Auxadi Colombia
Colombia is the 3rd largest economy in Latin America and is one of the most economically and politically stable countries in the region, making it one of the most attractive countries for foreign investment.
Colombia has a thriving market economy with its main economic areas including financial and professional services, oil, manufacturing, mining and agribusiness. The country has maintained stable economic growth and experienced a post-pandemic boom. The oil and mining industries are the main focal points for attracting foreign capital, with energy, financial, and professional business services also attracting a sizable amount of foreign investment in the last ten years. FDI in Colombia represents around 4% of the country’s GDP and, thanks to updates to the free trade zone regime, Colombia now offers 112 different free trade zones.
Colombia is a signatory to 16 different international trade agreements and has access to more than 60 partner countries through these, including preferential access to the U.S., Europe and the Mercosur trade bloc. 14 Double Taxation Treaties are in place, including with Canada, Mexico, the UK and Spain, and Colombia became an official member of the OECD in 2020.
Colombia
Colombia is the 3rd largest economy in Latin America and is one of the most economically and politically stable countries in the region, making it one of the most attractive countries for foreign investment.
Colombia has a thriving market economy with its main economic areas including financial and professional services, oil, manufacturing, mining and agribusiness. The country has maintained stable economic growth and experienced a post-pandemic boom. The oil and mining industries are the main focal points for attracting foreign capital, with energy, financial, and professional business services also attracting a sizable amount of foreign investment in the last ten years. FDI in Colombia represents around 4% of the country’s GDP and, thanks to updates to the free trade zone regime, Colombia now offers 112 different free trade zones.
Colombia is a signatory to 16 different international trade agreements and has access to more than 60 partner countries through these, including preferential access to the U.S., Europe and the Mercosur trade bloc. 14 Double Taxation Treaties are in place, including with Canada, Mexico, the UK and Spain, and Colombia became an official member of the OECD in 2020.
Why Auxadi is trusted as an expert outsourcing provider in Colombia
Auxadi have a strong local presence in Colombia with experts on the ground to support you with your accounting, tax and payroll requirements, all aligned to help make your life easier.
Apart from companies in the financial sector, including insurance (or other specific cases), Colombia has no special authorisation requirements for foreign investment. Foreign investors aren’t required to have a local partner or domestic investor to conduct business, and there are generally no limits on the percentage of foreign investment. Colombia has extensive regulations that protect foreign investors. The estimated time to incorporate a Simplified Joint Stock Company, or SAS, is less than 15 business days.
International Accounting, Tax and Payroll in 50 countries
Corporations
We can help you with your international expansion and we serve more than 600 clients across many different sections. We become an extension of your finance departments abroad and you can access the accounting information of all your international subsidiaries through a single portal, customised to meet your needs.
Funds
With nearly $7 billion of assets under management, we can take of the corporate management and SPV administration of your investment structures. Whether you’re creating a holding structure in Luxembourg or setting up a SPV in Europe and Latin America, we offer accounting, reporting, tax compliance and directorship solutions to help make your life easier.
Our services
Accounting Specialists
Colombian accounting standards are based on the International Financial Reporting Standards (IFRS) and Colombian law requires account books to be kept in Pesos and submitted in Spanish. Financial statements must always be signed by the accountant and the legal representative. Taxes should only be signed by the accountant. There are specific rules in place surrounding consolidation.
We help global corporations and fund managers with all their corporate accounting needs. And, using our bespoke and best-in-class technology platform, MySPV, we can help you navigate specific local accounting requirements with ease.
Our accounting experts in Colombia can help manage:
- Accounting and bookkeeping
- Management accounting
- Statutory accounting
- Official Books and Annual Accounts
- Cash management (including payments)
- Reporting
- Consolidation of financial statements
- Bank account tracking
- Treasury and cash flow forecasts
- Audit assistance
Tax Specialists
Colombia’s taxes are set at both national and regional levels, and the timing of fiscal obligations is established each year, based on the final digits of the taxpayer identification number (NIT). An electronic invoicing system is in place, which can pre-clear VAT, and justify deductible taxes and costs, along with deductible expenses.
Colombia’s tax regime is evolving, undergoing eight reforms in the last decade – including one in September 2021. Given this current state of flux, it’s advisable to discuss your specific situation with tax advisor within Colombia.
We’re experts in international taxation and can help you to comply with the various local tax requirements in Colombia. Let our expert tax team in Colombia take care of intricate local taxation rules, using our purpose-built automation technology, so you and your operations remain tax compliant.
- Tax compliance – covering multinational, federal, state, and municipal taxes
- Official Books and Annual Accounts
- Assistance with tax inspections and audits
- Tax reviews and claims
Payroll Specialists
Colombia has specific requirements for: social security and pension regimes, internal labour rules, transportation allowances, work garments, hygiene and industrial safety, and a labour coexistence committee, among others – and these rates vary depending on whether you employ locals or foreigners.
There are also specific bilateral social security agreements in place, ensuring foreign workers from Chile, Argentina, Uruguay and Spain can properly contribute to their respective pension systems.
Our experienced and knowledgeable team of payroll specialists in Colombia can help you manage your international payroll function seamlessly and efficiently.
Monitor and manage your international subsidiaries with our MultiCountry online platform
Access our online platform that provides you with a global and harmonized view of the accounting of your international subsidiaries, with drill down functionality to check support documentation, such as: invoices, outstanding creditors, approve payment orders, manage the payroll processing cycle and so much more. Request a demo to see how our technology can help you.
Get access to Auxadi corporate materials and technical guides to know more about us.
Meet the team
Rima Yousfan
Senior VP, Head of International Corporations
Auxadi in Colombia
Calle 98 # 10- 32
Oficina 302
Bogotá
Count on our professional and extensive experience in the Colombian market, for your investments in Colombia and elsewhere in Europe, the United States and Latin America.