Tel: 506-2222-1722
 
Toll free from Canada & USA: 1-877-822-4768
 
Fax: 506-2233-1152
Email: grupocasacanada@gmail.com
 
 
 
Website: www.casacanada.cr

Company Administration

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COMPANY FORMATION AND ADMINISTRATION

Casa Canada currently administers hundreds of companies, in many cases including complete accounting, tax calculations and payment, bill paying, income collection and all other services related to company management.

Casa Canada Group provides offices, officers and administration of client companies, ensuring that all legal, administrative and taxation requirements of the company are met.

BANKING

  1. Opening and operating international or Costa Rican bank accounts
  2. Monthly reconciliation of client bank statements
  3. Making deposits, writing cheques, making wire transfers
  4. Automatic payment of client invoices or bills
  5. Transfer of funds for debit card accounts.

CORPORATE SERVICES

Incorporation of Costa Rican or Belize companies. This service includes:

  1. Consultation
  2. Company cédula or identification card. In Belize, certificate of incorporation.
  3. Name searches
  4. Provision and issue of shares
  5. Provision of Costa Rican legal minute books
  6. Provision of Costa Rican legal accounting books
  7. Provision of Costa Rican shareholder register book
  8. All legal fees
  9. All registration fees
  10. Payment of minimum capital.

Maintenance of Costa Rican or Belize companies. Additional fees may apply for some services.

  1. Consultation
  2. Company cédula or identification card. In Belize, certificate of incorporation.
  3. Name searches
  4. Provision and issue of shares
  5. Provision of Costa Rican legal minute books
  6. Provision of Costa Rican legal accounting books
  7. Provision of Costa Rican shareholder register book
  8. All legal fees
  9. All registration fees
  10.  Payment of minimum capital. NOTE: 5), 6), 7), & 14) are not required for Belize companies – there are no taxes.
  11. Full accounting services including the preparation of monthly financial statements.
  12. Supervision of client owned companies operating in Costa Rica.
  13. Provision of nominee shareholders and directors for Costa Rican or Belize companies to allow for total privacy of ownership.
  14. Preparation and filing of annual income tax reports, and payment of taxes due. Where required, quarterly tax submissions would be filed. Clients would be advised on tax planning. There are no taxes for a Belize company.

INCORPORATION OF A COSTA RICAN OR BELIZE CORPORATION

NAME – The name can be in either English or Spanish in Costa Rica, or almost any language in Belize. Country names cannot be part of the name of a company in Costa Rica.

COST – The cost of a corporation is nine hundred fifty ($US 950.00) US dollars for the first company, and seven hundred fifty ($US 750.00) for additional companies for the same client. All Belize companies are $750. Fees include:

  1. Consulting
  2. Legal fees
  3. Registration costs
  4. Cédula Juridica (Legal identification card for Costa Rica) or certificate of incorporation for Belize.
  5. Costa Rican legal minute books
  6. Costa Rican legal accounting books
  7. Costa Rican shareholder register book
  8. Belize registers where required.

ADMINISTRATION CHARGES – paid annually in advance

Administration in Costa Rica – $US 300 (Not including Costa Rican corporation tax)

  1. includes registered office
  2. updating accounting books
  3.  annual filing (but not preparation of taxes or financial statements
  4. dealing with legal notifications and other administrative functions as required.

 

Administration in Belize – $US 450 The annual cost in Belize includes a $US150 government annual fee.

COSTA RICAN TAX PREPARATION

  1. Where income taxes must be paid (usually 10% of the net profit) the charge is an additional $150.
  2. Includes making quarterly payments the following year for estimated taxes as required by law
  3. Annual tax filing with Costa Rican style financial statements
  4. English style monthly financial statements.

 

* Nominee Shareholders and Directors

– Where complete confidentiality is desired Casa Canada will provide shareholders and officers required for the company. Two shareholders,
a President, Treasurer, Secretary and Fiscal are needed for a Costa Rican company and one shareholder and two directors for a Belize company.

– The fee for nominee directors is $100 per year each. therefore the fee for a Costa Rican company would be $400 per year and for a Belize company $200 per year.
Incorporation Time

  1. Casa Canada may have companies previously incorporated and available for immediate use. These companies are new, and have never been active in any way. They have very broad objects of incorporation and can do almost anything.
  2. A specialized company will take about 30 days for registration and incorporation in Costa Rica, and less than a week in Belize.

 

Types of Corporation There are two principal types of limited liability companies available under Costa Rican law as shown below.

1. Limitada

– May have a manager instead of a board of directors.

– Shares cannot be endorsed or transferred. They must be assigned. To be assigned they require approval of 75% or more of the other stockholders.

– If a person’s name is used as part of the name of a company, that person is personally liable for corporate debts to the amount of the paid up capital of the largest single stockholder.

– The Limitada form of incorporation is not recognized by the Department of Internal Revenue in the U.S. as being a limited company. Income is treated as if the stockholders were a partnership. Costa Rica treats this form of corporation as a limited liability company.

2. Sociedad Anonima (Recommended in most cases)

– Requires at least three directors – president, secretary and treasurer.

– Requires a controller, called a “fiscal”, to ensure the company abides by the laws of Costa Rica.

– There must be at least two shareholders at the time of incorporation. After incorporation, one shareholder may wholly own the company.

– Total amount of capitalization must be paid in advance of incorporation. These funds become available to the corporation after the company is incorporated. Minimum capital is 1,000 colons.

  1. The only practical form of incorporation in Belize for a company that will not be doing business in Belize is the International Business Company. Local Belize companies are subject to income tax and have different rules applied. Local Belize companies can be supplied on request.

ADVANTAGES OF A COSTA RICAN OR BELIZE CORPORATION

Stability – The countries are stable, and democratic. There is no chance of violent political swings or military coups, and investors in Costa Rica are protected by the constitution of the country, which is enforced by the Constitutional Court. Local investment in Belize is not permitted for a Belize International Business Company.

Secrecy – Costa Rica has laws to ensure confidentiality between client and lawyer, however the Superintendent of Financial Entities (SUGEF) has access to all information, including the beneficial owners. The secrecy laws for Belize companies are very much stronger

Suprises– The legal and legislative system in Costa Rica prevents a government from introducing a sudden new tax or law which may be punishing to the owner of a Costa Rican corporation, or which may make an investment not viable. Retroactive legislation was totally unconstitutional in Costa Rica, although the Constitutional Court has said that in the case of taxation nonretroactivity of the law is no longer a complete guarantee. IBCs have no tax in Belize.

Taxation – There are no taxes payable by a Costa Rican corporation for revenue earned outside of the country. There are no capital gains taxes, making Costa Rica an excellent country for real estate holdings, either locally or outside of the country. Real estate has a reasonable rate of appreciation due to the country’s lure as a retirement site, for the location of industrial plants, for agricultural production and for tourism.

Due to its stability many companies and institutions choose it as a location for their Central American or Latin American head offices, keeping the market for residential and commercial real estate steady. Property taxes are low compared to many countries, and corporate income taxes are relatively low as well. The Belize IBC has no tax. (See the section on taxation for details on Costa Rica taxes.)

A combination of Belize and Costa Rica companies can be idea to maximize the confidentiality of ownership, and minimization of income taxes for investments in Costa Rica. For individual requirements it would be best to consult with specialists at Casa Canada Group.

To get more information about Casa Canada’s Company Administration and other valuable services please contact us.