How to Open a Company Bank Account in Costa Rica

One of the first steps any new business must take is to open a company bank account.  This article explains where you may open an account as a foreign investor or business person and what documents are required.  There are some important considerations due to the "Know Your Client" regulations imposed by the SUGEF at the behest of OECD countries.

Our research indicated that in some banks a foreign person who owns a Costa Rican business may not open an account unless they have their legal residency card.  However foreign nationals that live here may open an account in some banks, as indicated below, even without their approved residency.

If you want to have your money in a private bank and do not have your residency card, then you may have your legal representative (often your lawyer) to open the account for the company.  However, they would then have access to funds deposited in this account, unless certain precautions are taken.  

2 important requirements for readers to take note of:

• Proof of Residence - Banks are unable to open accounts for people not residing in Costa Rica. You may not necessarily need your legal residency, but you must provide some proof that you reside in Costa Rica.
• Company Formation - Another common requirement was that the company be at least 6 months old. Our research indicated that there may be some flexibility in this requirement, or ways around it.  But it may be advisable to form a company and protect your trademarks even before you have decided whether or not to invest here or do business here immediately. Since in any case these are necessary steps for any future incursion into the market.

The easiest banks to open an account in are the Banco de Costa Rica (BCR) and the Banco Nacional de Costa Rica (BNCR).  They are both state-owned banks.  Nowadays in many branches there are English speaking employees, particularly in areas regularly populated by foreigners.  However this is not always the case, and when you need information or to complete a transaction you may run into trouble.  They have the most branches and deposits are backed by the Costa Rican government.

Private banks will generally provide faster service and have English speaking employees.  They may offer additional services, however their fees are generally higher and also the spread on their exchange rates is generally a couple of points higher.  You may or may not be able to connect your accounts with the same bank in other countries the bank operates in.

Banco de Costa Rica

The most complete information about requirements was given by the BCR web site in English:

Opening a Company Bank Account BCR Requirements

Briefly, you must provide the corporate information in the national registry, called the “personería jurídica”.  This may be issued by the national registry or by a notary public, and must be less than a month old.  This certificate includes the name of the company, the legal representative, and authorization to perform acts in the company's name.  In addition, an attorney must issue a statement of the shareholders, which lists those holding more than 10% of the shares. This is commonly the original of the company's constitution, which states the objectives of the company and industries in which it may operate. Plus the company identification card, “cédula jurídica”.   You must also provide financial information which will document the expected level of activity in the account. Also you must present a bill from a public service, such as telephone, cable or electric bill.  This is to establish the address of the account holder.  Another item that serves as proof of address could be accepted, such as a rental contract. There is an application form and the original and copies of the documents of the individuals who will be authorized to sign on the account.

Banco Nacional de Costa Rica

The BNCR website does not list the requirements in English, but via a telephone consultation, a representative indicated to Fijatevos.com that the requirements are similar to BCR's. Additionally, a letter that requests the opening of the account, and indicating who will be able to sign for withdrawals.

In any case for all of the banks, it would be advisable to bring 2 letters of recommendation from your banks back home.  This is not a stated requirement, in all cases, but in the case of a newly formed company the account executive may ask for a letter or two, so it won't hurt to have them handy.

Private Banks:

In the private banks, one common requirement was that the company must have been formed more than 6 months ago. This means that you should form your company as soon as possible, another option could be to purchase a “shelf” company that your lawyer has formed previously and which was formed over 6 months ago.

In HSBC http://www.hsbc.fi.cr/ the branches consulted indicated that it was not possible to open an account unless you have legal residency. 

The BAC San Jose bank ( www.bac.net , recently acquired by AVAL Group of Columbia) indicated that it was possible, however the company must have been formed for a minimum of 6 months.  They do need a bank reference letter.  In addition to the items indicated above. 

Citi the requirements were posted on the website and are the same as indicated for the BAC.  Since in the requirements it states that the persons able to sign on the account must present a Costa Rican identity card, Fijatevos.com called to confirm that a foreigner may open an account.   It is possible, but they may also require a bank reference letter and also require that the company be at least six months old.        https://www.latinamerica.citibank.com/costarica/bancaEmpresarial/cuentas/cuentaCorrienteLocal.htm

Scotiabank ( http://scotiabankcr.com/ ) did not list requirements on the web site, but by phone Fijatevos.com got the following list. 1) “cedula juridica” 2) ID of the legal representative 3) Receipt for a public service in name of company & additional receipt in name of legal representative 4) Study of Company from National Registry 5) “personería jurídica original, must indicate that the legal rep or person with overall authority may act on behalf of the company regardless of amount “sin limite de suma” 6) List of names of partners that have more than 10% of the shares. 7) Name and positions of the members of the board of directors.  8) Bank references (optional, only if company has had income and expenses.) 9) Company must have been formed more than 6 months ago.