CUSTODY OF LEGAL BOOKS IN COSTA RICA

When operating a business in Costa Rica, foreign business owners need to understand the legal requirements for the custody of legal books in their companies.

Whether it’s a Sociedad Anónima or a Sociedad de Responsabilidad Limitada, the custody and maintenance of specific books are crucial for compliance and legal integrity.

Legal Book Requirements in Costa Rica

Sociedades Anónimas

Active: At least 6 books are required, including the book of minutes of shareholders’ meetings, the book of minutes of the Board of Directors, and the shareholders’ registry book.

Inactive: Must maintain at least 3 books, which are the book of minutes of shareholders’ meetings, the book of minutes of the Board of Directors, and the shareholders’ registry book.

Sociedad de responsabilidad limitada

Active: Should have 5 books.

 

Inactive: Required by law to maintain 2 books, which are the shareholders’ registry book and the book of minutes of shareholders’ meetings.

Importance of these Legal Books

The significance of these books lies in their legal implications for business ownership and decision-making within the company. Specifically:

The shareholders’ registry book in serves as the legal documents that determine the ownership of the company and its properties.

The minutes of shareholders’ meetings are crucial documents containing all the special power of attorney that a company can grant.  Without these books, the company cannot grant these powers to anyone.

Ramifications of Misplacement

The loss of these legal books can have severe repercussions, both in terms of compliance and financial costs. If the legal books of your company are lost, the process to rectify this situation involves significant expenses.

It typically incurs a cost of approximately $500, in addition to the requirement of obtaining specific documents from your home country, getting them notarized, apostilled, and then sending them to Costa Rica for legalization.

In conclusion, the custody of legal books in Costa Rica is not only a legal requirement but also a crucial aspect of maintaining the integrity and compliance of your business.

Understanding the importance of these books and the consequences of their loss is imperative for foreign business owners operating in Costa Rica.

For that reason, we offer the service of custody of legal books for your company. So that you can have the peace of mind that you are complying with what the Law indicates, and operate without problems in Costa Rica.

Contact us if you need more information.

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WHAT WE DO?

We provide legal services focused on the Costa Rica Real Estate property purchase process.

01

THE PERFECT CLOSING

The system that allows us to deliver maximum satisfaction and perfect execution.

Let us be a part of your real estate acquisition in Costa Rica.

With our exclusive “20-checklist” closing system and our rigorous examination of the title.

02

Our escrow service for real estate transactions is by far the most professional, fast and reliable in the area.

You will be attended directly by our professionals, person to person and will guide you step by step in the opening of the Escrow account until the end of it.

03

CORPORATION STRUCTURES

The companies we incorporate and administer for our clients are used for many purposes: portfolio investment, trading, real estate investment, patent, royalty and copyright holding, ship and aircraft ownership and financing, asset-based lending, and long-term project financing.

04

LIVING TRUST AND ESTATE PLANNING

Estate planning involves determining how your Costa Rican property will be preserved, managed, and distributed after death. It also takes into account the management of an individual’s properties and financial obligations in the event that they become incapacitated.