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TurkeyColombia does not have a tax treaty with the United States, which may result in double taxation for some investors. However, the U.S. has signed numerous tax treaties with countries around the world. Explore these agreements to better understand your cross-border tax obligations and opportunities.
H&CO Colombia
In Colombia, we bring together local market knowledge, international tax expertise, and the technology solutions needed to navigate one of the region’s most dynamic economies.
With a strong presence in Bogotá, our team assists foreign investors, regional corporations, and multinational groups with tailored services that ensure compliance, efficiency, and long-term success in the Colombian market.
Doing Business
Colombia has become one of the most attractive destinations for doing business in Latin America. Its strategic location, trade agreements, and diverse economy offer significant opportunities. In this blog, we explore what foreign investors and companies need to know to succeed in the Colombian market.
How to open a Business
Starting a business in Colombia can be a strategic move for companies looking to expand into Latin America. With a growing economy and investor-friendly reforms, the country offers strong potential. This blog outlines the key legal, tax, and regulatory steps required to launch and operate a business successfully.
Tax Treaties
Most relevant industries according to GDP
Manufacturing & Mining
Colombia’s industrial sector contributes about 31% to GDP. It includes oil, coal, construction materials, chemicals, and food processing. Manufacturing is diversified, while mining, especially coal and gold, remains a key export driver. Recent reforms aim to boost innovation and sustainability in industrial production.
Services
The services sector is Colombia’s largest contributor to GDP, accounting for around 62%. It includes retail, banking, real estate, tourism, education, and professional services. The country has seen strong growth in digital services and fintech, driven by urbanization, rising internet access, and global investment.
Agriculture
Agriculture remains a vital sector, contributing around 7% to Colombia’s GDP. Key exports include coffee, bananas, flowers, and sugar. The country’s diverse climate and geography allow year-round cultivation. While modernization is advancing, rural development and productivity gaps are still national priorities.
Manufacturing & Mining
Colombia’s industrial sector contributes about 31% to GDP. It includes oil, coal, construction materials, chemicals, and food processing. Manufacturing is diversified, while mining, especially coal and gold, remains a key export driver. Recent reforms aim to boost innovation and sustainability in industrial production.
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FAQs based on the H&CO guide on doing business in Colombia:
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What is the process to start a business in Colombia as a foreigner?
What is the process to start a business in Colombia as a foreigner?
Foreign investors must register their investment, choose a legal entity (such as an SAS), obtain a tax ID (RUT), and register with the local chamber of commerce. H&CO can guide you through each step to ensure compliance.
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Are there any restrictions for foreign investors in Colombia?
Are there any restrictions for foreign investors in Colombia?
Colombia welcomes foreign investment in most sectors, with no general restrictions on ownership. However, specific industries such as defense or natural resources may require additional permits or approvals.
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What are the main taxes businesses face in Colombia?
What are the main taxes businesses face in Colombia?
Companies are subject to corporate income tax, VAT, industry and commerce tax, and payroll-related contributions. Tax rates and obligations vary depending on business size and location.
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Is it necessary to have a local partner to invest in Colombia?
Is it necessary to have a local partner to invest in Colombia?
No. Foreign investors can fully own a company in Colombia without needing a local partner, unless operating in restricted or regulated sectors. Legal and tax advice is recommended before entering the market.
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Does Colombia have tax treaties to avoid double taxation?
Does Colombia have tax treaties to avoid double taxation?
Yes. Colombia has treaties with countries like Spain, Canada, Mexico, Chile, and Switzerland, among others. While there's no tax treaty with the U.S., we can help you explore alternative tax planning strategies.
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How stable is Colombia’s business environment?
How stable is Colombia’s business environment?
Colombia has strengthened its regulatory and economic framework in recent years. Its strategic location, improving infrastructure, and open trade policies make it an attractive destination for investors.
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What accounting and reporting standards apply in Colombia?
What accounting and reporting standards apply in Colombia?
