Evolution Free Zone represents a before and after in the way of developing business in the country thanks to the free zone regime and its multiple benefits.
2023 became a crucial year for Costa Rica thanks to Evolution Free Zone, the evolution business park of the country’s free zone. which confirmed the arrival of four highly renowned multinationals. Among them: Okay Industries (dedicated to the manufacturing of components for the medical supplies industry), Intricon Corporation (whose main task is the manufacture of medical devices with microelectronics, biosensors and electromagnetic navigation sensors) and Inari medical.
The positive impact of the news not only has to do with the trajectory of the companies that will arrive in Costa Rica in 2024. It is an event that is promising and marks a path in the growth of free zones, since the announcement of the construction of Evolution Free Zone occurred just a little over a year ago, and it is still in the first phase of development. Among the determining factors for these important companies to have decided, in this short term, to operate from the country, we can mention: the creation of a free zone of the latest technology, which has three main aspects such as highly specialized human talent, both technical and professionally, sustainable development to promote high-impact operations at a global level and constructive innovation with global standards of excellence. Added to its strategic location and the 12 million invested by the developer group, CODE Development Group, to optimize road conditions.
This milestone marked by Evolution Free Zone allows us to reach some conclusions: the avant-garde vision of this type of business parks, the attraction of international companies linked to the smart manufacturing industry, knowledge-intensive services and the Life Sciences industry; the promotion of free zones, with their multiple benefits for business owners, and as the core of Costa Rica’s economic development.
How does the free zone regime work and how can it be beneficial for your business?
There are three main advantages when operating from a free zone in Costa Rica:
Exemption: in the importation of essential merchandise or merchandise required for the activity or administration of the company.
Exception: tax on purchases of local goods or services; export taxes and all profit contributions, depending on the location of the company; and up to 10 years in transport and/or cargo vehicles and shipments.
Training: through training programs for employees.
In order to access these benefits, it is important that the company (whether national or foreign) meets the requirements established in Law No. 7210 and its regulations.
If you are interested in taking this a step further and would like to receive more information and advice on the free zone regime, please contact ERP Lawyers.
