Costa Rica is an exceptional state concerning legislation in the field of gaming business. In simple terms, there are no gambling laws at all. In addition, there is a very loyal taxation and there is no control over the casino, including online casinos. Costa Rica is a tempting corner for doing business related to online gambling. And now it has become easier than ever to get local jurisdiction.
However, it is worth taking into consideration that the legislative forms have not changed or been amended for a long time. Also, the political and economic situation in the country is very favorable and stable.
Licensing in Costa Rica
Taking into account all the above, it becomes clear that you do not need to buy a game license. This is a unique country, here every portal or casino with gambling is a self-controlled body, the work of which is prohibited from interfering. This also applies to legal structures.
It is only necessary to acquire a commercial license (Data Processing License), it makes it possible to conduct a different type of activity. This includes online gambling.
Now in Costa Rica there are only two types of acceptable forms for creating a company:
● SA (Sociedad Anonima) – we can say that this is a private enterprise;
● SRL (Sociedad de Responsabilidad Limitada) – something similar to LLC.
Another pleasant moment, opening your own online casino in Costa Rica, you do not need to comply with the obligations for the registered capital. The only requirement on the part of local authorities is to have a minimum of 25% of the securities in the form of cash, which will be required to pay during registration and the issuance of a power of attorney to conduct gambling in this jurisdiction.
Financial transactions and gambling weaknesses
Of course, the advantages are very significant, but there are several disadvantages that must be taken into account before deciding to open a casino in local jurisdiction.
The main disadvantage is that local banks do not process transactions for gambling establishments. Regulation of the entire Costa Rican banking sector is within the jurisdiction of the United States.
Another disadvantage is that Costa Ricans are forbidden to participate in the field of gambling.
Taxation and fees
Corporate tax on gambling work – not subject to payments. This is stated in the legislation of the state: all private enterprises abroad are not subject to taxation.
The same applies to other taxes and fees – they simply do not exist. This feature is the main advantage in obtaining a license in Costa Rica.
Of course, in order to register your company, you will have to pay, however, only 68 columns (local currency). All local organizations have an international level, which allows you to work around the globe. It is also worth adding that the country does not provide for capital gains tax.
What documents will be required to open your own online casino in Costa Rica:
● statement, it should indicate the name of the future company, type of activity, information about the founders and holders of securities;
● a copy of identity documents;
● а brief summary of the buyer of the license;
● certificate of residence;
For legal entities, the following documents will be required:
● a copy of the share certificate (must be notarized);
● copy of power of attorney (only if there is a Corporate Director);
● list of owners and their signatures;
● a copy of the minutes of the general meeting, as well as a copy of the charter of the legal entity for operation and the memorandum;
● a full copy of the Certificate of incorporation of the company;
● a full copy of the Certificate of Sustainable Financial Situation of the Company (if you have been working in local jurisdiction for more than a year);
● certificate of transfer of rights (if securities are bearer registered);
● documents about the owners of the company.
Of course, each of the above documents must be notarized, and executed in English.
The advantages of Costa Rican jurisdiction and the result
In many ways, the unique country of Costa Rica makes it possible to conduct a gambling business on the most attractive conditions:
● status of an international company;
● moderate requirements for online sites;
● no testing and control;
● servers can be located in any corner of the world;
● There are no restrictions on the provision of financial data;
● opening bank accounts outside the country.
This has made Costa Rica an ideal place to open its own online casino. It is not surprising that there are enough experienced lawyers and financiers in the state who can easily help you with this.
The loyal leadership of the country meets the potential owners of gambling establishments. In principle, this applies to any online projects. The moderate policy of the country will allow you to conduct business on comfortable conditions, having complete freedom.
Costa Rica Government Department Contacts
Address: Costa Rica Department of Commerce for Industry and Economics, IFAM Building, San Jose
Phone: +506 235 2700
Email: [email protected]