Foreign investments must comply with legal requirements and specific regulations set by the Bank of the Republic of Colombia. This includes legalizing your investment according to local decrees to avoid audits or fines.

The Colombian NIT (Número de Identificación Tributaria) is essential for tax purposes. After registering with the Chamber of Commerce, you can obtain your NIT through DIAN (Colombian tax authority). If you need assistance, you can reach out to expatgroup for guidance.

To register, you must submit documentation outlining your business activities, company bylaws, shareholder information, and Power of Attorney letter. The Chamber of Commerce typically recognizes your company within 24 hours.

There are three main legal structures for business in Colombia:

• Simplified Stock Companies (SAS): Flexible and suitable for various business activities, requiring only one shareholder.
• Limited Liability Companies (LTDA): Suitable for 2-25 partners, with specific incorporation rules.
• Corporations (SA): Requires at least five shareholders and a board of directors, ideal for larger businesses.

To choose a business name, you must register it through the Single Business Register (RUE). It’s important to consult a brand consultant or translator to ensure the name is appropriate in both English and Spanish.

The first step is to choose the appropriate legal structure for your business—typically a Simplified Stock Company (SAS)—and register it with the local Chamber of Commerce. If the investor is not present in Colombia, a Power of Attorney (POA) must be granted to a legal representative to handle the process on their behalf.

To register your business in Colombia, you must:

1. Choose a legal structure (e.g., SAS, SA, EU).
2. Draft company bylaws.
3. Obtain a NIT (Tax Identification Number).
4. Register at the local Chamber of Commerce.
5. Open a corporate bank account.
6. Register foreign investment with Banco de la República.

The most common types of business structures in Colombia are:

• SAS (Simplified Stock Company): Flexible and suitable for small and large businesses.
• SA (Stock Corporation): Requires a minimum of five shareholders, ideal for larger businesses.
• EU (Sole Proprietorship): Owned by one person, with limited liability based on the contributed assets.

Yes, after holding the Business Visa for five uninterrupted years, you may be eligible to apply for permanent residency through a Resident Visa (Type R).

The Colombian Business Visa can be granted for up to three years. To maintain its validity, you must not spend more than 180 continuous days outside of Colombia.

To qualify for a Type M Business Visa, you need to invest more than USD 32,500 in a Colombian organization.

To apply for a Business Visa in Colombia, you need:

• A passport valid for more than six months
• A recent 3×4 cm photograph
• An application letter signed by you
• A Chamber of Commerce Certificate proving your investment
• Supporting documents like bank statements and income tax returns
• A certificate of shareholding composition signed by a Colombian accountant