Regulatory update – Costa Rica

Instead of undergoing the meticulous steps of checking name availability, reserving a name, and including it in the articles of association, companies will now simply be assigned a number as their official identifier.

This may sound remote and futuristic, but it is already a reality in Costa Rica. The country recently enacted Law No. 10.729, which modifies the legal identification system for certain types of entities, namely corporations and limited liability companies.

Under this new framework, companies will no longer choose or register a corporate name during the incorporation process. Instead, each entity will be identified solely by a corporate identification number automatically assigned by the Registry of Legal Entities within the National Registry of Costa Rica. This number will serve as the company’s exclusive legal identifier.

Although the law is not retroactive, in the future, any existing company that wishes to change its name must do so by adopting its corporate identification number as its official designation.