24Sep/20
Business-in-Colombia---What-are-the-Colombian-Legal-Requirements

Business in Colombia: What are the Colombian Legal Requirements?

Before setting up your Colombian business as a foreign investor, it’s crucial to understand all of the legal requirements.

At Expat Group, our clients are constantly asking us about the best way to legally structure their business, how to navigate DIAN for their tax number and dealing with the Colombian Chamber of Commerce.

With this in mind, we’ve put together a comprehensive list of the most important steps you need to take legally to incorporate your Colombian business.

You’ll learn about:

The letter stating POA
The different legal structures for Colombian businesses
What you need for the Chamber of Commerce
How to get your Colombian tax number (NIT)

21Sep/20
Why-Do-Business-in-Colombia

Why Do Business in Colombia?

At Expat Group, many people ask us what makes Colombia such an ideal environment to do business.

It’s clear that Colombia is a country that’s filled with economic opportunity, showing high levels of economic growth that is contributing to a rising middle class.

But why, specifically, should people look to do business in Colombia over other Latin American countries?

In this article, we’re taking a look at three key factors to explain.

Let’s start by looking at Colombia’s economic overview.
At Expat Group, many people ask us what makes Colombia such an ideal environment to do business.

It’s clear that Colombia is a country that’s filled with economic opportunity, showing high levels of economic growth that is contributing to a rising middle class.

But why, specifically, should people look to do business in Colombia over other Latin American countries?

In this article, we’re taking a look at three key factors to explain.

Let’s start by looking at Colombia’s economic overview.

19Sep/20
doing business in colombia

5 Challenges to Doing Business in Colombia

If you’re looking to set up a business in Colombia as an expat, it’s always best practice to know where potential pitfalls for new companies lie.

At Expat Group, we’re always being asked by our clients and partners about which barriers are most telling for foreign nationals who look to start a Colombian enterprise, and top tips for overcoming these obstacles.

For this reason, we’ve picked out our five most notable challenges for doing business in Colombia as an expat.

Let’s get started.

02Ago/20
two people shaking hands

How to do Business In Colombia: A Guide

In 2019, Colombia’s real GDP increased by 32% from 2.5% to 3.3%, the second highest growth rate of any South American country over the same one-year period.

Statistics like these — despite being in a period of worldwide economic uncertainty — show that Colombia’s economy is a global leading light for prosperity and growth. As well as this, notable improvements to Colombia’s banking, travel and commerce sectors have made it an increasingly attractive investment proposition for foreign entities.

In fact, the level of total foreign direct investment (FDI) in Colombia grew by $3.5billion USD over the same period. This increase in FDI is understandable when considering Colombia’s tech startup success stories of the recent past.

Food delivery platform Rappi, for instance, became Colombia’s first tech unicorn (startups valued in excess of $1 billion USD) within three years of its creation. Meanwhile, fintech startup OmniBnk has become Colombia’s first online bank that lends specifically to Latin American SMEs (small-to-medium enterprises).

It’s clear, therefore, that the question isn’t: ‘should you invest in a business in Colombia’ but rather ‘how?’.

To help answer the above, we’ve broken down the best practices for doing business in Colombia in this comprehensive guide.

05Jul/20
Colombia Investment visa

Colombia Investment Visa: A Guide to Buying Property in Colombia as a Foreigner and its Visa Requirements

Introduction: In this article, we will indicate the specific steps to buy a Home/Property/Lot in Colombia, and the correct legalization of the currencies to obtain a type M Investment Visa (Property Owner) with a value higher than 350 SMMLV ($80,000 USD) or type R (direct investment) 650 SMMLV ($150,000 USD) according to the regulations of the Colombian Ministry of Foreign Affairs.

14Jun/20
starting a business in colombia

Starting a Business in Colombia: What are the Colombian Business Visa Requirements?

During the fourth quarter of 2019, Colombia’s foreing direct investment (FDI) grew by over $3.7 billion dollars. This represented an approximated $440 million increase in FDI from the previous quarter.

Although Colombia currently finds itself in a tricky spot with the economic implications of the coronavirus, the favourable foreign exchange rate and previous spirals in FDI still make Colombia an attractive investment opportunity for expats.

There’s a growing number of foreign nationals migrating to work and live in Colombia, meaning that finding the right labor and customer base for foreign investors is now a reality. Meanwhile, the infrastructure of Colombia’s major cities like Bogotá and Medellín has gone from strength to strength in the last 10 years.

So, for those interested in starting their own business asking — ‘Do I need a business visa in Colombia?’ — the answer is yes. And the best way to ensure getting the M-6 business owner visa is through an experienced visa services agency that has already guided hundreds of people through the same process.