Colombian companies must follow International Financial Reporting Standards (IFRS). Monthly and annual reports must be submitted to DIAN and local authorities. H&CO provides ongoing accounting and tax compliance services.
Why Invest in Brazil?
Brazil is one of the largest economies in Latin America and the Caribbean, according to the gross domestic product (GDP) recorded in 2023. In that year, the value of goods and services produced in Brazil reached an estimated $2.12 trillion USD, based on current values.
The country boasts a diverse and robust economy driven by key industries such as agribusiness, where it leads global production and exports of soybeans, sugarcane, and coffee; mining, as the largest exporter of iron ore and a significant producer of gold, aluminum, and oil; and renewable energy, with hydropower as its main energy source and growing investments in wind, solar, and ethanol production.
This economic strength, combined with abundant natural resources and opportunities for growth, makes Brazil a prime destination for investment.
Best places to do business in Colombia: restaurants, hotels, and cultural sites
- Harry Sasson – Bogotá
One of Colombia’s most iconic chefs. The perfect setting for high-level dinners in an elegant, contemporary space. - Carmen – Medellín
A top-rated restaurant with fusion cuisine, ideal for closing deals in an exclusive, quiet ambiance. - El Cielo – Bogotá & Medellín
Awarded a Michelin star, El Cielo offers a unique gastronomic experience that impresses international guests. - Criterion – Bogotá
Run by the Rausch brothers, it offers refined French Colombian cuisine and is a go-to for diplomatic and business meals. - Andrés Carne de Res DC – Bogotá
While more informal, it’s an iconic venue that mixes business with Colombian culture in a memorable setting.
- Sofitel Legend Santa Clara – Cartagena
A 5-star historic hotel in the heart of Cartagena’s walled city. It offers luxury amenities, ocean views, and top-tier meeting spaces. - Four Seasons Hotel Bogotá – Bogotá
Located in Zona T, this modern hotel provides upscale service, fine dining, and excellent facilities for corporate events. - JW Marriott Hotel – Bogotá
A favorite among executives for its elegant meeting rooms, executive lounge, and proximity to the financial district. - Hotel Estelar La Fontana – Bogotá
Ideal for long stays and business conferences, offering spacious suites and meeting centers in a strategic location. - InterContinental Medellín – Medellín
Nestled in El Poblado, this hotel combines comfort, privacy, and amenities tailored for business professionals.
- The Walled City of Cartagena
A UNESCO World Heritage site filled with colonial charm, ideal for historical tours and cultural insight. - Salt Cathedral of Zipaquirá
An underground cathedral built in a salt mine near Bogotá—an architectural and spiritual wonder. - Coffee Cultural Landscape
Visit coffee farms and towns like Salento or Filandia in the UNESCO-listed Eje Cafetero region. - Caño Cristales – Meta
Known as the “River of Five Colors,” this natural wonder is only accessible part of the year—perfect for eco-business retreats. - Monserrate – Bogotá
Overlooking the capital, Monserrate offers panoramic views and a peaceful setting for visitors.
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Start doing business in Colombia
Why H&CO?
We specialize in guiding global investors, families, and multinational businesses through the complexities of cross-border investments and business expansion. With offices in over 30 countries, we are a trusted partner for those seeking to relocate, invest, or expand their business abroad providing tax, advisory, and integrated global solutions.
- 1,000+ multilingual professionals, providing local expertise with a global perspective.
- Client-focused leadership with deep industry experience in global markets.
- Forbes America’s Top 200 CPAs, 2025
- Forbes Best in State Top CPAs, 2025
- USA Today America’s Most Recommended Tax and Accounting Firms, 2025
- IPA Top 100 Accounting Firms, 2025 – Ranked #66
- IPA Fastest Growing Firms, 2025
- SFBJ Largest Accounting Firms by Billings, 2025
- SFBJ Largest Accounting Firms by CPAs, 2025