Colombian Business Visa: Everything You Need To Know

For those looking to invest in Colombia, the Colombia Business Visa, is a great option for facilitating long-term business opportunities in Colombia. This visa is designed to attract foreign investors to Colombia by encouraging them to establish a company or invest in a pre-established business in Colombia. 

In this article, we will explore the purpose of the Colombian Business Visa, its eligibility criteria, the application process, financial requirements, and the benefits of obtaining this visa. Additionally, we will go over other types of visas that require investment. 

Understanding the Colombian Business Visa

Colombia's rapidly growing economy makes it an attractive destination for foreign investors. Colombia is also one of the leading outsourcing destinations in South America. Additionally, there are numerous business opportunities in agriculture as Colombia is one of the world's leading coffee exporters and more. 

The Colombian Business Visa is designed to allow investors to establish a long-term business presence in the country while also providing them with the support of the Colombian government.

This visa allows individuals who invest in new or existing businesses to stay in Colombia for 1-3 years after applying for and obtaining a Business Visa. By investing in Colombia, entrepreneurs can explore new business opportunities and take advantage of all Colombia offers. 

Who Qualifies For A Business Visa? 

There are two ways to invest in Colombia to qualify for a Business Visa. These include investing in shares of a Colombian company and creating a new business in the country.

Investing in Shares of a Colombian Company: 

Investing in shares of a Colombian company is a popular option for foreign investors. This allows them to take advantage of the success of an established business while also providing them with a stake in the company's future growth.

Investment Required: 100 minimum Colombian minimum wages ($116.000.000 COP) that equals approximately $25,000 USD. 

Creating a New Business in Colombia: 

Creating a new business in Colombia is another option for investors. This allows them to build a business from the ground up, taking advantage of the country's favorable business climate and growing economy.

Investment Required: 100 minimum Colombian minimum wages ($116.000.000 COP) that equals approximately $25,000 USD. 

Eligibility Criteria and Required Documents: 

While the Colombia Business Visa offers many benefits, there are strict guidelines to follow to qualify.

Most importantly, the foreigner must first legalize the investment with the Colombian government to qualify for the visa. Transferring money from outside Colombia and making the investment won’t qualify for the visa.  

Investing in an Existing Colombian Company: 

The investor must invest 100 Monthly Colombian Wages in an existing Colombian company. 

The company needs to have a plan for the investment of the funds and be able to prove with their accounts that they have been operational and have at least 116,000,000 COP balance over the past six months.

After legalizing the funds and investing approximately $25,000 USD into the company, an accountant must certify the issuing of shares. 

Documentation Required: 

• Copy of your passport 
• Last entry stamp (if, by the time of the application, the foreigner is still in the country) 
• Communication issued by the Department of International Exchange of the "Banco de la República" stating the registration of the foreign direct investment;
• Bank statements of the last three months prior to the visa application

All documents issued in a language different than Spanish must include an official translation.

Starting a New Company in Colombia: 

The investor must invest 100 Monthly Colombian Wages ($116.000.000 COP) that equals approximately $25,000 USD, in a newly formatted Colombian company. 

The company needs to have a plan for investment and a business plan. 

Documentation Required: 

• Copy of your passport 
• Last entry stamp (if, by the time of the application, the foreigner is still in the country) 
• Communication issued by the Department of International Exchange of the "Banco de la República" stating the registration of the foreign direct investment;
• Bank statements of the last three months prior to the visa application

All documents issued in a language different than Spanish must include an official translation.

Additional Requirements: 

If you're starting a company in Colombian and applying for a Business Visa, the Cancilleria will typically want to see additional information. 

The Cancilleria typically requires proof of financial stability through a business plan demonstrating the ability to invest funds sustainably and profitably. This business plan should include how the applicant plans to have a long-term business presence in Colombia. Ideally, the applicant will describe the materials they'll need, how they plan on making money if they need to hire employees, etc. 

This requirement ensures that the visa is only granted to serious investors committed to establishing a long-term business presence in Colombia.

Application Process for the Colombia Business Visa

Required Documents

Before applying for the Colombia Business Visa, you must have all the necessary documents and be prepared to submit additional documents if asked. 

