Popular Business for Expats in Colombia

Most Popular Businesses for Expats in Colombia

Colombia, located in South America, offers a vibrant culture and stunning landscapes along with its expanding economy. This makes it an appealing place for expatriates who desire to establish their own business in Colombia. Let’s explore the fundamental details regarding Colombia:

Capital: Bogotá
Currency: Colombian Peso (COP)
Official language: Spanish

The service industry holds a share of more than 60% in Colombia’s GDP. It boasts competitive qualities and low entrance barriers which render it an attractive area to start a business, particularly within the digital services or tourism sectors.

Real Estate Broker

Doing work as a real estate broker is an appealing choice for expats because there is always a need for housing, specifically in big cities. You don’t necessarily need to have a realtor’s license to start, but it’s better if you register your business.

Restaurants in Colombia

Starting a restaurant or bar could also be an option, particularly if you focus on a certain market segment or provide something different. The locals in Colombia are starting to pay more attention to their health, so healthy food choices are becoming popular.

Tour Company in Colombia

Colombia has many different types of terrain and a history that is rich for guides to share. You can concentrate on adventure tours, historical visits, food-tasting trips, or anything else that suits your desires and knowledge.

Boutique Hotel in Colombia

Tourism in Colombia is growing fast, so B&Bs and small hotels can be a good choice. The barrier to start is lower compared with big hotels. You must remember that licensing requirements are related to the size and operation of your business.

Market Research and Planning

Do some studying: Before you jump into it, look into the market for your selected product or service. Is there any need? Who are the people competing with you? Understanding the landscape is crucial for success.

Create a robust plan for business: This is a document that outlines your strategy, financial estimates, and marketing method. It’s important not just to direct your choices but also if you are looking for money.

Digital Services in Colombia

Digital Services: With a thriving tech industry in Colombia, there is demand for digital services such as web design, marketing and software development.

Pasted File at February 21, 2022 9_37 AM

Legal and Regulatory Considerations:

Seek professional guidance: Navigating Colombian business regulations can be complex. Consulting a lawyer or accountant familiar with expat ventures can save you time and headaches. Understand visa requirements: Ensure you have the appropriate visa to operate a business legally.

Cultural Awareness:

Embrace the culture: Take time to understand Colombian business culture. Building relationships and fostering trust are key to success. Learn some Spanish: While English fluency is growing, basic Spanish will go a long way in establishing rapport with potential customers, partners, and employees.

Additional Tips:

Network: Connect with other expats and local entrepreneurs. They can be a valuable source of information, support, and potential partnerships.

Start small and scale gradually: It’s wise to begin modestly, test the market, and then expand based on your success.

Be patient: Building a successful business takes time and effort. Be prepared to invest the necessary time and resources to see your venture flourish.