ABOUT COLOMBIA

Amongst all the countries in South America, Colombia is a diverse country located in the northwestern part of the continent, uniquely bordering both the Pacific Ocean and the Caribbean Sea. The capital of Colombia is Bogotá, which is also its largest city and a major economic and cultural hub. According to the report of the World Bank, Colombia has been classified as an Upper Middle-Class Income Nation. The currency of Colombia is the Colombian Peso (COP). At the time of writing this article (June 11, 2025), the value of 1 Indian Rupee is approximately 0.020 Colombian Pesos, meaning 1 Colombian Peso is significantly lower in value than 1 Indian Rupee. The population of Colombia is estimated at approximately 5.34 crores as of 2025. The neighboring countries of Colombia are Brazil, Ecuador, Panama, Peru, and Venezuela. The official and most commonly spoken language in the country is Spanish, with English having official status in the San Andrés, Providencia and Santa Catalina Islands, and numerous indigenous languages also spoken. The majority of the Colombian population practices Roman Catholicism or Protestantism, but other religions are also followed. Colombia has numerous international airports, including El Dorado International Airport (Bogotá), Alfonso Bonilla Aragón International Airport (Cali), and José María Córdova International Airport (Medellín), offering extensive air connectivity to various parts of the world. With coastlines on both the Atlantic (Caribbean Sea) and Pacific Oceans, Colombia boasts several major commercial seaports like Cartagena, Barranquilla, Santa Marta (Atlantic coast), and Buenaventura (Pacific coast), which are crucial for its extensive international trade requirements.

The corporate income tax rate for companies in Colombia is 35% for 2023 and onwards. Opesh Group of companies will be helping you in completing the Due Diligence process which includes financial planning, registration process, business options, and if required, even helping you find a Rental property for your office.

Establishing a business in Colombia has to be done with utmost care, keeping in mind the laws of the country. The Colombian Commercial Code and other relevant legislation provide clear guidelines for foreign investors to register a company in Colombia. Foreign investors can form various types of companies, such as a Sociedad por Acciones Simplificada (SAS – Simplified Stock Company, the most widely used), Sociedad Anónima (S.A. – Corporation), Sociedad de Responsabilidad Limitada (Ltda. – Limited Liability Company), or a Branch of a foreign entity. A Simplified Stock Company (SAS) or Limited Liability Company (Ltda.) formed and registered in Colombia generally allows foreign investors to own 100% of the company.

In case an investor is planning to establish an SAS or Ltda. in Colombia, Opesh Group will be helping you in taking the right decision for setting up your business in Colombia and we will also guide you about how to follow the procedure while formulating your company in Colombia.

Types of Business which can be started in Colombia-

Renewable Energy – Colombia has significant potential for renewable energy development, particularly in solar, wind, and hydropower, with a high level of solar irradiation and strong wind speeds. Opportunities abound in project development, green hydrogen production, and energy infrastructure. Food and Beverages / Agribusiness – With vast agricultural lands and diverse climates, Colombia is a strong player in the food and beverages sector. Opportunities exist in processed foods, raw material production, and export, leveraging trade agreements and access to regional markets. Information Technology (IT) and Software Services – Colombia has a rapidly growing IT sector and a skilled workforce, positioning itself as a leading provider of technology-based services in the region. Opportunities are significant in software development, IT outsourcing, fintech, cybersecurity, and digital transformation. Transportation and Storage – Driven by infrastructure projects and its strategic location, Colombia offers opportunities in logistics, warehousing, and transportation services, facilitating trade between the Atlantic and Pacific coasts and within the region. Mining – Colombia possesses significant mineral resources, including coal, gold, emeralds, and nickel. Opportunities exist in exploration, extraction, and responsible mining practices, particularly with a focus on sustainable development. Tourism – Colombia offers diverse attractions, from its Caribbean beaches and historical cities (e.g., Cartagena) to Andean landscapes and Amazon rainforest. Opportunities exist in hospitality, eco-tourism, cultural tourism, and specialized travel services. Infrastructure and Construction – There is a continuous need for investment in infrastructure development, including roads, railways, and urban projects. Opportunities exist in large-scale construction, public-private partnerships (PPPs), and smart city solutions. Pharmaceuticals and Healthcare – The healthcare sector is expanding, with growing demand for medical products and services. Opportunities exist in pharmaceutical manufacturing, medical devices, and specialized healthcare solutions.

