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 Costa 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.
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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 others 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.
Extra Information
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.
Common Questions when opening a corporate bank account in Costa Rica
Based on our extensive experience these are the common questions and doubts from our clients when looking to open a company bank account 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.
The following documents are required to open the company bank account:
– Copy of the articles of incorporation of the company
– An up to date copy of the company’s bylaws
– Banking reference letter
– Certificate of the good standing of the company
– An up to date financial statement for the company
– Passport copy of all shareholders and members of the company
Any member of the company that is authorized by company shareholders can have access to the bank account.
We recommend the following banks for foreign companies: BAC San José, Lafise.
Companies choose to open bank accounts in Costa Rica due to economic and political stability; the ability to hold currency in US Dollars, the national taxation system, and banking privacy.
Yes, the Costa Rica Commerce Code, article 615 states that the information obtained by a Financial entity must be kept strictly confidential and may only be provided to third parties by order of the competent judicial authority.
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.
The information provided here within should not be construed as formal guidance or advice. Please consult a professional for your specific situation. Information provided is for informative purposes only and may not capture all pertinent laws, standards, and best practices. The regulatory landscape is continually evolving; information mentioned may be outdated and/or could undergo changes. The interpretations presented are not official. Some sections are based on the interpretations or views of relevant authorities, but we cannot ensure that these perspectives will be supported in all professional settings.
