Colombia

Colombia

If you are looking for jurisdiction to grow your business, consider registering a company in Colombia, where investors are enthusiastically welcomed. This is manifested in a flexible tax regulations: 33% on profit (with a downward trend), 1,5% on income tax on net profit, 10% on capital gains.

Colombia's motto “Freedom and Order” characterizes, in particular, the process with which company registration in Colombia is associated.

Colombia is a republic located in the so-called “Coffee Belt”, in the equatorial part of South America, between Venezuela, Brazil, Peru and Ecuador. There is the access to the Pacific and Atlantic oceans, that is why registering a company in Colombia is promising in terms of trade. You can open a commercial firm in Colombia both for the import of equipment, machinery, chemicals from the USA, China and other countries, as well as for the export. It is beneficial to open an export company in Colombia (for example, for banana export). Floriculture products also provide profit in this jurisdiction. The textile industry is developed in Colombia.

Read also:
In what legal forms you can start a business in Colombia?
  • The preferred form is S.A.S., an analogue of LLC;
  • A branch or a representative office of a foreign company;

The name of the company must be unique. Each director and shareholder of any residency will be required to register a company/representative office in Colombia. In this jurisdiction, registered capital must start at $500,000. In this case, the secretary must be hired from Colombians. The audit and the financial reporting are mandatory.

What you need to know about the investment system, when you plan to set up a company in Colombia?
  • The currency in the homeland of Gabriel Garcia Marquez is the Colombian peso, equal to $0,00031.
  • In 2019, the average salary in Colombia is $300. Moreover, the country (with a population of 50 million) has a high unemployment. So, if you decide to open a company in Colombia, then there will be no difficulties in hiring employees.
  • Colombia has a very simple loan scheme.
  • You can open an account in Colombia without a personal visit. The banking system is well-developed in the country.
A useful information for investors, who plan to open a business in Colombia:
  • Visitors with Russian passports are allowed visa-free entry to Colombia for up to three months.
  • The documentation is in Spanish.
  • Colombia, Ecuador and Venezuela together constitute a free trade zone. For qualified enterprises, the tax rate is reduced here (20%).
  • There is an exchange with data carriers in non-cash transactions with countries of Europe and Latin America.

Since Colombian business has the imprint of a negative attitude in relation to the production and marketing of narcotic substances, we recommend you ordering advice on how to protect yourself from ambiguous business relationships, if you decide to establish a firm in Colombia, from YB Case experts.

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