So there are definite investment opportunities out there and the structure is in place for UK businesses to make a go of it in this South American powerhouse.<\/p>\n
<\/p>\n
Before we look at setting up the call though, let’s take a look at some of the positives and negatives of exporting to Colombia…<\/p>\n
The pros and cons of exporting to Colombia<\/h2>\n
After Brazil and Mexico, Colombia has the largest economy in South America, worth around $378billion, which is roughly one-seventh the size of the UK and it is increasing at a rate of about 4.5%.<\/p>\n
Inflation is controlled at 2.5% and the Colombian government\u00a0maintains a positive attitude to foreign direct investment with relatively few limits, and the strengths of the market there include:<\/p>\n
- \n
- A\u00a0\u2018top reformer\u2019 in 5 of the last 8 years according to the World Bank<\/li>\n
- A\u00a0tradition of stable economic growth<\/li>\n
- The top country in Latin America (and sixth in the world) for investor protection<\/li>\n
- Skilled workers and the second most flexible labour market in Latin America<\/li>\n<\/ul>\n
And the incentives for UK companies investing in Colombia include:<\/p>\n
- \n
- The UK\u2019s fifth largest export market in Latin America<\/li>\n
- One of the most open markets in Latin America with 13 Free Trade Agreements (FTA<\/abbr>)<\/li>\n
- A\u00a0developing location as a regional hub with duty free access to the other Andean nations, Mercosur<\/a> and Chile<\/li>\n<\/ul>\n
It’s not without it’s problems though, and you need to be aware of the following problems you may encounter there:<\/p>\n
- \n
- Taking a long term approach to business with constantly changing deadlines<\/li>\n
- Bureaucracy<\/li>\n
- Difficult geography and poor transport infrastructure<\/li>\n
- Between 5 and 6 hours behind GMT<\/li>\n
- 12 hours away from the UK by plane<\/li>\n
- Concern around\u00a0organized crime, human rights, bribery and corruption and terrorism.<\/li>\n<\/ul>\n
If you\u2019re doing business in Colombia, you\u2019ll need a reliable and cost-effective conference call provider to help keep in touch when travelling isn\u2019t an option. Here\u2019s\u00a0How to set up a conference call between the UK and Colombia<\/a>.<\/em><\/p>\n
And remember, you can now screen share and video conference, using Crankwheel<\/a>.<\/p>\n
Tax and customs<\/h2>\n
Tax<\/h3>\n
VAT in Colombia is set at a rate of 16%, but there are certain products that are set at a different rate. Resident companies in Colombia pay company tax at a rate of 33% of its taxable income.<\/p>\n
Customs<\/h3>\n
The highest level of duty set on imports to Colombia is usually 15%, but there are some exceptions, and you’ll need the following documentation when exporting and importing to Colombia:<\/p>\n
- \n
- Customs import declaration<\/li>\n
- Manifest<\/li>\n
- Declaration of dutiable value<\/li>\n
- Commercial invoice<\/li>\n
- Pro forma invoice<\/li>\n
- Packing list<\/li>\n
- Certificate of Origin<\/li>\n
- Air\/sea waybill<\/li>\n
- Bill of Lading<\/li>\n
- Single Tax Register (RUT) of importer<\/li>\n<\/ul>\n
Some goods may be subject to additional requirements.<\/p>\n
<\/p>\n
Image from Pablo <\/a>by Buffer.<\/em><\/p>\n
- A\u00a0developing location as a regional hub with duty free access to the other Andean nations, Mercosur<\/a> and Chile<\/li>\n<\/ul>\n
![\"\"](\"https:\/\/www.conferencecall.co.uk\/blog\/wp-content\/uploads\/2015\/05\/conference-call-banner.jpg\")
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