A Costa Rica shelf company is an already made Costa Rican corporation, this means already incorporated and registered in Costa Rica, with all the requirements for legal registration complied, however they do not operate or conduct any business at all, their documents are usually kept motionless in the office of the Costa Rican attorney at law serving as the resident agent of the Costa Rican company, awaiting to be purchased by any client.
They are also known as Costa Rica off-shelf companies or Costa Rica aged corporations, since they are created but not for a specific deal or purpose, they are metaphorically put on the "shelf" to "age".
Costa Rica Shelf corporations are usually sold by Costa Rican law firms or consortiums, whose members generally hold the relevant positions in the Costa Rica legal structure, until a customer is interested in buying, this would later on imply the transference or the establishment of the Costa Rica corporation's board of directors and shareholder profile.
Costa Rica Shelf companies become handy when an individual or an enterprise is interested in operating in Costa Rica but does not have the time to incorporate a Costa Rica new company (To incorporate a Costa Rican Corporation from scratch normally takes 2-4 weeks). A Costa Rica shelf company can facilitate the needs of a customer that wants to pursue business inmediately, as well as avoiding administrative hassle and expense in the creation of a new Costa Rica company.
A Costa Rica shelf corporation is also ideals in matters of providing history to the company (related to the registration date), cause in certain circumstances, in making business, a lenght of time of the company operating will be considered.
The main purpose of Costa Rica shelf companies is to save the waiting time to benefit from immediate business advantages.
GLC is a recognized provider of Costa Rican shelf companies for e commerce in general our corporate kit includes at least the following:
Articles of Incorporation with an official English Translation
Share Certificates
Legal Books
Corporate Certificate
Contact Team GLC for further doubts.
Thursday, April 30, 2009
Thursday, April 23, 2009
I want to Incorporate in Costa Rica, should I go for an S.A. or an S.R.L. or does it really matter?
If you are considering conducting business in offshore jurisdictions such as Costa Rica, there are two main legal Costa Rican entities available for these purposes:
1. The Costa Rica Limited Liability Corporation (Sociedad de Responsabilidad Limitada, S.R.L.)
Costa Rican companies that are relatively simple to operate that require less formal acts to function and are usually recommended for small business enterprises. Main
Main Characteristics:
• Liability of the shareholders limited to the amount of their capital contribution
• Capital is divided into individual registered shares, which can´t be sold to the public
• There´s a minimum of two shareholders to constitute this type of entity
• Can operate with only one manager
Note: The GLC Group has gradually move from using S.A.s towards S.R.L.s based on our experience with certain offshore clients and their difficulties in sometimes operating with the 4 mandatory signators required for certain procedures, however it is strongly adviced to receive qualified advice from one of our Costa Rica Business Attorneys at law.
2.Costa Rican Corporation (Sociedad Anónima, S.A.)Most used form of business organization in Costa Rica, but applies for relatively more sophisticated purposes.
Main Characteristics:
• Requires slightly more elaborate formalities
• Stock ownership can be transferred to third parties
• Requires at least four members in the board of directors (president, secretary, treasurer and auditor) to manage and control affairs. Also, a Costa Rica resident agent has to be designated and should be a duly incorporated Costa Rica lawyer. and Costa Rica Notary Public. Generally the members of the board match with the shareholders
Conclusion:Both Costa Rican S.A.s and Costa Rican S.R.L.s offer tax advantages if operated as offshore corporations conducting their business outside of Costa Rican jurisdiction. Annual maintenance is inexpensive for both and annual tax filing is mandatory. These companies, must be registered before the Mercantile Registry of the Public Registry
Contact our Costa Rican legal firm in order to benefit from our expertise in Costa Rican Incorporation Procedures and GLC will be glad to process the Costa Rican Corporation that specifically serves your purpose.
1. The Costa Rica Limited Liability Corporation (Sociedad de Responsabilidad Limitada, S.R.L.)
Costa Rican companies that are relatively simple to operate that require less formal acts to function and are usually recommended for small business enterprises. Main
Main Characteristics:
• Liability of the shareholders limited to the amount of their capital contribution
• Capital is divided into individual registered shares, which can´t be sold to the public
• There´s a minimum of two shareholders to constitute this type of entity
• Can operate with only one manager
Note: The GLC Group has gradually move from using S.A.s towards S.R.L.s based on our experience with certain offshore clients and their difficulties in sometimes operating with the 4 mandatory signators required for certain procedures, however it is strongly adviced to receive qualified advice from one of our Costa Rica Business Attorneys at law.
