Setting up a Business in Colombia

There are several formal legal steps to start your business in Colombia. Make sure you get support and advice from a local legal expert in the country to ensure you meet all business and accounting requirements. The government`s public database on the Single Business Register, or ERU, requires you to confirm that the name you want is available for your business. It`s important to keep in mind that your company`s legal name may differ from your trademark. Colombia ranks third in the region for ease of doing business. Colombia offers various opportunities for foreign investors interested in launching their next business venture in Latin America. The Chamber of Commerce will review this documentation to confirm that it complies with legal requirements and guidelines for setting up businesses in the country. Registration approval only takes 24 hours, after which your business can begin operations. If you are starting a new business, you need to check if your business name is available. Your legal trade name and trademark may be different. The final step in this process is to open a bank account for your business activities.

Colombia offers many options in terms of banks, each offering its own benefits and rules for corporate accounts. The tax authorities register your company in the tax system. This registration provides you with a unique tax identification number (NIT) that identifies you for all purposes and allows you to submit the mandatory tax returns. Registration of the tax number to obtain a permanent business license The Colombian business visa type M is issued for one, two or three years. If you`re wondering how to start a Colombian business, you`ve come to the right place. Electricity is not a problem for most urban, industrial and free trade areas, as the electrical infrastructure is already installed. However, getting electricity in rural areas or for the construction of a new building is by far the most difficult aspect of starting a business in Colombia. The type of business you want to start depends on how you want to work. For example, your business could be: For many foreigners, it is attractive to set up businesses and investments in Latin America, due to the countries` potential for economic growth. Colombia is usually one of the countries with the best projection to invest or start a business. Colombia has three legal structures for starting a business.

You can choose what best suits your needs. These include: The COC in Colombia regulates the process of setting up a business in the country. To register with the Chamber, you must provide documents describing your company`s activities, shareholder information, proxies and articles. Tags: Colombia | Business creation | Form of company | Start your business| Starting a business In this blog, we explain the steps to start a business in Colombia and successfully apply for an investment visa in 2022. You will also need to open a business bank account to run your business and receive money from foreign investment. 2. Determine the legal structure of your business. There are several ways to legally structure your business, such as limited liability companies (LTDA), simplified public companies, and companies (SAs). For more information, check out our comprehensive guide to the legal requirements for starting a business in Colombia. 3. Set up your company`s legal representative, legal representative, accountant, tax auditor and board members.

Keep in mind that some business legal frameworks (such as simplified public companies) do not require you to appoint a tax auditor or board members. Finally, you need to open a business bank account to complete the process and start your business in Colombia. There are many different banks in Colombia, and each offers different benefits and agreements for corporate accounts. Subscribe to our newsletter to receive the latest business news and advice on business formation, legal entity compliance, accounting, back office and tax requirements. Our bespoke market entry services and back-office solutions accompany you throughout the business formation process, ensuring that your business expansion starts on the right foot and in full compliance with local laws. Colombia is a great destination if you want to expand your business or start a new business. However, before you set everything up, you need to complete the business registration process. For foreign investors and entrepreneurs interested in doing business in Colombia, it is important to have a business visa, and there are different types of business visas. The most suitable must be selected for the development of activities or the establishment of a business in the country. c.

Get a Type V business visa and get your foreign Colombian passport (Cédula de Extranjería). The process for a Colombian visa can take two or four weeks. Matter. It must also indicate the name of the company and the activities it will carry out in Colombia. To prepare your business bank account, you must present the certificate you received from the COC – the certificate confirming the existence of your Colombian company. With the COC certificate, you must provide your NIT (tax certificate), the identification number of your legal representative and the opening balance of your business account. Depending on the bank you choose, you may need to provide additional information. The last step to start a business in Colombia is to hire employees, if you do, you must register your business with the Family Compensation Fund, the Colombian Family Institute and the National Apprenticeship Service. You will need to fill out a single form for all these agencies. In this article, our experts outline the local legal procedures you need to follow if you are interested in starting a business in Colombia.

Registering your business with the Occupational Risk Administrator is also essential. The agency contributes to the coverage of occupational diseases and accidents at work. You must make monthly contributions to the program, and coverage begins 24 hours after you submit your form. CL&A provides expert services for the creation or modification of company and company constitutions; all types of commercial contracts; Employment contracts; Purchase and sale contracts for all types of commercial transactions. Business transactions typically involve a range of services from business purchases to real estate transactions. Our company also takes care of the due diligence of the investments you can make in Colombia. b. Open the company`s bank account with a «broker» dedicated solely to managing the company`s financial capital (you can do this with a physical copy of your passport).

Ask us, we can guide you with the broker account. Depending on the type of business you are starting, you may need to obtain special permits or licenses from the government. For example, businesses that sell food or alcohol require a license from the Ministry of Health. Check with your local chamber of commerce or town hall to find out what permits and licenses are required for your business. The Colombian government`s efforts to encourage foreign investment to stimulate the economy are among the top three in international rankings of the Latin American Ease of Doing Business Index and have produced positive results. Since 2003, Healy Consultants has been providing its clients with the best corporate structures to do business in Colombia. There are several ways to do business in Colombia, the most common being the creation of a simplified joint-stock company (SAS). Alternatively, entrepreneurs have the option of forming a limited liability company (Ltda.) or a joint-stock company (SA). Foreign legal persons may also establish a branch or representative office.

The Colombian government is constantly striving to encourage foreign investment and assist foreign entrepreneurs in the administrative process associated with starting a business in the country. Colombia offers many opportunities for any foreigner who wants to start a business in the region. Depending on the industry and industry, workdays can start at 6 a.m. and end until 7 p.m. Saturdays are sometimes considered working days. Working hours will be reduced from 48 hours to 42 hours by 2024. The first step to starting your business in Colombia is to prepare and sign the Power of Attorney (POA) for your legal representative. Learn more about our team and expert writers and read our short presentation below for more information on starting a business in Colombia.

Creating a legal business entity in Colombia involves many steps, but it`s not as difficult as you might think. In this guide, we`ll help you learn how to sign up and start a business in Colombia. You must choose the type of social structure that meets the needs and economic activity of your business. Please note that depending on the structure, specific documentation or additional legal and accounting processes may be required. If you are interested in starting a business in Colombia and would like help to complete this process without complications or setbacks, our team of legal experts in Colombia can help. Contact us now to find out how we can advise you to start a business in Colombia. When choosing the legal structure of the company, make sure you choose the structure that best suits the economic activities and other needs of the company. Depending on the structure you choose, you will need to provide specific documentation and go through additional accounting and legal processes.