Costa Rica Investment Funds Management License_Guideline

Costa Rica Investment Funds Management License

The Law No. 8343, of 2002 provides the legal framework for the provision of Brokerage Services in Costa Rica.

Permitted Activities

As per the Act, Investment funds Management Company are Companies whose sole purpose is to provide investment fund management services.

Legal Requirements

Sr.

No

 Element Requirement(s)
Entity Requirements The entity making the application is a Costa Rican Company which Includes;

  1. A Corporation
  2. Limited liability companies
Director’s Requirements The licensee will need at least 1 (one) natural person Fit and Proper Directors of any jurisdiction.
Shareholder requirements
  • The Mutual Funds Company will need at least 2 (two) shareholders.
  • Corporate shareholding is allowed and 100% foreign ownership is permitted.
Financial Portfolio Managers The Applicant’s Financial Portfolio Managers must be licensed or certified to perform said the activities by the Costa Rican Chamber of Investment Funds
Fund Sales Representatives The Applicant’s Fund sales representative must be

licensed or certified to perform said the activities by the Costa Rican Chamber of Investment Funds.
StockBroker The Licensee will need to have an Authorised Broker Agent to do any Transactions in the Stock Market
Compliance Officer The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.
Local Office The company must have an office in Costa Rica and some employees must reside there.
Auditor The Licensee, must establish an internal Audit committee or outsource depending with the Company requirements.
Insurance It is not a requirement to have an indemnity insurance coverage or a fidelity bond.
Minimum Capital Requirements The Applicant must have the prescribed minimum paid-up capital and is able to meet the prescribed minimum net liquid capital requirement in cash or readily marketable securities.

The prescribed minimum paid-up capital is 30 M Colones (Approximately USD 53,000)

Ongoing Obligations

  1. Provision of a summary of the prospectus—and if requested, the complete prospectus—at the moment of placement.
  2. Information on the share price, net assets and commissions, to be provided daily to the regulator and available to the market and investors.
  3. Portfolio composition, to be provided biweekly to the regulator and available to the market and investors.
  4. Personal statement accounts, to be provided to each investor on a monthly basis.
  5. An annual fee must be paid irrespective of whether it is a commercially active company or not.
  6. Financial statements for both the mutual fund and the mutual fund manager, are to be provided quarterly as well as annually. Annual statements have to be audited and supplemented with an additional report on compliance with securities regulations and internal controls.

About Valsen Fiduciaries

Valsen Fiduciaries is a licensed independent global service provider of a broad range of fiduciary, administrative, legal, corporate secretarial and support services.

    1. Company formations and Administration
    2. Assistance with Bank Account opening
    3. Collective Investment Setup and Administration
    4. Intellectual Property Registrations and Maintenance.
    5. Trusts and Foundations setup and administration
    6. Online Payment Gateway Solutions
    7. Banking Licenses and PSP, E-Money, E- Wallet Licenses
    8. Yacht and aircraft registrations.
    9. Cryptocurrency Solutions (ICO, STO, Crypto Exchanges etc)

The Valsen Advantage

  • We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of securities dealer licenses in all major jurisdictions.
  • Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
  • We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
  • We have a full in-house compliance support for all compliance requirements with the regulator and service providers

Our Contact Details

Please visit us on: www.offshorelicense-regulatory.com , www.valsen-corporate.com

OR Contact us on:

  • Tel: +248 4321018
  • WhatsApp: +248 2525217
  • Skype: vf-international.com
  • Email: [email protected]

Telephone:

+248 252 5217

[email protected]

vf-international.com