Licensing

Online Gambling License
Costa Rica is popular for the low company setup expenses and absence of online gambling regulation and licenses.
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Incorporation & obtaining license: 2-4 weeks

Minimum paid up capital: No minimum capital requirement

License fee: USD 5,000.00

License renewal: USD 5,000.00


Overview

Costa Rica is an independent country located in Central America and is bordered by Nicaragua to the north, Caribbean Sea to the east, Panama to the southeast and Pacific Ocean to the west.

Incorporation of Costa Rica company if compared to other jurisdictions is rather inexpensive and fast.The company structure is simple and allows the shareholders to be also legal persons.

Although, there are no online gambling licenses, the companies for conducting online gambling activities are required to obtain a simple license known as “data processing license”.

Although this used to be a popular place for online gambling companies due to the absence of corporate taxes and relatively cheap company formation services, in recent years the situation has changed due to money laundering scandal. The government of Costa-Rica tries to recover from it and in 2015 it presented new anti-money laundering policy.

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Facts & Info for Costa Rica Gambling License

Notable features
Procedure
Documents Required

General information

Company structure

  • At least two shareholders (can also be a legal person, no nationality restriction or residency restrictions) [later membership interests can be legally transferred to one person]
  • Only one director (can only be natural person, no nationality or residency restrictions)

Confidentiality

  • Beneficial owners' details – Not part of public record
  • Shareholders' details – Are part of public record
  • Directors' details –Are of public record

Taxation

  • 0% - Costa Rica companies are exempt from the Costa Rica local taxes on income derived outside of Costa Rica

Other benefits

There is no restriction on form of meeting for shareholders and directors and no restriction for place of meeting

Accounting requirements - None. Yet, certain documents should be submitted

Secretary - Not Required

Registered Agent - Required

Registered address - Required

Local employees - Not Required

Company name

  • Language: Spanish, English (with accompanied translation in Spanish)
  • Letters: Any
  • Company name must end with such sufixes or their abbreviations: Limited, Corporation, Incorporated, Societe Anonyme, Sociedad Anonima, Sendirian Berhad, Societe a Responsabilite Limitee, Besloten Vennootschap, Gesellschaft mit beschrankter Haftung. An International Company may utilise a broad range of internationally accepted abbreviated words as suffixes to denote their limited liability.
  • Names Requiring Consent or a Licence: Bank, buildings society, insurance, assurance, reinsurance, fund management, investment fund, trust, trustees, finance

N.B.

  • Restricted connections for company name: name of state, national or local government.
  • Any name that implies illegal activity or implies royal or government patronage is restricted.
  • Registrar may reject any name which it considers undesirable or contrary to the public interest.
  • Company name is restricted to be identical or similar that of an existing company.
  • In case when foreign language is used for company name the translation must be provided to Registrar which will ensure conformity to above listed restrictions.

In order to obtain a license, the following steps will be carried out:

Costa-Rica company registration

  • Drafting a power of attorney authorizing members fr om our staff to process the license
  • Registering a company name in National Public Registry
  • Preparation of all necessary documents for Mercantile Section of the Public Registry and submission of the documents
  • Sending all documents for signature of the client and for them to be notarized and legalized in country wh ere client is residing
  • Opening offshore bank account
  • Drafting of Business Plan for the Company
  • Account opening in a European Bank for operational purposes

Obtaining licence

  • Drafting a power of attorney authorizing members from our staff to process the license
  • Preparation of all necessary documents in order to submit application for license to network administration or internet administration
  • Zoning Permit -Inspection from the Municipality to state that the physical office is suitable for the kind of business license applied
  • Office Lease Contract. (We will lease small office space at a selected local government and create the respective contract)
  • Labour risk insurance policy in the National Insurance Institute
  • Health permit from the Health Ministry. (We will obtain the health permit in the corresponding institution after the inspection is made by this ministry)
  • Registration of Employees in the Caja Costarricense del Seguro Social. (social security institution)
  • Application for business license at local government
  • Application for data processing license

In order to obtain forex license, we will fill all necessary application forms and also acquire apostilled corporate documents. 

For that reason, please provide us with the following documents.

For bank:

(Each beneficial owner, shareholder, director, authorised signatory and secretary must provide)

  • A notarized copy of valid passport
  • A copy of proof of residential address (ex. utility bill that is not older than 3 months)
  • A notarized copy of Letter of Reference form Bank, Attorney or Accountant
  • Corporate Documents (Copies must be notarized or certified by a practicing attorney)

For local regulatory authority:

(Each beneficial owner, shareholder, director, authorised signatory and secretary must provide)

  • CV
  • A notarized copy of valid passport
  • A copy of proof of residential address (ex. utility bill that is not older than 3 months)
  • Professional letter/bank reference
  • A notarized copy of a University Diploma
  • Identification of marital status
  • Identification of proportion of stock capital

N.B.

  • If documents are not in English language or language of particular country, then they must be accompanied by a notarized translation.
  • Please ensure that notarization is in English language if not then please provide with notarized English translation.

Additional documents may be requested by the regulatory authority or local Bank at any point to certify specific information