Costa Rica is establishing itself as a strategic epicenter for innovation and growth in the Life Sciences sector, thanks to its robust legal ecosystem, highly qualified human talent, and an environment conducive to innovation. Its privileged location in the heart of Central America not only facilitates access to key markets in Latin America but also offers political and economic stability, fundamental for long-term business development.
Medical technology exports reach $3.7 billion, with an annual projected growth of 17%, reflecting a dynamic and expanding market. Costa Rica is recognized for hosting 13 of the top 20 original equipment manufacturers and being home to 16 leading-edge technology companies.
In this article, we will analyze the competitive advantages that the country offers, highlighting the fundamental role of free trade zones such as Coyol Free Trade Zone, awarded as the best free trade zone in the Americas.
Legal Aspects for Life Sciences Companies
From a legal perspective, Costa Rica offers a favorable regulatory framework for Life Sciences companies. The most relevant aspects include:
- Free Trade Zone Regime: Provides tax and customs incentives to companies established in these zones, including exemption from income tax, value-added tax, and customs duties.
- Intellectual Property Protection: Costa Rica is a signatory to important international intellectual property agreements, such as the Berne Convention for the Protection of Literary and Artistic Works and the Patent Cooperation Treaty (PCT).
- Legal Stability: The country has a robust and transparent legal system that guarantees the legal security of investments.
Coyol Free Trade Zone: An Ideal Ecosystem for Life Sciences Companies
Coyol Free Trade Zone stands as a paradigmatic example of the success of the free trade zone model in Costa Rica. This industrial park hosts leading companies in the Life Sciences sector, such as Medtronic, Abbott, and Philips, among others.
The competitive advantages of Coyol Free Trade Zone include:
- First-Class Infrastructure: Modern facilities equipped with cutting-edge technology for manufacturing, research, and development activities.
- Comprehensive Services: A wide range of support services, including legal, accounting, and customs advice.
- Strategic Location: Proximity to Juan Santamaría International Airport and the country’s main ports, facilitating logistics and international trade.
- Sustainable Environment: Commitment to environmental sustainability, implementing eco-efficient practices, and promoting corporate social responsibility.
Conclusion
Thanks to its favorable legal framework, qualified human talent, and free trade zones like Coyol Free Trade Zone, Costa Rica has become a world-class hub for Life Sciences. For companies looking to expand in Latin America, this country offers an environment conducive to success and innovation, supported by a robust legal ecosystem that guarantees the legal security of investments.
Are you considering establishing in Costa Rica? Our team of experts has extensive experience in the sector and can guide you through the entire process from company incorporation to compliance with legal obligations. Contact us!
