Doing business in Colombia made easier

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.

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I hope you enjoyed reading this article: Doing business in Colombia made easier. If you have any questions, please contact our office HERE.

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