In order to comply with anti-money laundering; legal and financial documents are required to open accounts for corporations in Latin America. However, it is fairly easy to incorporate a company in Cosa Rica and open a corporate bank due to the country´s business-friendly investment policies.
Keep reading and learn how to open a corporate bank account in Costa Rica.
Requirements to Open a Bank Account in Costa Rica?
Different banks in Costa Rica may request different documents before a corporate bank account can be opened. Legal documents as well as financial documents, amongst other may 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.
It is important to first do your research and learn about the different products and services that the local banks offer. They can differ from simple services like online transactions to more complex services. International transactions may also be limited to the type of account you choose to open. According to your company’s business necessities, you may prefer to use a public or private bank.
Depending on the local bank you choose, in addition to the type of account you open, you will be asked to make an initial deposit of between USD$50 to USD$500.
*Once the account has been approved, you will be able to obtain your online login information to access a wide array of online services.
Are you Looking to Open a Corporate Bank Account in Costa Rica?
Doing business in Costa Rica and Latin America offers many opportunities for investors. However, the local business environments 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 our CEO and learn how we can support you and your business in Latin America.
For more information on ‘doing business’ in Latin America, watch the following video!