2.Costa Rican Corporation (Sociedad Anónima, S.A.)Most used form of business organization in Costa Rica, but applies for relatively more sophisticated purposes.
Main Characteristics:
• Requires slightly more elaborate formalities
• Stock ownership can be transferred to third parties
• Requires at least four members in the board of directors (president, secretary, treasurer and auditor) to manage and control affairs. Also, a Costa Rica resident agent has to be designated and should be a duly incorporated Costa Rica lawyer. and Costa Rica Notary Public. Generally the members of the board match with the shareholders
Conclusion:Both Costa Rican S.A.s and Costa Rican S.R.L.s offer tax advantages if operated as offshore corporations conducting their business outside of Costa Rican jurisdiction. Annual maintenance is inexpensive for both and annual tax filing is mandatory. These companies, must be registered before the Mercantile Registry of the Public Registry
Contact our Costa Rican legal firm in order to benefit from our expertise in Costa Rican Incorporation Procedures and GLC will be glad to process the Costa Rican Corporation that specifically serves your purpose.
Friday, April 17, 2009
Buying Costa Rican Properties For Dummies (and for anybody that wants to do it the right way)
Buying Real Estate in Costa Rica
What you need to know when buying real estate in Costa Rica
Step 1
It’s suitable to contact a reputable Costa Rica real estate agent, in order to identify a Costa Rican property of your interest from a listing that the broker has to offer. Once you have chosen the land, verify every fact related to the property you intend to buy, with the guidance of your Costa Rican attorney at law.IMPORTANT: There’s no mandatory regulation about Costa Rican real estate agents, so there are no legal requirements to be a broker, however, as a buyer, you should pay attention to recommendations. Also, Costa Rica real estate agents usually work closely with sellers.
Step 2
Conduct an initial title search in the Costa Rica Public Registry, to make sure who is the legally registered owner of the Costa Rica property, and to find out if there are any liens or encumbrances affecting the Costa Rica real estate title. For this purposes, the seller should provide the full name of the registered owner as well as the Costa Rica property title number.
Step 3
The seller should also provide a copy of the survey map for the Costa Rica property. A survey map is prepared by a surveyor, and certifies that the property has complied with the standards of form and accuracy, and should contain the stamp of the Costa Rica Catastro Nacional, including also the registration number. This way, the person interested in buying Costa Rica real estate can verify and recognize the boundaries of the property. Likewise, a reference of the survey map is a requirement in the transfer deed, in order for the Costa Rica Public Registry to allow it.
Step 4
After the Costa Rica title search and the inspections requested, the buyer or their Costa Rica real estate agent will provide a purchase offer and an earnest money deposit to the seller, which will set forth the terms of the offer. Once it is accepted, the transfer of the title comes next.
There may be cases when the buyer and the seller need a longer period of time before closing with your Costa Rican attorney at law or more specifically in this case Costa Rica Public Notary. In these situations, there are two solutions:
• An Option (Opcion de Compra)
• Reciprocal Promise to Buy and Sell (Promesa Reciproca de Compra-Venta)
Step 5
Real Estate in Costa Rica is transferred from seller to buyer by a transfer deed called Escritura de Traspaso, before a Costa Rican Notary Public (in Costa Rica in order to be invested as a Notary Public it is required to be a lawyer and specialize in Notarial Law as the Costa Rican Government appoints them as Public officers who take care of this matters exclusively) , who drafts, authenticates and certifies the documents.
At closing, the seller must assure the buyer that he is current with the property tax payments and municipal assessments.
Step 6
Generally both parties share the closing costs, which include: Real Estate transfer tax (1.5% of the registered value of the property), Documentary Stamps (affixed to the deed), Notary Fees.
Step 7
The Costa Rican Notary presents the deed in the Costa Rica Public Registry, in order to be registered. In this aspect we strongly encourage investors to receive legal professional advice to determine if in a case by case basis if the regulatory advantages of acquiring Costa Rican properties through a Costa Rican corporation is desired.
What you need to know when buying real estate in Costa Rica
Step 1
It’s suitable to contact a reputable Costa Rica real estate agent, in order to identify a Costa Rican property of your interest from a listing that the broker has to offer. Once you have chosen the land, verify every fact related to the property you intend to buy, with the guidance of your Costa Rican attorney at law.IMPORTANT: There’s no mandatory regulation about Costa Rican real estate agents, so there are no legal requirements to be a broker, however, as a buyer, you should pay attention to recommendations. Also, Costa Rica real estate agents usually work closely with sellers.