Advantages of Starting Business in Colombia-

Colombia holds a strategic geographical location, being the only South American nation with coastlines on both the Atlantic (Caribbean) and Pacific Oceans, providing excellent access to global markets. The country has a robust network of free trade agreements (currently 18), offering preferential access to a market of over 1.5 billion consumers across various regions. Colombia boasts a highly skilled and educated workforce, with a high literacy rate and a growing pool of talent in IT and other professional services. The government actively implements incentives to attract foreign investment, including tax benefits and special regimes in Free Trade Zones. Colombia has a diverse economy with a strong emphasis on free-market principles, making it an attractive destination for foreign capital. The country has a continuously improving infrastructure, with significant investments in communication networks, roads, and ports. Competitive costs for human talent, raw materials, and production factors enhance Colombia’s appeal as an investment location.

Business Opportunities for Indians in Colombia-

There are excellent and continuously expanding business opportunities in Colombia for Indian investors looking to establish a presence in a dynamic and strategically located Latin American market. Colombia actively seeks foreign businesses and offers a diverse and growing economy. Indian investors can explore significant business opportunities in sectors such as Information Technology (IT) and software services, pharmaceuticals, automotive (especially two-wheelers), agrochemicals, and the oil and gas sector. Many Indian companies have already successfully entered the Colombian market, demonstrating the strong potential for bilateral cooperation and investment.

Imports & Exports-

Trade is a vital component of Colombia’s economy, with significant volumes of goods being imported and exported. Proper research and development are crucial to identify suitable products for import or export and to assess market revenue potential.

Major items which are exported from Colombia to India-

Mineral fuels, oils, distillation products (primarily crude oil) Pearls, precious stones, metals, coins (including gold) Ores, slag, and ash (e.g., copper, lead) Copper Iron and steel Plastics Wood and articles of wood Organic chemicals

Major items which are imported in Colombia from India-

Pharmaceutical products Vehicles (especially two-wheelers and parts) Machinery and mechanical appliances Organic chemicals Rubber products Electrical and electronic equipment Textile and apparel products Iron or Steel products Miscellaneous chemical products Rice

Manufacturing-

Indian companies can look into establishing manufacturing units in Colombia, particularly for two-wheelers, pharmaceuticals, agrochemicals, and automotive components, leveraging the growing domestic market and Colombia’s position as a regional distribution hub.

Mining-

The mining sector offers opportunities for Indian companies, particularly in the exploration and extraction of coal, gold, and other minerals, as well as in providing mining technology and services.

Major Indian companies which are currently working in Colombia-

Tata Consultancy Services (TCS) Tech Mahindra Infosys Wipro Mahindra Comviva ONGC Videsh Ltd (OVL) Hero MotoCorp (motorcycle manufacturing/assembly plant) Bajaj Auto (through assembly unit and sales partnerships) TVS Motor Company (through assembly unit and sales partnerships) Dr. Reddy’s Laboratories Cipla Aurobindo Pharma IPCA Laboratories UPL Limited (agrochemicals manufacturing plants) Essel Propack (packaging factory) Shapoorji Pallonji (infrastructure) Jindal Steel (infrastructure projects) Praj Industries (ethanol plants) Thermax Limited (boilers, pollution control equipment)

GDP = $1.327 trillion (PPP; 2025 est.) GDP Growth = 2.5% (2025 est. forecast) Ease of doing business rank = 67 (as per World Bank 2019 report, latest available before discontinuation; Colombia continues to work on improving its business environment) GDP per Capita = $10,130 (PPP; 2025 est.)

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