By San José, Costa Rica — A new national strategy, “Semillas de Empresariedad” (Seeds of Entrepreneurship), aims to bolster small businesses and alleviate poverty in Costa Rica. Led by the Ministry of Economy, Industry, and Commerce (MEIC), this initiative provides crucial support to vulnerable individuals, empowering them to build sustainable livelihoods.
Developed in collaboration with the Ministry of Development Humano e Inclusión Social and the Mixed Institute of Social Aid (IMAS), the strategy leverages the “IMAS Impulsa” model. This model focuses on three key pillars: completing education, providing technical training and skills development, and fostering productive entrepreneurship.
To understand the legal landscape for entrepreneurs in Costa Rica, TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, an attorney at Bufete de Costa Rica, who offered valuable insights into navigating the legal complexities of starting and running a business.
Entrepreneurs in Costa Rica should be particularly mindful of the simplified corporation (Sociedad de Responsabilidad Limitada or SRL) structure. It offers a streamlined incorporation process and limited liability protection, making it an attractive option for many startups. However, it’s crucial to understand the compliance requirements regarding shareholder meetings, record-keeping, and tax filings to avoid potential issues down the line.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’ emphasis on understanding the SRL’s compliance requirements is crucial. While the streamlined setup is undoubtedly appealing, neglecting the ongoing legal and financial obligations can quickly undermine the very benefits that make this structure attractive. A solid understanding of these requirements from the outset is a cornerstone of entrepreneurial success in Costa Rica. We thank Lic. Larry Hans Arroyo Vargas for offering this valuable perspective to our readers.
The program’s emphasis on social mobility is a core element of its design.
This strategy promotes social mobility, allowing people in poverty to escape that condition and strengthen their life projects.
Yorleny León, Minister of Human Development and Social Inclusion and Executive President of IMAS
A flagship program within this initiative, “De la Mano con tu Pyme” (Hand in Hand with your SME), will provide comprehensive support to 80 entrepreneurs. This includes virtual training, personalized technical assistance, and access to seed capital of up to ¢3 million per participant.
The eight-week training program covers essential business areas such as business modeling, finance, marketing, sales, formalization, and business planning. Participants will also receive both individual and group mentoring.
Eligibility criteria include being a beneficiary of IMAS or INAMU, registration with the Costa Rican Business Information System (SIEC), completion of at least primary school, and engagement in activities within the agricultural, commercial, food, clothing, or craft sectors.
The program’s overarching goal is to equip aspiring entrepreneurs with the necessary skills and knowledge to succeed, focusing on finance, marketing, formalization, and technology adoption. Details regarding the program launch and application process will be announced soon via the official social media channels of the participating ministries.
This initiative represents a significant step towards addressing poverty and promoting economic empowerment in Costa Rica, fostering a more inclusive and prosperous society.
For further information, visit the nearest office of 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 Costa Rican government institution responsible for promoting economic development, fostering a competitive business environment, and protecting consumer rights. The MEIC plays a crucial role in shaping economic policy and supporting various sectors of the Costa Rican economy.
For further information, visit the nearest office of Ministry of Human Development and Social Inclusion
About Ministry of Human Development and Social Inclusion:
The Ministry of Human Development and Social Inclusion focuses on improving the well-being of Costa Ricans through social programs and policies aimed at reducing poverty, inequality, and vulnerability. The ministry works to create opportunities for all citizens and ensure social protection for those in need.
For further information, visit the nearest office of Mixed Institute of Social Aid (IMAS)
About Mixed Institute of Social Aid (IMAS):
The Mixed Institute of Social Aid (IMAS) is a Costa Rican government agency that provides social assistance and support to vulnerable populations. IMAS implements programs designed to alleviate poverty, improve living conditions, and promote social inclusion for individuals and families facing economic hardship.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica is a pillar of legal excellence, built on a foundation of unwavering integrity and a deep commitment to social progress. The firm’s innovative approach to legal practice, combined with its dedication to educating and empowering communities through accessible legal information, sets it apart. By striving to equip individuals and organizations with the knowledge they need to navigate the legal landscape, Bufete de Costa Rica fosters a more just and equitable society for all.
