MEIC (Costa Rican Ministry of Economy and Commerce)
MEIC in Costa Rica is the institution that it´s main focus is the consumer, and the support of micro, small and mid size companies in the country, providing assistance to the commerce and consumer to grant justice on both sides.
Also MEIC assist on projects of international cooperation bringing technical and financial support to enhance the development of the country.
The PYME (micro, small and mid size company) is a division of MEIC in charge of providing support to the mentioned categories of Costa Rica corporations with support programs and information mechanisms that enhance the industrial and commercial market in the country.
What are the benefits for a PYME??
There are multiple benefits on becoming a PYME in Costa Rica, the most attractive to the entrepreneurs of small companies or new business owners are the tax benefits and the financing options from the national banking system and other institutions that suport PYMES.
Between the tax benefits a person or company can obtain are the exception of the corporation tax, this can save some hundreds of $$ a year in taxes, the second and most important benefit is the exemption on the income tax, this applies for people or companies that are registered as PYME and with an annual gross income less than $180,000.00, under those conditions the rates are the following;
- 0% Tax during the first year
- 75% Tax exemption during the second year
- 50% Tax exemption during the third year
The benefits mentioned are subject to the analysis of MEIC using the annual income tax forms.
The registration on MEIC can be made through two different platforms, MEIC Directo for business owners that have a digital signature and SIEC for owners that doesn´t have a D-Signature device, this is a simple paperwork that can be done by yourself or with the help of your tax advisor.
Link to MEIC registration website: https://www.siec.go.cr/DIGEPYME/login.jsp
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