Step 2
Conduct an initial title search in the Costa Rica Public Registry, to make sure who is the legally registered owner of the Costa Rica property, and to find out if there are any liens or encumbrances affecting the Costa Rica real estate title. For this purposes, the seller should provide the full name of the registered owner as well as the Costa Rica property title number.
Step 3
The seller should also provide a copy of the survey map for the Costa Rica property. A survey map is prepared by a surveyor, and certifies that the property has complied with the standards of form and accuracy, and should contain the stamp of the Costa Rica Catastro Nacional, including also the registration number. This way, the person interested in buying Costa Rica real estate can verify and recognize the boundaries of the property. Likewise, a reference of the survey map is a requirement in the transfer deed, in order for the Costa Rica Public Registry to allow it.
Step 4
After the Costa Rica title search and the inspections requested, the buyer or their Costa Rica real estate agent will provide a purchase offer and an earnest money deposit to the seller, which will set forth the terms of the offer. Once it is accepted, the transfer of the title comes next.
There may be cases when the buyer and the seller need a longer period of time before closing with your Costa Rican attorney at law or more specifically in this case Costa Rica Public Notary. In these situations, there are two solutions:
• An Option (Opcion de Compra)
• Reciprocal Promise to Buy and Sell (Promesa Reciproca de Compra-Venta)
Step 5
Real Estate in Costa Rica is transferred from seller to buyer by a transfer deed called Escritura de Traspaso, before a Costa Rican Notary Public (in Costa Rica in order to be invested as a Notary Public it is required to be a lawyer and specialize in Notarial Law as the Costa Rican Government appoints them as Public officers who take care of this matters exclusively) , who drafts, authenticates and certifies the documents.
At closing, the seller must assure the buyer that he is current with the property tax payments and municipal assessments.
Step 6
Generally both parties share the closing costs, which include: Real Estate transfer tax (1.5% of the registered value of the property), Documentary Stamps (affixed to the deed), Notary Fees.
Step 7
The Costa Rican Notary presents the deed in the Costa Rica Public Registry, in order to be registered. In this aspect we strongly encourage investors to receive legal professional advice to determine if in a case by case basis if the regulatory advantages of acquiring Costa Rican properties through a Costa Rican corporation is desired.
Thursday, April 2, 2009
Do I need a Gaming License or just a Gaming Company?
GLC has more than 13 years of experience in offshore gaming law, directed by attorney Augusto Arce Marin, our firm provides legal advice to entrepreneurs that want to explore the possibilities available in the online gaming industry. Mr. Arce is the main expert in Costa Rican Gaming Lawand author of the graduation thesis presented in 1999 titled "The Legality of International Sports Bets according to Costa Rican Law" has written for all the major Costa Rican newspapers including La Nación, The Tico Times, El Financiero and Al Día about the legalities involved in online legal gaming.
Costa Rican corporations are the best option for business groups interested in operating an offshore gaming company, having said that, it is vital to carefully review the implications involved in using a CR Corporation to conduct gaming activities.GLC requires a client/attorney relationship prior to disclosing the key aspects of the gaming industry.
The most common question that entrepreneurs have is, what do I need to legally operate a gambling company? GLC has simplified the requirements to launch such enterprise, using customized CR Corporations our firm offers a structure of limited liability gaming corporations that are incorporated based on the following guidelines:
Step 1 (optional but highly reccomended as it gives the client a comprehensive understanding of all the aspects involved)
Conduct Online Legal Gaming Report:
-Nationality of Beneficiaries
-Location of Servers
-Target Market
-Need of Data Processing License
-Type of games offered
Duration: 3 business days
Step 2
Incorporation of Legal Gaming Entities
-1 or more companies will be registered in one or more jurisdictions based on the specific studied client profile.
Duration: ranges from 1 day to 3 weeks
Step 3
Bank Accounts
-Processing of bank accounts in one or more offshore jurisdictions.
Duration: 8 business days after all requirements are properly reviewed.
With our assistance we will determine if your specific gaming idea can function legally with just a gaming corporation or if a gambling or gaming license will be required.
Contact us at:info@glccr.com
Sources:
http://www.glccr.com/Gaming_Corporations.html
Costa Rican corporations are the best option for business groups interested in operating an offshore gaming company, having said that, it is vital to carefully review the implications involved in using a CR Corporation to conduct gaming activities.GLC requires a client/attorney relationship prior to disclosing the key aspects of the gaming industry.