It is important to note that the certificate of investment must be issued by a legal entity in Colombia, such as a bank or government agency. The investment must also meet specific minimum requirements, which can vary depending on the type of investment.

Additionally, a certified translator must translate all official documents into Spanish.

Online Application Steps

The application process for the Colombia Business Visa is primarily online. Applicants must provide basic personal information, submit their required investment(s) documentation, and pay the application fee. Once all necessary documents are obtained, the application can be completed through the Colombian Ministry of Foreign Affairs website.

The application fee for the Colombia Business Visa is currently $54.92 USD. This fee is non-refundable, even if the visa application is denied.

After submitting the online application, applicants will receive a confirmation email with a reference number. This number should be kept for future reference.

Visa Review and Approval

Once the visa application has been processed, the applicant may receive a request for additional documentation from the Ministry of Foreign Affairs.  

The applicant may be asked about their investment and business plan details. The consulate will verify the information provided and either approve or deny the visa request.

The Cancilleria has 30 calendar days to give the applicant a decision on their visa. 

The consulate will issue an electronic visa if the visa application is approved for a Government fee of $270.4 USD. This visa will allow the applicant to enter Colombia and stay there until their visa expires. The visa is typically valid for up to 1-3 years and can be renewed.

Overall, the Colombia Business Visa is a valuable tool for foreign investors looking to establish a presence in Colombia. With the right documents and preparation, the application process can be completed smoothly and efficiently.

Renewing The Business Visa: 

It's important to note that applicants must resubmit documentation to prove their investment is in good standing when applying for a Business Visa renewal. 

For example, if the applicant started a business in Colombia, they must provide proper documentation illustrating that the company is still in good standing. 

Examples of this could be: 

• Regular cash flow 
• Hiring employees
• Paying taxes 

Financial Requirements for the Colombia Business Visa

Colombia is a country full of opportunities, and a business visa is a great way to take advantage of it. The visa allows investors to live and work in Colombia while investing in the country's economy. 

Minimum Investment Amount

The minimum investment amount required for the Colombia business Visa is 100 Monthly Colombian Wages ($116.000.000 COP) that equals approximately $25,000 USD. This investment can be made in a new business or an existing business. This investment can be a great opportunity for investors to diversify their portfolios and gain exposure to a growing economy.

Investors should carefully consider their investment options and seek professional advice to ensure they are making a sound investment decision. Colombia has many investment opportunities, including real estate, agriculture, and technology.

Currency Exchange and Transfer Regulations

It is important to note that currency exchange and transfer regulations exist in Colombia. This means that investors must follow strict guidelines when transferring money to and from the country. 

It is advised to seek legal advice from a professional when navigating these regulations.

Colombia's currency, the Colombian peso, is subject to fluctuations in the global market. Investors should consider the potential impact of currency exchange rates on their investment and take steps to mitigate this risk.

Benefits of Obtaining a Colombia Business Visa

Colombia is a country that has seen significant growth in recent years, making it an attractive destination for foreign investors looking to expand their business horizons. One of the most effective ways to do this is by obtaining a Colombia Business Visa. This visa provides various benefits to help investors establish a long-term business presence in the country. Let's explore some of these benefits in more detail.

Residency and Citizenship Opportunities

One of the most significant benefits of obtaining a Colombia Business Visa is eligibility for long-term residency or citizenship. This opens up new business and investment opportunities and facilitates connectivity with a new culture and community. 

Colombia has a rich history and culture, and living there can be a transformative experience. By obtaining a Colombia Business Visa, investors can fully immerse themselves in the culture and become a part of the community.

Additionally, Colombia is known for its friendly people and welcoming attitude toward foreigners. The country's diverse population is reflected in its culture, food, and traditions, making it an exciting place to live and work. 

This makes it an ideal location for those looking to establish a new home away from home.

Conclusion

Overall, the Colombia Business Visa is an excellent way for foreign investors to establish a long-term business presence in Colombia. Applying for this visa involves several steps, including fulfilling eligibility criteria, providing necessary documents, and complying with financial regulations. 

However, the benefits of obtaining this visa, such as access to residency and citizenship opportunities, long-term stay in Colombia, and business and employment prospects, make it a worthwhile investment for those looking to explore new business horizons in Colombia.

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