Legal Guide 2024

20 of June of 2024

Colombia has the third largest population in Latin America with more than 52 million inhabitants and the fourth largest economy in the region, with a diverse economy from multiple sectors that are key to economic development and investment attraction in the country. At the same time, thanks to its extensive network of free trade agreements, it offers access to more than 60 countries with more than 1.5 billion consumers.

Likewise, the country's cultural and natural wealth, as well as the favorable environment for a favorable investment climate, are in line with the attraction of sustainable foreign investment, mainly through productive bets aimed at a fair energy transition; agribusiness and food security; and the reindustrialization of the health, defense and life sectors. In this way, our nation's goal is to promote a knowledge-based, productive and sustainable economy that stimulates new value chains, ensures technology and knowledge transfer, generates qualified employment and development for small and medium-sized companies in each region, in view of which opportunities for doing business are increasingly broader.

From PROCOLOMBIA, the entity in charge of promoting Non-Mining Exports, International Tourism, Foreign Direct Investment and the Country Brand, we are pleased to present you the version of the Legal Guide for doing business in Colombia 2023. Thanks to Brigard & Urrutia, Garrigues, Posse Herrera Ruiz, Estudio Legal Hernández, and Gómez Pinzón for their great collaboration.

Legal Guide Index

Disclaimer

This document is purely informative and is not intended to provide legal advice. As a result of the above, those who make use of this document shall have no right of action or claim whatsoever against Brigard & Urrutia, Garrigues, Posse Herrera Ruiz, Estudio Legal Hernández, Gómez Pinzón and/or ProColombia or their directors, officials, employees, agents, advisors and consultants, arising from any expenses or costs they may have incurred or for any commitment or promise they may have acquired on the grounds of the information contained in this Guide.

Nor shall they be entitled to claim compensation from Brigard & Urrutia, Garrigues, Posse Herrera Ruiz, Estudio Legal Hernández, Gómez Pinzón and/or ProColombia in relation to any decision taken on the basis of the contents or information contained in the Guide. We recommend that investors, readers or people making use of the Guide have their own professional legal advisors and consultants for investing in Colombia.

Guide Figures

It is important to note that: (i) the information expressed in dollars has been calculated with an exchange rate equivalent to COP 4.257 = USD 1; and (ii) the current legal monthly minimum wage (S.M.M.L.V.) in Colombia for the year 2023 is COP $ 1,160,000.00 (approx. USD 272). Likewise, the exchange rate varies daily according to market supply and demand and the S.M.M.L.V. is adjusted at the end of each calendar year (December) for the following year. We trust that this publication will be of the utmost usefulness for investing in Colombia.