The most common question that entrepreneurs have is, what do I need to legally operate a gambling company? GLC has simplified the requirements to launch such enterprise, using customized CR Corporations our firm offers a structure of limited liability gaming corporations that are incorporated based on the following guidelines:
Step 1 (optional but highly reccomended as it gives the client a comprehensive understanding of all the aspects involved)
Conduct Online Legal Gaming Report:
-Nationality of Beneficiaries
-Location of Servers
-Target Market
-Need of Data Processing License
-Type of games offered
Duration: 3 business days
Step 2
Incorporation of Legal Gaming Entities
-1 or more companies will be registered in one or more jurisdictions based on the specific studied client profile.
Duration: ranges from 1 day to 3 weeks
Step 3
Bank Accounts
-Processing of bank accounts in one or more offshore jurisdictions.
Duration: 8 business days after all requirements are properly reviewed.
With our assistance we will determine if your specific gaming idea can function legally with just a gaming corporation or if a gambling or gaming license will be required.
Contact us at:info@glccr.com
Sources:
http://www.glccr.com/Gaming_Corporations.html
An introduction to offshore corporations
What are Offshore corporations?
An offshore corporation is defined as a strategic company for investing, since it is created in a different jurisdiction or country from the one of the investor’s country of origin, North American in most of the cases. Lately, Costa Rica has emerged as a perfect place for investing, due to several regulatory advantages.
Offshore corporations are a possibility for conducting business in the global market, with advantages such as these:
Tax reduction, there are business structures abroad that are ideal to set up and maintain the company operating without exceeding the corporation’s tax liability. By developing an offshore corporation, prosecution by tax evasion and other economic issues are avoided.
Fees are not equal in every jurisdiction for creating companies, so there are several options for the investor, to adjust his needs to the requirements of the chosen country.
Asset protection, the offshore center is able to transfer its capital, keeping the anonymity and confidentiality desired. This wealth is also protected from lawsuits or any other economic issue.
However, every individual situation is different, which is why legal assistance is the first consideration if investing offshore. GLC has a qualified team in matters of investing here in Costa Rica. We offer guidance, legal advice in order to keep our client’s needs safe and satisfied.
GLC provides three different forms of limited liability corporations: New, Shelf and Gaming Corporations. We can help you create your own new company here in Costa Rica. In urgent cases, we offer ready-made companies or Shelf companies. Finally but not least, Gaming corporations are part of our services, as we have helped several gaming groups into forming the ideal corporate structures to operate globally respecting international regulations.
Feel free to contact Team GLC for further clarifications via e-mail to info@glccr.com
Resources
http://www.investopedia.com/articles/02/020602.asp
http://www.consultwebs.com/legal_glossaries/business_law/business_law_glossaryo.html
http://en.wikipedia.org/wiki/Offshore_corporation
An offshore corporation is defined as a strategic company for investing, since it is created in a different jurisdiction or country from the one of the investor’s country of origin, North American in most of the cases. Lately, Costa Rica has emerged as a perfect place for investing, due to several regulatory advantages.
Offshore corporations are a possibility for conducting business in the global market, with advantages such as these:
Tax reduction, there are business structures abroad that are ideal to set up and maintain the company operating without exceeding the corporation’s tax liability. By developing an offshore corporation, prosecution by tax evasion and other economic issues are avoided.
Fees are not equal in every jurisdiction for creating companies, so there are several options for the investor, to adjust his needs to the requirements of the chosen country.
Asset protection, the offshore center is able to transfer its capital, keeping the anonymity and confidentiality desired. This wealth is also protected from lawsuits or any other economic issue.
However, every individual situation is different, which is why legal assistance is the first consideration if investing offshore. GLC has a qualified team in matters of investing here in Costa Rica. We offer guidance, legal advice in order to keep our client’s needs safe and satisfied.
GLC provides three different forms of limited liability corporations: New, Shelf and Gaming Corporations. We can help you create your own new company here in Costa Rica. In urgent cases, we offer ready-made companies or Shelf companies. Finally but not least, Gaming corporations are part of our services, as we have helped several gaming groups into forming the ideal corporate structures to operate globally respecting international regulations.
Feel free to contact Team GLC for further clarifications via e-mail to info@glccr.com
Resources
http://www.investopedia.com/articles/02/020602.asp
http://www.consultwebs.com/legal_glossaries/business_law/business_law_glossaryo.html
http://en.wikipedia.org/wiki/Offshore_corporation
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