Colombia Geography, Economy, and Politics

Colombia is a Latin American country surrounded by the Caribbean Sea, Panama, North Pacific, Venezuela, Ecuador, Brazil, and Peru. The country has Petroleum, natural gas, coal, nickel, gold, copper, emeralds, and hydropower. It has a fertile land of 37.5 percent of its total landmass with 54.4% being forested area. The largest ethnic groups are Mestizo and white (84.2 percent), followed by Afro-Colombian(10.4 percent). 79 percent of Colombians are Roman Catholics. It is governed by a presidential republic government.

Colombia is South America’s oldest democratic state. It has seen problems in the form of drug-funded guerilla attacks from Revolutionary Armed Forces of Colombia (FARC) that caused numerous casualties numbering in the hundreds of thousands. It comes in third after Brazil and Argentina in terms of economic power and relies on petroleum, coffee and cut flower exports. It enjoys the benefits of free trade agreements with many Pacific nations including the United States. The combined value of imports and exports is equal to 35 percent of the country’s GDP.

2021
March 19Saint Joseph’s Day
March 22Day off for Saint Joseph’s Day
April 1Maundy Thursday
April 2Good Friday
May 1Labor Day / May Day
May 17Ascension Day
June 7Corpus Christi
June 14Sacred Heart
June 29Feast of Saint Peter and Saint Paul
July 5Day off for Feast of Saint Peter and Saint Paul
July 20Independence Day
August 7Battle of Boyacá Day
August 15Assumption of Mary
August 16Day off for Assumption of Mary
October 12Columbus Day
October 18Day off for Columbus Day
November 1All Saints’ Day
November 11Independence of Cartagena
November 15Day off for Independence of Cartagena
December 8Feast of the Immaculate Conception
December 25Christmas Day
  • S.A. (Sociedad Anónima)
  • S.A.S. (Sociedades por Acciones Simplificada)
  • Ltda. (Sociedad de Responsabilidad Limitada)
  • S.C. (Sociedad Colectiva)
  • S. en C. (Comandita Simple)
  • S.C.A. (Comandita por Acciones)
  • E.U. (Empresa Unipersonal)
  • Corporate Tax: 31%
  • Income Tax (Lowest Marginal Rate): 0%
  • Income Tax (Highest Marginal Rate): 35% (non-labor income), 39% (labor income)
  • VAT/GST/Sales Tax: 19% (standard rate), 5% or 0% (reduced rates)
  • Banco Cathay de Costa Rica (Commercial Bank)
  • HSBC Costa Rica (Commercial Bank)
  • Banco Uno; owned by Citigroup (Commercial Bank)
  • BAC San José; owned by GE Capital (Commercial Bank)
  • Banco Improsa (Commercial Bank)
  • Banca Promérica (Commercial Bank)
  • Banco Lafise (Commercial Bank)
  • Banco BCT (Commercial Bank)
  • Scotiabank (Commercial Bank)
  • Banco Cuscatlan; owned by Citigroup (Commercial Bank)
  • Davivienda (Commercial Bank)

Aadmi can support you with your expansion to Colombia. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns.  Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.

Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.

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