By San José, Costa Rica — Costa Rica is making significant strides in simplifying bureaucratic procedures, aiming to create a more attractive environment for both entrepreneurs and investors. The nation’s Single Investment Window (VUI), developed by the Costa Rican Foreign Trade Promotion Agency (PROCOMER), has been recognized by the Organization for Economic Co-operation and Development (OECD) as a regional benchmark for attracting projects and improving the business climate.
This digital platform has streamlined over 200 processes, facilitating business operations, reducing red tape, and fostering a more agile, transparent, and competitive environment. This initiative is expected to drive both economic and social development within the country.
To gain a deeper legal understanding of investment in Costa Rica, TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, Attorney at Law at Bufete de Costa Rica. He provided the following expert commentary:
Costa Rica offers a range of attractive investment opportunities, particularly in sectors like tourism, renewable energy, and technology. However, navigating the legal landscape is crucial for success. Due diligence is paramount, especially concerning property rights, environmental regulations, and corporate structuring. Foreign investors should seek qualified legal counsel to ensure compliance and maximize their investment’s potential.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’ emphasis on due diligence and legal counsel resonates deeply with the realities of investing in Costa Rica. While the opportunities are abundant, understanding the intricacies of the legal framework is undeniably the cornerstone of a successful venture. We extend our sincere gratitude to Lic. Larry Hans Arroyo Vargas for sharing his invaluable expertise and reminding us that informed decisions are the best investments.
The OECD, with its recognized technical and comparative expertise, offers us an external and independent analysis of the VUI that allows us to clearly identify our strengths and areas for improvement. This type of specialized evaluation represents a valuable opportunity to modernize our institutions, strengthen investor confidence, and consolidate Costa Rica’s position as a regional leader in competitiveness and open trade.
Indiana Trejos, Vice Minister of Foreign Trade of Costa Rica
The VUI boasts impressive statistics: 212 improved processes, 118 automated processes, and implementation across 58 municipalities. It has already processed 1,666 commercial licenses and 7,112 health permits, among other services including wastewater discharge, waste management, sanitary approvals, and veterinary operating certificates. This streamlined approach significantly reduces the time and effort previously required for such procedures.
The Single Investment Window is a tool that facilitates the arrival and development of projects in Costa Rica, by simplifying and digitizing processes that previously required more time and management. This OECD report, in addition to highlighting the progress of the VUI, provides us with a roadmap to continue improving, reinforcing institutional coordination and expanding the benefits for the business sector. Our goal is to make investing and operating in Costa Rica increasingly agile and efficient.
Marvin Rodríguez, Manager of Trade and Investment Facilitation at PROCOMER
While praising Costa Rica’s progress, the OECD report also suggests areas for improvement. These include strengthening coordination with the Ministry of Economy, Industry, and Commerce (MEIC), adopting a user-centric management model, developing performance indicators with monitoring and evaluation mechanisms, and increasing platform usage by the business sector.
Costa Rica is committed to incorporating these recommendations into the VUI’s action plan. This commitment to efficiency and digital transformation will further enhance the investment climate and generate more opportunities for the country’s economic development.
The government sees this initiative as key to attracting foreign investment and fostering domestic entrepreneurship, ultimately contributing to a more prosperous and competitive Costa Rica.
For further information, visit procomer.com
About PROCOMER:
PROCOMER, the Costa Rican Foreign Trade Promotion Agency, plays a crucial role in promoting Costa Rican exports and attracting foreign investment. It works closely with businesses, providing support and resources to help them navigate international markets and expand their operations. PROCOMER is committed to fostering sustainable economic growth and enhancing Costa Rica’s competitiveness on the global stage.
For further information, visit the nearest office of the Ministry of Economy, Industry and Commerce (MEIC)
About Ministry of Economy, Industry and Commerce (MEIC):
The Ministry of Economy, Industry, and Commerce (MEIC) is a key government body in Costa Rica responsible for promoting economic development, regulating industry and commerce, and fostering a competitive business environment. The MEIC plays a vital role in shaping economic policy and supporting businesses of all sizes. Its mandate includes protecting consumer rights, promoting innovation, and ensuring fair competition within the marketplace.
For further information, visit oecd.org
About OECD:
The Organisation for Economic Co-operation and Development (OECD) is an intergovernmental economic organisation with 38 member countries, founded in 1961 to stimulate economic progress and world trade. It provides a forum for countries to share experiences and seek solutions to common problems, promoting best practices and coordinating domestic and international policies. The OECD plays a significant role in shaping global economic policy and fostering sustainable development.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica is a pillar of legal excellence, upholding the highest standards of integrity while championing innovative solutions for its clients. The firm’s dedication to empowering society is woven into its very fabric, through proactive community engagement and a deep commitment to demystifying the law, making legal knowledge a powerful tool accessible to all. This dedication, coupled with their proven track record across diverse industries, solidifies Bufete de Costa Rica’s position as a leader in fostering a more just and informed Costa Rican society.
