A leading economy in Latin America
A well performing economy and one of the most business-friendly countries in the region, it’s no wonder Colombia is such a desirable place to do business.
The country has seen a significant boom in the last decade, even with the political turmoil it has faced. In 2018, the country ranked second in the region for ease of doing business. Colombia recently entered the Organisation for Economic Co-Operation and Development (OECD) where it became the 37th member to join, in April 2020. This has helped improve the business landscape of the country, as it has introduced major reforms to align its legislation, policies, and practices to OECD standards. This includes labour issues, reforms of the justice system and corporate governance of state-owned enterprises.
Working in Colombia
Colombia’s Location
Colombia’s location provides businesses with many advantages. It is the only country within South America with a coastline in the Pacific and Atlantic Oceans and the Caribbean Sea. This means the country has a wide scope for foreign trade and access to a large market. Further to this, Colombia can be accessed in less than six hours by plane from the main cities in the Americas.
Colombian Workforce
The country has a skilled workforce, with a literary rate of 95%. A lot of Colombians are bilingual, with major cities including Bogota and Medellin having schools run by British Council and other well-known institutions including Berlitz and Colombo Americano. Further to this, the region has a significant skills gap, which provides opportunities for businesses and employees to access these markets and profit financially.
The business landscape of Colombia has a high reputation and has developed significantly over time. The government issued Resolution 312 in 2019, which established minimum standards for Occupational Health and Safety Management System Compliance. This helped create an organised and fair system of health and safety management for businesses.
After the pandemic
Following the pandemic, the GDP is projected to grow by 7.6% by the end of 2021, and then ease to 3.5% in 2022, boosted by private consumption and investment. Many Colombians now work remotely, whilst others have adopted a hybrid work approach.
Working in Colombia
• The Labour Code established a maximum working schedule of eight hours a day, or 48 hours a week distributed over six working days. However, it can be agreed for employees to do 48 hours over five days a week with the purpose of taking Saturday as rest.
• Employees have a minimum of 15 working days of holiday for each year of work.
• Employees can have sick leave for the number of days as prescribed by a doctor, there isn’t a limit on this. Employers can request a reimbursement of paid sick leave for over two days, so long as they’re up to date with their social security contributions.
• Visas – These require a work permit to apply and are granted for up to three years for a Migrant visa and two for a Visitor.
Cultural Information
• Spanish is the official language of Colombia, though an increasing number of businesses may have English speaking staff.
• Roman Catholic is the most common religion in Colombia, according to a survey in 2018, nearly 74 percent of people claimed to be of catholic faith.
The Colombian Market – Did you know?
- Colombia is Latin America's 2nd-largest producer of domestically-made electronics and appliances only behind Mexico
- It’s the second most biodiverse country in the world
- Coffee and spices are one of the top commodities Colombia exports
- It has trade agreements with 65 countries
Colombia PEO Services
Colombia PEO Services
A well performing economy and one of the most business-friendly countries in the region, it’s no wonder Colombia is such a desirable place to do business.
The country has seen a significant boom in the last decade, even with the political turmoil it has faced. In 2018, the country ranked second in the region for ease of doing business. Colombia recently entered the Organisation for Economic Co-Operation and Development (OECD) where it became the 37th member to join, in April 2020. This has helped improve the business landscape of the country, as it has introduced major reforms to align its legislation, policies, and practices to OECD standards. This includes labour issues, reforms of the justice system and corporate governance of state-owned enterprises.
Working in Colombia
Colombia’s Location
Colombia’s location provides businesses with many advantages. It is the only country within South America with a coastline in the Pacific and Atlantic Oceans and the Caribbean Sea. This means the country has a wide scope for foreign trade and access to a large market. Further to this, Colombia can be accessed in less than six hours by plane from the main cities in the Americas.
Colombian Workforce
The country has a skilled workforce, with a literary rate of 95%. A lot of Colombians are bilingual, with major cities including Bogota and Medellin having schools run by British Council and other well-known institutions including Berlitz and Colombo Americano. Further to this, the region has a significant skills gap, which provides opportunities for businesses and employees to access these markets and profit financially.
The business landscape of Colombia has a high reputation and has developed significantly over time. The government issued Resolution 312 in 2019, which established minimum standards for Occupational Health and Safety Management System Compliance. This helped create an organised and fair system of health and safety management for businesses.
After the pandemic
Following the pandemic, the GDP is projected to grow by 7.6% by the end of 2021, and then ease to 3.5% in 2022, boosted by private consumption and investment. Many Colombians now work remotely, whilst others have adopted a hybrid work approach.
Working in Colombia
• The Labour Code established a maximum working schedule of eight hours a day, or 48 hours a week distributed over six working days. However, it can be agreed for employees to do 48 hours over five days a week with the purpose of taking Saturday as rest.
• Employees have a minimum of 15 working days of holiday for each year of work.
• Employees can have sick leave for the number of days as prescribed by a doctor, there isn’t a limit on this. Employers can request a reimbursement of paid sick leave for over two days, so long as they’re up to date with their social security contributions.
• Visas – These require a work permit to apply and are granted for up to three years for a Migrant visa and two for a Visitor.
Cultural Information
• Spanish is the official language of Colombia, though an increasing number of businesses may have English speaking staff.
• Roman Catholic is the most common religion in Colombia, according to a survey in 2018, nearly 74 percent of people claimed to be of catholic faith.
The Colombian Market - Did you know?
- Colombia is Latin America's 2nd-largest producer of domestically-made electronics and appliances only behind Mexico
- It’s the second most biodiverse country in the world
- Coffee and spices are one of the top commodities Colombia exports
- It has trade agreements with 65 countries
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