If you are considering expanding your company’s presence in South America by entering the Colombian market, you will need to engage with a trusted corporate lawyer in Colombia. Because reliable legal counsel in Colombia will be able to help you efficiently navigate the country’s regulatory framework and guarantee your corporate compliance, thereby avoiding fines and penalties, mitigating risks that could jeopardize your commercial operations in the country.
Colombia offers foreign investors a business-friendly ecosystem, and in recent years its political and economic stability have enabled it to sustain growth that has never dropped below 2% since 2001. According to World Bank statistics, in 2019 Colombia recorded a gross domestic product (GDP) of $323.6 billion (all figures in USD) and a gross national income (GNI) of $6,510 per capita — placing it among upper-middle income nations according to international standards.
Colombia holds a strategic geographic position, located between major markets in the Americas and with easy access to Asian economies via the Pacific. The South American country also has extensive free trade agreements in force, granting preferential access to more than 60 markets in the Americas and Europe. That includes its status as a founding member of the Pacific Alliance, an economic association that also includes Chile, Mexico, and Peru. Petroleum is by far Colombia’s largest export commodity, followed by coffee, precious minerals, plastics, and cut flowers.
Colombia also has good infrastructure for business, with major ports on its Caribbean and Pacific coasts, while capital city Bogota’s El Dorado International Airport has the largest cargo capacity in Latin America. These conditions point to why Colombia is one of the main recipients of foreign direct investment (FDI) in the region, which increased from $11.5 billion in 2018 to $14.3 billion in 2019.
If you are looking to explore business opportunities in Colombia or have already established a commercial presence in the country, read on to find out more about hiring a reliable corporate lawyer to assist you. Or go ahead and contact us now.
What will a corporate lawyer in Colombia do for your business?
A corporate lawyer in Colombia will provide specialized support in company formation and will help you keep your business in full compliance with local corporate requirements from the moment your operations become active. Knowing the particularities of the local legal and tax system, a corporate lawyer will be crucial to saving you time and avoiding extra expenses that can be obstacles to your market entry.
By being the legal representative of a legally established entity in Colombia, a corporate lawyer will also represent your company and business interests before local authorities, while negotiating business transactions with clients and partners to maximize the chances of success. Additionally, a corporate attorney in Colombia will assist you with complex administrative activities that require specialized and up-to-date knowledge of legal concepts, such as filling out forms, drafting statutes and contracts, and examining other important documentation.
What are the main benefits of working with a corporate lawyer?
Some of the main advantages of working with an experienced corporate lawyer in Colombia include:
Decision-making help: With extensive knowledge of the legal and tax requirements that all companies established in the country must meet, a corporate lawyer in Colombia will be able to provide specialist advice based on possible outcomes to help you make better decisions to meet your business objectives.
Eliminating risk: By working with a corporate lawyer in Colombia, you will be able to mitigate the risk of lawsuits or penalties related to non-compliance that may affect the profitability and performance of your company.
Intellectual property protection: A good corporate attorney will effectively protect the intellectual property of your company, including your trademark and logo, or any patents that are registered under the name of your organization.
Business connections: With years of experience in the local market, a corporate lawyer in Colombia will know the particularities of the local business environment and will be able to develop valuable connections that may yield business opportunities for your company.
How to find the right corporate lawyer in Colombia
It is important to verify that a corporate lawyer in Colombia has sufficient experience in business formation and foreign exchange law to meet your needs, as the process to legalize funds of foreign origin is complex. In addition, it is essential that the corporate lawyer you will be working with has good relationships with local authorities and institutions, as this will facilitate a more rapid entry into the market. When choosing a corporate lawyer in Colombia, keep the following in mind:
Client feedback: By reviewing the experiences of other clients, you will be able to get an idea of the skills, knowledge, and way of working of a corporate lawyer. In general, the reputation of a corporate lawyer will be proportional to their level of experience and the nature of their work.
Technological aptitude: It is preferable for a corporate lawyer managing your affairs in another country to oversee company processes virtually. This will allow the company’s confidential information to be stored in a safe place, while enabling you to access it no matter where you are or the time.
Legislative knowledge: As in most countries in the region, regulations in Colombia can be subject to rapid change. Your corporate lawyer should be abreast of recent and expected changes in Colombian corporate legislation in order to guarantee the longevity and good health of your company.
Foreign language proficiency: While professionals in Colombia speak at least a basic conversational level of English, the official language of the country is Spanish and all official documents and legal processes will be in that language. It is therefore important that you work with a corporate lawyer who can communicate efficiently in both Spanish and your preferred language to communicate in.
Biz Latin Hub can provide you legal services in Colombia
At Biz Latin Hub, our experienced team of multilingual corporate lawyers in Colombia has a wealth of experience helping foreign companies to successfully enter the market. With our full suite of company formation, accounting, tax advisory, and legal services, we can be your single point of contact to form and operate your business in Colombia, as well as in any of the other 15 markets across Latin American and the Caribbean where we are present.
Learn more about our team and expert authors.