The Opportunities in Costa Rica

Costa Rica has a mixed economy and is characterized as one of the most open in the world. Its exports reached 7,692 million dollars in the first half of 2019, according to the data of the Federation of Chambers and Associations of Exporters of Central America, the Caribbean, and Panama (Fecaexca). Also, 92.6% of product exports are covered under free trade agreements and have investment protection and promotion agreements with 14 countries.

The Opportunities in Costa Rica

On the other hand, according to the estimates of the Central Bank of Costa Rica, the Gross Domestic Product (GDP) of the country will grow by 3.2% during the year 2019.

Enrique Lara, Partner of Englobally Costa Rica, provided data on the potential of the region and the importance of having good advice when installing a company in the territory.

Englobally has recently opened a headquarters in Costa Rica. What is the potential of the country, and what strategic alliances do they see in the future?

Central America is a growing region with a high level of economic integration. Progress is made towards the integration and coordination of infrastructures to facilitate business and investments in different countries. Simultaneously, foreign direct investment is promoted, facilitating expansion to and from the region. The proximity to the US, Canada, and Mexico allows the establishment of Near-Shore services to essential markets and make it attractive to establish international and free zone shared service organizations.

What aspects should a company consider when deploying in a new country?

A company must consider several aspects. Among them is the size of the market, prices, compliance requirements, taxes, the cost of establishing and operating, and the management of the risk involved. It is essential to take into account that each market requires a different way of doing business to achieve optimal results. It is always better to have a strategy that provides services that minimize the risk and the learning curve and provide some flexibility that decreases the initial investment while the operation achieves adequate traction.

What services does Englobally Costa Rica offer in this area?

Englobally Costa Rica offers accounting, tax, payroll, payments to suppliers, applications, legal services, and referrals to suppliers that are necessary for the start-up of the operation. We facilitate the entrance to the region, and from the area, we promote the expansion outside it.

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