies like Amazon and Microsoft have actually set down roots in the nation and it is only a matter of time before we see more do the same. With its distance to the US, wealth of diverse resources, and lively culture, Costa Rica has proven itself to be a prime location to do company.

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