Doing business in Colombia made easier - Escape Artist

Doing business in Colombia made easier

Over the past 4 years the World bank has reported a number of changes  that have made doing business in Colombia easier.

In 2010

– A credit information law was created that allows borrowers to verify their personal credit data. It also required that companies providing credit to share their information with credit bureaus.
– The government set up an online tool to enroll employees with the social security (ISS) and created a new private/public health provider – Nueva EPS that enables faster of enrollment of workers. These were meant to ease the process of the start-up of new businesses.
– A new law was established for managing construction permits. It allowed certain documents to be electronically verified and categorized building projects based on risk.
-Registering properties in Colombia was made less onerous by making certain documents pertaining to property registrations available on line.
– Changes to the Company Law made it easier for investors to sue directors in cases of ”prejudicial transactions”.
– A process for electronic filing and paying of taxes for businesses was established.
– Customs’ declarations and the custom’s clearance process were improved with the implementation of MUISCA, an electronic clearance system.

In 2011

– The process was starting a business was improved by reducing the number of days to register with the Social Security System.
– The permitting for the construction industry was alleviated by an improvement the system to electronically verify prebuilding certificates.

In 2012

– The costs of starting a business were diminished with the elimination of the payment for the upfront commercial license fee.

In 2013

– A mandatory electronic payment and filing for major corporate taxes was established. This was aimed at easing the administrative burden for firms.
– Insolvency laws were regulated to simplify the process and reduce the cost and time involved.
– Starting a business was made simpler by removing the requirement at the time of incorporation to register and purchase the accounting books.

How To Take Advantage Of The Colombian Consumer Lending Market

Colombian Timber Markets in 2020— Commodity Investment Options

You Can Buy The Government’s Debts In Colombia

Like Our Articles?

Then make sure to check out our Bookstore... we have titles packed full of premium offshore intel. Instant Download - Print off for your private library before the government demands we take these down!

SHOP NOW