In the first nine months of 2019, 4,715 companies were closed, 13% more than the total number of companies closed during the whole of 2018, which could be because of the entry into force of the Personal Income Tax Law.
Since 2017, the year in which the Corporate Income Tax Law came into force, the number of corporations that closed their operations in the country began to increase.
The German company, Amoena, reported that it will close its operations in the country, arguing that its main textile suppliers moved their operations to Asia and need to get closer to that market.
The company is a producer of bras, bathing suits and other products for women who have suffered from breast cancer and underwent mastectomies.
The company reported that by 2020 will close its Financial Shared Service Center in Costa Rica, as part of a corporate strategy focused on fewer centers, but larger.
"While we will close this center, Amway remains committed to the Costa Rican market and will continue to provide support to our businessmen and customers, our commercial operations in Costa Rica will continue normally," states a company statement.
In Costa Rica, Aldesa Corporación de Inversiones applied for judicial intervention because of lack of liquidity and announced the closing of the stock exchange.
From Aldesa's press release:
March 8, 2019. The uncertainty generated by the fiscal crisis among Costa Rican investors during the last quarter of 2018 led to a severe loss of liquidity in the market, which impacted the private real estate projects managed by Aldesa.
Five years after buying it, the Costa Rican state-owned electric company Racsa decided to close Fullmovil, a virtual operator dedicated to the commercialization of prepaid telephony services.
In February 2014, the Superintendence of Telecommunications announced that Radiográfica Costarricense - already in serious financial difficulties - acquired Fullmóvil, a virtual operator involved in the sale of paid telephony services.
Despite efforts by the new owners to keep the company afloat, the Yanber Corporation has decided to stop operations at the flexible packaging factory in Costa Rica.
A subsidiary of Philip Morris in Costa Rica has acquired 100% of Tabacalera Costarricense, which will maintain its operation, but will suspend the production of cigarettes in the country.
The company announced that the products that up till now have been manufactured in Costa Rica will be produced at Philip Morris International's global plants.
Citing lack of raw material to continue operating, in Costa Rica the Venezuelan company Alunasa has submitted an application to temporarily suspend the labor contracts of 300 employees.
The Directorate of Civil Aviation has suspended flights by Nature Air, arguing that due to problems in the administrative structure of the company, it can not guarantee the safety of its operations.
"...According to Ennio Cubillo, executive director of the General Directorate of Civil Aviation (DGAC), the measure was taken due to the resignation of the operations manager, the incapacity license of the air safety chief, ... and the death of the head of pilot training, Juan Manuel Retana."
Corporación Multi Inversiones has announced that it will be closing the 11 restaurants operating under the Pollo Campero brand, in order to boost development of the Pollo Granjero chain.
Representatives from Corporación Multi Inversiones (CMI) explained that the plan is to develop more and improve the chain operating the Pollo Pollo Granjero brand, which has more than 100 outlets in the country.
In a timeframe of three years GlaxoSmithKline will be moving its manufacturing operation in Costa Rica to other plants in Latin America.
The manufacturer of medicines and medical supplies announced that the decision"... was made after reviewing its global manufacturing network and identifying available production capacity in other plants in Latin America. "The process of closing the manufacturing plant will be completed in 2019.
The Salvadoran Civil Aviation Authority has temporarily suspended its operating permit and granted it a period of 90 days to decide whether or not to stay in the aviation market.
The company must decide its future in a maximum period of three months, as established by the Civil Aviation Authority of El Salvador.Its executive director, Jorge Puquirre, told Elmundo.sv that"... 'Their argument (the CASI) is based on current aircraft not being profitable under the terms of the low cost tickets offered'. However, 'they are already in talks with other operators looking to lease other smaller aircraft'. If the company decides not to stay in the market, the Civil Aviation Authority has the legal power to 'cancel the operating permit permanently'."
The U.S firm Communications System has announced the closure of its plant manufacturing Suttle telecommunications equipment in Alajuela, so as to move the operation to Minnesota.
The company has operated the plant manufacturing traditional telephony and telecommunications since 1989.The decision to close the operation, for which it employed 113 people, is due to a reduction in the revenues from the line produced in the country.
The airline of Salvadoran origin will suspend its operations for three months to resolve "financial problems" and a carry out restructuring.
The airline that in late 2014 announced flights between the capitals of Central America for $199 for two people, is now facing financial problems that has forced it to close its operations for at least three months in order to restructure the company.This was confirmed to Elsalvador.com by the principal adviser to the group ofcompanies Alba and by Vuelos Económicos Centroamericanos (CASI), José Luis Merino.
The corporation has decided to suspend operations indefinitely "due to the continuing deterioration of economic and business conditions ."
From a statement issued by Kimberly-Clark:
CARACAS, Venezuela, July 9, 2016 / PRNewswire / - Kimberly-Clark Corporation (NYSE:KMB) today announced the indefinite suspension of all operations in Venezuela, with immediate effect, due to the continuing deterioration of economic and business conditions.
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