News & Insights

New Government Requirement for the Corporations and Legal Entities

During the first trimester of 2019, all corporations and legal entities have the obligation to provide the Tax Administration, the Costa Rican Drugs Institute, and the Central Bank of Costa Rica with the capital stock of each company in order to identify the final beneficiaries of each entity.

The legal officers who have the authority to act on behalf of the companies must comply with this requirement before the Final Beneficiaries and Transparency Registry using the electronic signature. Therefore, all legal officers with such authority must obtain an electronic card for the electronic signature from the offices authorized by the Central Bank of Costa Rica.

Companies that fail to comply with this requirement will not have access to obtain certificates of good standing and/or certificates of incumbency to perform their day-to-day procedures, neither from the National, Registry nor from a Notary Public, until the information is provided.

For legal advice on this topic or any other topic regarding Costa Rican Corporate Law, please do not hesitate to contact US.

Andrea Castro Attorney