Auxadi Colombia
Colombia is the third largest economy in Latin America and one of the most stable countries in the region, making it one of the most attractive markets for foreign investment. The country’s GDP will reach approximately US$447,368 million in 2024 (US$8,494 per capita), with annual growth of 1.7%.
In the last 5 years, Colombia has based its economy on mining, financial services and insurance, agriculture and livestock, construction and infrastructure, information and communication technology (ICT), trade and tourism. Foreign direct investment accounts for about 4% of the country’s GDP, and thanks to updates in the free trade zone regime, Colombia now offers more than 120 different free trade zones.
Colombia is a signatory to 18 different international trade agreements and through them has access to more than 65 partner countries, including preferential access to the United States, Europe, the Mercosur trade bloc and the Pacific Alliance. There are 16 double taxation treaties with France, the United Kingdom and Italy, among others, with the Andean Community of Nations, Spain, Canada, Mexico, Colombia became an official member of the OECD in 2020.
Colombia
Colombia is the third largest economy in Latin America and one of the most stable countries in the region, making it one of the most attractive markets for foreign investment. The country’s GDP will reach approximately US$447,368 million in 2024 (US$8,494 per capita), with annual growth of 1.7%.
In the last 5 years, Colombia has based its economy on mining, financial services and insurance, agriculture and livestock, construction and infrastructure, information and communication technology (ICT), trade and tourism. Foreign direct investment accounts for about 4% of the country’s GDP, and thanks to updates in the free trade zone regime, Colombia now offers more than 120 different free trade zones.
Colombia is a signatory to 18 different international trade agreements and through them has access to more than 65 partner countries, including preferential access to the United States, Europe, the Mercosur trade bloc and the Pacific Alliance. There are 16 double taxation treaties with France, the United Kingdom and Italy, among others, with the Andean Community of Nations, Spain, Canada, Mexico, Colombia became an official member of the OECD in 2020.
Why Auxadi is trusted as an expert outsourcing provider in Colombia
Auxadi has a strong local presence in Colombia, with experts on the ground to help you with your accounting, tax and payroll needs, all focused on making your life easier.
With the exception of companies in the financial sector, such as insurance companies (or other special cases), Colombia does not have specific licensing requirements for foreign investment. Foreign investors are not required to have a local partner or national investor in order to do business, and there are generally no limits on the percentage of foreign investment. Colombia has extensive regulations protecting foreign investors. The estimated time to register a simplified corporation or S.A.S. is less than 15 business days.
International Accounting, Tax, Payroll, Transfer Pricing and Corporate Legal Services in 50 countries
Services
At Auxadi, we are proud to offer a comprehensive range of professional services, such as accounting, tax, payroll, transfer pricing and Corporate Legal Services to over 1,300 clients. In addition to these core services, we also provide a range of key services for multinationals and funds. Our MySPV platform and local experts enable us to provide comprehensive financial management services, acting as an extension of your finance department.
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.
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.