Tentmaker Reports

Colombia Report

Entrepreneurial Missions Index

48.56

General Information

Population

47,342,363 (26th most populous country in the world)

RELIGIONS
Roman Catholic90%
Other10%
LANGUAGES
Spanish

Industries

Industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity

Unless otherwise noted, all information included here was obtained from the World Factbook project 4, conducted by the Central Intelligence Agency (CIA). For more detailed information about Colombia, visit https://www.cia.gov/library/publications/the-world-factbook/geos/co.html.

Business Information

The World Bank ranks Colombia as 53 out of 183 economies in terms of ease of doing business. The country ranks as 0 (of 183) in terms of ease of starting a business.

It requires 0 procedures, takes 0 days, and costs N/A% of income per capita to start a business in Colombia.

In order to start a business in Colombia, one must follow these procedures:

  1. Purchase corporate and accounting books
  2. Register with the Registry of Commerce, obtain the “certificate of existence and legal representation,” register the company books and register with the National Tax Office (DIAN) and the Chamber of Commerce
  3. Open a bank account and deposit the nominal capital
  4. Register company with the Family Compensation Fund (CAja de Compensacion Familiar), the Governmental Leanring Service (Servicio Nacional de Aprendizaje, SENA), and the Colombian Family Institute (INstituto Colombiano de Bienestar Familiar, ICBF)
  5. Register company with the Administrator of Professional Risks (ARP)
  6. Register employer and employees for pension with the Social Security System – ISS
  7. Register employees with a private pension fun
  8. Register employees for health coverage (public)
  9. Register employees with a severance fund

Unless otherwise noted, all information included here was obtained from the Doing Business project 3, conducted by the World Bank. For more detailed information about starting a business in Colombia, visit http://www.doingbusiness.org/.

 

To learn more...

 

Colombia Economic Freedom

The World Economic Forum (WEF) was founded in 1971 by Klaus Martin Schwab at the University of Geneva in Switzerland. It is a non-profit foundation best known for its annual meeting in Davos, Switzerland, which brings together top business leaders, international political leaders, selected intellectuals and journalists to discuss both economic and social issues facing the world. The WEF also serves as a think tank, and publishes a wide range of reports focusing on issues of concern and importance to Forum communities. In particular, Strategic Insight Teams focus on producing reports of relevance in the fields of competitiveness, global risks and scenario thinking. The Global Competitiveness Report measures competitiveness of countries and economic competitiveness among a wide range of factors such as corruption, tax rates, work ethic, and many others.
1A General government consumption spending as a percentage of total consumption 5.7
Area 1-A Data 20.7
1B Transfers and subsidies as a percentage of GDP 7.6
Area 1-B Data 9.3
1C Government enterprises and investment 0
Area 1-C Data 0
1Di Top marginal income tax rate 7
Area 1-Di Data 35
1Dii Top marginal income and payroll tax rates 4
Area 1-Dii Data 45
1D Top marginal tax rate 5.5
1 Size of Government: Expenditures, Taxes, and Enterprises 4.7
2A Judicial independence (GCR) 5.1
2B Impartial courts (GCR) 4.5
2C Protection of property rights (GCR) 5.7
2D Military interference in rule of law and the political process (CRG) 3.3
2E Integrity of the legal system (CRG) 2.5
2F Legal enforcement of contracts (DB) 1.8
2G Regulatory restrictions on the sale of real property (DB) 8.8
2 Legal Structure and Security of Property Rights 4.5
3A Money growth 8.1
Area 3-A Data 9.6
3B Standard deviation of inflation 9.4
Area 3-B Data 1.47
3C Inflation: Most recent year 8.9
Area 3-C Data 5.43
3D Freedom to own foreign currency bank accounts 5
3 Access to Sound Money 7.9
4Ai Revenues from trade taxes (% of trade sector) 7.6
Area 4-A(i) Data 3.6
4Aii Mean tariff rate 7.5
Area 4-A(ii) Data 12.5
4Aiii Standard deviation of tariff rates 6.8
Area 4-A(iii) Data 8
4A Taxes on international trade 7.3
4Bi Non-tariff trade barriers (GCR) 5.1
4Bii Compliance cost of importing and exporting (DB) 8.1
4B Regulatory Trade Barriers 6.6
4C Size of the trade sector relative to expected 3.2
4D Black-market exchange rates 9.1
4Ei Foreign ownership/investment restrictions (GCR) 6.6
4Eii Capital Controls 0.8
4E International Capital Market Controls 3.7
4 Freedom to Trade Internationally 6
5Ai Ownership of banks 8
5Aii Foreign bank competition 8
5Aiii Private sector credit 8.5
5Aiv Interest rate controls/negative real interest rates 10
5A Credit Market Regulations 8.6
5Bi Minimum wage (DB) 3.8
5Bii Hiring and firing regulations (GCR) 4.6
5Biii Centralized collective bargaining (GCR) 6.9
5Biv Mandated cost of hiring (DB) 1.2
5Bv Mandated cost of worker dismissal (DB) 4.5
5Bvi Conscription 0
5B Labor Market Regulations 3.5
5Ci Price controls 5
5Cii Administrative requirements (GCR) 3
5Ciii Bureaucracy costs (GCR) 4.7
5Civ Starting a business (DB) 8.7
5Cv Extra payments/bribes (GCR) 4.8
5Cvi Licensing restrictions (DB) 7.9
5Cvii Cost of tax compliance (DB) 7.1
5C Business Regulations 5.9
5 Regulation of Credit, Labor, and Business 6
SUMMARY INDEX 5.81
Rank c 121
 

Colombia Summary

 

1 World Economic Forum

2 Free the World
Gwartney, James and Robert Lawson with Herbert Grubel, Jakob de Haan, Jan-Egbert Sturm, and Eelco Zandberg (2009). Economic Freedom of the World: 2009 Annual Report. Vancouver, BC: The Fraser Institute. Data retrieved from www.freetheworld.com.

3 World Bank Data

4 World Factbook Project

Contact Us

Have questions, feedback or want to connect? Send us an email at office@worldwidetentmakers.com , and we'll get back with you as quickly as possible. We'd also love to connect on our social media platforms.