NewsCase StudiesEvents

An Evolving Colombia Promises Opportunities For Investors In 2016

Also in the news...

Preparing for the Customs Declaration Service

Find out what you need to do to prepare for making declarations on the Customs Declaration Service.

Online Business Set-Up: 5 Tips to Help Your Website Rank in the UK

If you’re setting up a new online business, having a user-friendly website and sound SEO strategy that’s tailored to your target market is important. And if you’re targeting British consumers, there are a few SEO boxes you can tick to ensure you rank well on UK-based searches and drive the right traffic back to your website.

Check if you’re established in the UK for customs

Find out whether you're established in the UK for customs purposes.

Carry out international road haulage

What UK goods vehicle operators need to do to carry out international road haulage.

Import firewood into England, Scotland or Wales

Find out how to import firewood, such as logs and kindling, into England, Scotland and Wales (Great Britain).

An Evolving Colombia Promises Opportunities For Investors In 2016

Back to News

2015 was a challenging year for companies doing business in Colombia; we take a look at the year ahead - what opportunities does the Colombian market offer in 2016?

Last year was a mixed bag, with a series of changes and incentives from tax reforms on wealth, surtax on the existing CREE tax and new anti-evasion rules. In April, the Plan to Boost Productivity and Employment (PIPE 2.0) was implemented to improve growth and development in Colombia. The local initiative aimed at generating investment in infrastructure, urban and country housing, tourism and mining –PIPE is expected to facilitate port operations, enhance cross-border trade, guarantee higher financing tools and drive innovation for small, medium and large companies.

There were also challenges, particularly with companies and their payroll administration as the Parafiscal and Pension Management Unit (UGPP) cracked down on inspections. As the entity responsible for ensuring all companies in Colombia comply with Social Security contribution requirements it was recognised that lawyers, payroll managers and companies all have different interpretations of certain UGPP rules. 

Peace of mind for investors

The local government stated its commitment with maintaining PIPE 2.0, its participation in the Pacific Alliance as well as continuing to improve the anti-money laundering and financial terrorism regulations.

This year, the Colombian government may sign a peace treaty with the FARC rebel group (a “guerrilla” group also known as the Revolutionary Armed Forces of Colombia), which will provide investors with a significantly safer business environment.

Colombia is evaluating the opportunity of joining the Trans Pacific Partnership (TPP), which would increase Made-in-America exports, stimulate economic growth and promote job security. If implemented and maintained successfully the TPP is expected to be the world’s largest trade pact in over 20 years, and will provide Colombia access to most of the principal economies, including APAC markets.

Also in the pipeline for 2016, are projects such as the digitalization of tax processes, and the 4G Highway Plan, which looks to improve roads, bridges and tunnels.

Contact our experts

TMF Group Colombia has a team of specialists serving clients locally and internationally. As our core business, we help maintain your essential corporate secretarial services to reduce risk, remain compliant, control costs and simplify operations.

You are not logged in!

Please login or register to ask our experts a question.

Login now or register.