ANNUAL MEETING NOTICE
January 30, 2012

The Costa Rican-American Chamber of Commerce convenes all members to the Ordinary and Extraordinary Meeting to be held on January 30, 2012 at 5:00 p.m. at the Real Inter-Continental Costa Rica Hotel, Salón Cedros to discuss the items listed below on the Agenda. If there is no legal quorum at 5:00 p.m., a second meeting will be called for 6:00 p.m. on the same date and at the same location with those members present or represented constituting the quorum.

AGENDA:
1) Verification of quorum
2) Committee Reports
3) Presentation and approval of Reports by:
-The President
-The Treasurer
-The Statutory Examiner
4) Election of Officers, Directors and Statutory Examiner
5) Motions presented by Officers and Directors
6) Motions presented by Members

NOTE: Attendance is restricted to designated representatives of AmCham member companies. The traditional cocktail reception will follow immediately after the meeting. Please confirm your assistance to suri@amcham.co.cr

See complete Annual Meeting Notice for more information.

IN THE NEWS

New tax on legal entities

Starting April 1st, the new tax on legal entities will come into force. Active entities will be subject to an annual tax equal to 50% of a monthly base salary, and inactive entities will be subject to a tax equal to 25% of a monthly base salary. The current monthly base salary is ¢360,000.00 (three hundred and sixty thousand colones), approximately $700.

Since the law will enter into force in April, this year companies will only have to pay the proportionate amount which will be ¢135,000 (one hundred and thirty five thousand colones). This year the tax is due to be paid during the month of April, but it generally will be collected in January. The Ministry of Finance is yet to publish a definition of active and inactive entities.

Micro and small companies that are classified and registered at the Ministry of Economy and are registered taxpayers in the Ministry of Finance will be exempt from this tax.

In addition, for a six month term, the transfer of real estate, movable or personal property owned by legal entities that have been inactive for at least twenty four months as of the entry into force of the law will enjoy a one time only exemption from transfer taxes and registry stamp duties.

Furthermore, entities that are dissolved within three months as of the entry into force of the law will not pay this tax.

During a twenty four month period as of the entry into force of the law, legal representatives who wish to resign may do so by sending their resignation to company at its registered social domicile. This communication must be registered at the Legal Entities Registry of the Costa Rican National Registry.

Upon request, the Costa Rican National Registry is required to provide to any interested party, a list of all the legal entities in which such party appears appointed as the legal representative.

Ninety five percent of the taxes collected under this new law will be for the Ministry of Public Security, and the remaining five percent for the Ministry of Justice and Peace.

VISITOR’S PROGRAM:

If you have a visitor from overseas and would like to share information/best practices with our members we would be happy to help you organize an event. We have full sponsorship and partial sponsorship packages. For more information please contact Julettta Broomfield at amcham@amcham.co.cr

EVENTS & SPONSORSHIP OPPORTUNITIES

We have sponsorship opportunities available for our 2012 events. Please contact Catalina Camacho for more information asistente@amcham.co.cr

If you have an event you would like to co-organize with us, please send us the topic of the event, proposed speaker, and target audience. Please send the information to asistente@amcham.co.cr

WE WANT TO HEAR FROM YOU!

If you have news/events to share with out membership please send them before the last Wednesday of the month so we can include them in our newsletter. We welcome your comments, and suggestions! asistente@amcham.co.cr

MONTHLY SCHEDULE

Join our committees! Contact Maria Eugenia Mesen for more information.

AmCham Committees

ANTI-CONTRABAND
• To convey the message to Government authorities and to society in general that smuggling is increasing in our country, representing not only a tax collection problem but also a threat for public health and security as organized delinquency networks are behind these activities.
• To raise awareness that these activities affect the companies that are legally established in the country and conducting businesses within the legal frameworks, clearly leaving them in a disadvantageous position.
• To foster and create spaces to exchange and work with Government authorities to set up alliances that will enhance control on smuggling and other unfair practices.

CORPORATE SOCIAL RESPONSIBILITY
• Focuses on the role and nature of business in bringing CSR issues center stage.
• Emphasis on how companies respond to the agenda for corporate citizenship and the growing need to manage issues that affect their business reputation.
• Examines how companies respond to the increasing needs and concerns of a range of different stakeholders.

ECONOMICS AND FINANCE
• Provides timely in-depth analysis and interpretation of the economic and financial situation of Costa Rica, the US and other countries.
• Discusses and analyses macroeconomic policies: fluctuation of exchange rates, inflation, interest rates, taxes, trade policies and international markets.
• Serves as a forum for analysis and discussion of Central Bank policies.

ENVIRONMENTAL ACTION
• Monitors laws and proposed legislation that impact how local and international companies handle environmental related matters in Costa Rica.
• Encourages private sector involvement in ecologically-oriented programs that benefit the local community.
• Provides opportunities for sharing of best practices.

HUMAN RESOURCES
• Monitors legislative initiatives that would positively or negatively reform Costa Rica’s labor code and, when necessary, recommends course of action to Board of Directors.
• Evaluates Costa Rica’s labor environment and specific labor issues that can potentially impact member companies.
• Provides an important forum for HR managers to keep abreast of best practices and latest trends.
• Provides support in developing effective labor management relations.
• Organizes training courses and seminars.

INFORMATION /TECHNOLOGY
• Monitors compliance with DRCAFTA in area of telecommunications.
• Members exchange views and discuss trends related to the global and constantly changing landscape of information and communication technologies and the challenges facing Costa Rica’s growing information/technology sector.
• Monitors the climate for future growth and when deemed appropriate, recommends specific courses of action to the Board of Directors.
• Collaboration with and support of the Costa Rica Digital and Digital Government projects.

LEGAL AFFAIRS
• Monitors matters related to the legal aspects of investing and doing business in Costa Rica.
• Advises and recommends possible courses of action to Board of Directors on congressional and or government initiatives that negatively impact the business and investment climate.
• Collaborates with Costa Rican legislators by providing expertise on intellectual property rights, land titling, tax, insurance, environment and concessions.
• Subcommittees: Tax, Intellectual Property Rights, Public Works Concessions, SIECA, Free Trade Zones.

TRADE AND INVESTMENT
• Provides members with up to date information on US and Costa Rican trade policy and related matters affecting the bilateral trading relationship.
• Monitors CAFTA implementation process.
• Monitors Foreign Trade Agreements Costa Rica is negotiating with other countries.
• Emphasis on competitiveness issues.
• Local and international speakers are invited to expose on investment and trade related topics.

AmCham’s International Arbitration and Conciliation Center - authorized by the Ministry of Justice offers an expeditious and cost saving alternative for handling business disputes. We encourage you to include CICA’s arbitration clause in your business contracts.

www.cica.co.cr / cica@amcham.co.cr
Tel. 2290-0696 / 2220-2200