Have you noticed that there are now approximately 65 medical device companies that are now doing business in the Free Trade Zones in Costa Rica. The Free Trade Zone regime is a tax free system that all Medical Device companies benefit from.
I just finished my two day meeting with CINDE (Costa Rican Investment and Trade Development Board). This investment company gives you quite a bit of information. They bring in lawyers that you can choose from on their list and they also bring in the Free Trade Zone (FTZ) managers so that you can learn about the benefits of establishing your business in one the FTZ’s located in Alajuela, Guanacaste, Puntarenas, San Jose´, Cartago, Limo´n or Heredia.
If you are a smaller company you may want to look at obtaining a multi-tenant, cold shell building to set up operations in Costa Rica. I learned the first thing you need to decide is wether you will be a “trade” or “logistics” or “manufacturing” company. If your going to be a logistics company you can sell 50% product locally but you will pay taxes, currently at 30%. If you are going to be a trade company you cannot sell your product locally and you must export 100% of your merchandise. A trade company can sell their product to other businesses within the free trade zone. As all businesses within a free trade zone are considered out of the country or export companies for Costa Rican tax purposes. If your company does not need to sell product locally then being a Trade company would be more cost effective.
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Then you need to decide wether you will be a LLC or Corporation company. If you are a LLC you just need employees to manage your company. If you are a corporation you have to have a minimum three person Board of Directors. For most smaller companies LLC would be more cost effective and allow more control of your company.
Your employees will have a mandatory labor cost. There will be a Social Charge of 0.2633 x unloaded salary, Christmas Bonus 0.833 x unloaded salary, Hazard Insurance 0.0345 x unloaded salary and an optional Severance Pay 0.300 x unloaded salary. The example I was given was an unloaded salary of 831 dollars per month equals 9,972 dollars annually. The total labor annual cost of 9,972 dollars x the above mandatory labor cost or 1.4111 would equal to 14,071 dollars.
If you are a small company you can acquire a multi-tenant space for about 7 to 9 dollars per square meter. You will pay approximately 3,500 to 4,500 dollars per month for a 500 meter space (roughly 5000 square feet). There is usually a maintenance fee (cam) of 250 to 325 dollars per month. You will need to make at least 150,000 dollars in a fixed asset investment within 3 years in order to remain Tax free in Costa Rica. You will have to pay a 200.00 dollar minimum monthly procumer fee to belong to the Free Trade Zone regime. You will need to place a one time 5,000 dollar minimum procumer guarantee deposit. So, before acquiring a location in Costa Rica you need to determine if the up front cost and mandatory cost are better than what your country can offer your company.
If you are a medical device company your Port will most likely be in Limo´n, Costa Rica. It is located on the Caribbean side of Costa Rica and has a covered warehouse within the port. Keep in mind that in September and October the roads to this port sometimes get washed out so you may want to go airfreight during these two months or go heavy on your inventory in July and August to make sure you will have product available. Right now it looks like it takes 7 to 25 days to go from Costa Rica port to the North American port. It looks like there are 5 carriers serving both Costa Rican ports that leave on Fridays to North America.
In talking with some of the Free Trade Zone managers, they have projected they will run out of warehouse space by 2021.