A Colombian Business Visa: Do You Need One?

Many, but not all, foreign investors and entrepreneurs participating in a Colombian operation need a visa.

Before setting your sights on the booming Colombian market, learn who must hold a visa, what the application requires, and what rights and public services visa holders can access.

Who needs a visa?

Not everyone hoping to invest or start a business in Colombia needs a visa. The answer to whether you’ll need one depends on the following factors:

  • Do you plan to live in the country? Anyone, regardless of their activities in Colombia, needs some type of visa to live there. For business people, this is generally a Migrant (Type-M) visa, which allows an individual and their family to reside in Colombia for up to three years. This visa not only facilitates living in Colombia but also provides holders access to medical care and education. This temporary visa is also a gateway to a permanent one, which an investor and their family members can apply for after five years. In comparison with other Colombian visa processes, this route to permanence is relatively quick, making investing in Colombia an attractive way to also obtain permanent residence.
  • Do you plan to establish the company in person? A Colombian legal representative of a business with power of attorney can sign documentation and handle other company establishment processes on a foreign business owner’s behalf. This means that you don’t necessarily have to hold a visa to establish an operation in Colombia from afar. However, should you wish to be on-site for the establishment of your business, you’ll need a visa that aligns with the activities you’ll perform in the country and allows you to live there legally, like the aforementioned Type-M visa.
  • Will you open a bank account in Colombia? If you plan to open a Colombian account, check the bank’s requirements to learn whether holding a visa is a precursor.
  • Are you investing in an existing Colombian business or real estate? People making a certain monetary level of investment in existing Colombian businesses and real estate can get a Type-M visa as a perk, allowing investors and their families to live in Colombia and take advantage of certain local resources, like healthcare. Be sure to check the most current regulations on what level of investments qualify; the country calculates this metric against the monthly minimum salary at the time of application. Real estate investors must invest at least 350 times the monthly minimum salary. Investors putting capital into existing businesses must invest at least 100 times that salary.
  • Are you investing in a new business? If investing in a new business in Colombia, your investment must be more than 650 times the monthly minimum salary for you to qualify for a Type-M visa. Certain businesses, like Simplified Stock Companies (S.A.S) or Corporations (S.A), have different requirements but don’t regulate minimum investments. So, adhering to a minimum investment threshold may not be a concern if you plan to start one of these enterprises. Be sure to stay current on Colombian laws around your business model to understand any related investment thresholds.
  • Are you going to pay Colombian taxes?  You’ll also want to get advice from a local lawyer and/or taxation expert to learn whether your legal or taxpayer obligations require you to hold a visa or not.

What you need to acquire an M visa

The Colombian Type-M visa process entails gathering documentation, sending an application, and waiting for a response.

The documentation-gathering step will likely be the most involved, especially if you do not have all the required paperwork to apply for a visa and need to start by acquiring it. Required documentation varies based on the type of business operation or investment you plan to make. In general, you can expect to provide:

  • Your passport.
  • A recent photograph.
  • The corresponding visa application.
  • If investing, a certificate from the Chamber of Commerce detailing your investment.
  • If starting a business, proof of funds showing you have enough for your operation and to meet any capital/initial investment thresholds associated with your enterprise.
  • If starting a business, a letter with your company name, tax ID number, business address, certificate of incorporation, and other appendices. You’ll also need to show a foreign exchange declaration form.
  • Other supporting documents, which may include bank statements, tax returns, and shareholder background checks.

Before beginning any visa application process, familiarize yourself with current regulations for the business or investment type and consider getting expert help. Each visa application is slightly different, and you’ll save time and frustration by having accurate information when you dive in.

Streamline your Colombian investing success

Visa applications, business registrations, taxpayer obligations, and other processes central to starting a Colombian enterprise or investing in one are fairly straightforward. The country aims to attract foreign investors.

This being said, no two investments are alike, and missteps in governmental processes can turn into setbacks that cost you time and money. With help from LaGrande Global, you can enter the Colombian market swiftly and confidently.