26Feb/24
Business in Colombia What are the Colombian Legal Requirements

Business in Colombia: What are the Colombian Legal Requirements?

Before embarking on establishing a business in Colombia as a foreign investor, it’s essential to grasp the intricacies of the legal requirements involved. At Expat Group, we frequently field inquiries from clients seeking guidance on structuring their businesses, navigating DIAN for tax identification, and engaging with the Colombian Chamber of Commerce. To address these concerns, we’ve compiled a comprehensive guide outlining the key legal steps necessary for incorporating your Colombian business. This resource covers crucial topics such as obtaining a letter of power of attorney (POA), understanding various legal structures available for Colombian businesses, fulfilling Chamber of Commerce requirements, and securing your Colombian tax identification number (NIT).

26Ene/24
Colombian Tax ID - TIN How to Obtain the RUT as a Foreigner

Colombian Tax ID – TIN: How to Obtain the RUT as a Foreigner

This blog covers everything about the Single Tax Registration RUT for individuals in Colombia, which is available for foreigners who wish to start their economic activities in this Latin American country. You will get essential information to navigate the Colombian tax system, from understanding the RUT to knowing every detail of the form and the DIAN’s virtual and in-person registration processes.

21Dic/22
Expat Story

Expat Story: Yunisbel Pazos, CEO Smartness Business

At expatgroup.co, we are a committed team, not only professionally because we fulfill our philosophy of changing lives, and we do it with the details, with our specialized, close and human advice. We are happy to know that we contribute to making the dreams of foreigners come true; dreams of studying, doing business, investing, retiring, or living in Colombia.

Yunisbel visited us in our office and shared some opinions about Colombia, his Colombian visa process, and his Smartness Business project.

03May/22
doing business in colombia

5 Challenges to Doing Business in Colombia – 2022 Update

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.

19Abr/22
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.

18Abr/22
two people shaking hands

How to do Business In Colombia: 2022 Updated 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.

15Mar/22
starting a business in colombia

Starting a Business in Colombia: What are the Colombian Business Visa Requirements? – 2022 Update

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.

10Mar/22
Colombia Investment Visa A Guide to Buying Property in Colombia as a Foreigner and its Visa Requirements

Colombia Investment Visa: A Guide to Buying Property in Colombia as a Foreigner and its Visa Requirements – 2024 Update

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 greater or equal to 350 SMMLV (~$113,750 USD) or type M investment Visa (Foreign Direct Investment) 650 SMMLV (~$211,250 USD) according to the regulations of the Colombian Ministry of Foreign Affairs. 

02Oct/20
5-Examples-of-Profitable-Businesses-in-Colombia

5 Examples of Profitable Businesses in Colombia

When you look at the statistics, it’s unsurprising to hear that Colombia is fast becoming one of South America’s most popular places for foreign investment.

According to the 2020 World Investment Report, Colombia received $14.5 billion in foriegn direct investment (FDI) in 2019, representing a more than 25% increase from the previous year.

With continuous improvements to urban infrastructure, technology and language proficiency, more and more expats are looking at Colombia as the place to start a business.

For this reason, we’ve picked out the five best industries for foreign nationals to invest in, and why they hold such lucrative business opportunities.

Let’s begin with the biggest up-and-coming industry in Colombia.