What is the Colombian Business Owner Visa?
What is the Colombian Business Owner Visa?
The Colombian Business Owner Visa is a Migrant Visa, allows foreign nationals to establish or invest in a business in Colombia. This visa is valid for up to 3 years and requires a minimum investment of approximately COP 130 million pesos. Key requirements include a valid passport, proof of business ownership, a detailed business plan, a clean criminal record, and health insurance. Additionally, visa holders must reside in Colombia for at least 180 days per year to maintain their visa status.
Colombia offers two types of visas for those seeking a business visa. The first type investment qualifies the applicant for a 1-3 year Migrant Colombian Business Owner visa, while the second type awards the applicant with a Colombian business investor or manager a Business Visitors Visa. In order to obtain a Migrant visa, a minimum investment of 100 salaries (130 million pesos) is required, while a business Visitors visa it is recommended to show at least 10,000 USD investment, although an official amount is not a published requirement. Fulfilling all the requirements makes obtaining an investment visa an worthwhile process.
Previously, the Investment Visa was known as the TP-7 visa and was divided into two categories: a temporary visa and a permanent Resident Investor. However, in October of 2022, Colombia changed its visa resolutions, and now the migrant (M6) visa for investment in a business.
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The Colombian Business Visa (M-6) is also referred to as the Colombian Business Owner visa, and it remains valid for up to three years. It is important to note that while these visas allow multiple entries into Colombia, they lose their validity if the applicant stays out of the country for more than six consecutive months. The government fees adjust regularly, but its important to understand each application study fee is aproximately 55 USD. Once your visa is approved you then pay the remaining fee.
It’s important to keep in mind the new visa resolution 5477 for Migrant visas in Colombia. To maintain your visa, you need to be in Colombia for 180 days or more. If you exceed 180 days outside of Colombia, your visa will become invalid, and Migracion Colombia officials may cancel it upon your return. If you are granted entry with just a stamp, you will most likely be allowed to enter as a tourist after your visa is canceled.
On the other hand, the Resident (R) visa has a validity of five years and requires a significant investment in business or property. You may enter or leave Colombia as many times as you like on this visa, but you must not stay out of the country for more than two consecutive years. If you do, then you will lose your Resident visa. The government fee for the visa application for Resident (R) visas is $443. Keep in mind the importance of visa renewals, and we recommend you to read our article on Colombia Visa Renewal Tips.
Looking for more on What is the Colombian Business Owner Visa?? Here are similar topics: How to Get a Colombian Investors Visa, Business Setup Law in Colombia, Colombian Corporation Law, Corporate Accounting in Colombia, and How to Create a Colombian Corporation.
What Are Types Of Colombia Business Visas?
If you are interested in investing in Colombia and obtaining a business visa, there are two main categories to consider: migrant and resident visas. As an investor, there are several ways you can invest in Colombia and qualify for a visa.
A. Colombia Business Visa as a Visitor.
The first category is the Colombia Business Visitors Visa, which is intended for people who need to start up a company, conduct business meetings, or manage satellite companies in Colombia. This visa allows you to do banking transactions and stay in the country for a limited time.
B. Colombia Business Visa as a Migrant.
The second category is the Colombia Business Visa as a Migrant. To qualify for this visa, you need to invest in a corporation with a minimum salary of COP $130,000,000 Pesos ($33,333 USD), which can earn you a 1 to 3 years temporary residency Visa – M – Business Owners Visa (previously known as TP7).
What Documents Are Required For Colombia Business Owner Visa?
you are seeking a Colombia investor or investment visa, the documents you need to provide will vary based on the type and amount of investment you plan to make. However, there are some general documents that are required for all types of investor visas. Here is a list of such documents that you must keep in mind:
Passport Photocopy:
When submitting your passport for verification purposes, please include a copy of the first page which contains your personal information. The copy can be either in color or black and white.
Proof of Legal Entry:
To confirm your legal entry, kindly provide a copy of the page from your passport that displays the last stamp of entry or departure from Colombia.
Photocopy of Previously Issued Visa:
In case you had a Colombian visa before, such as a student or retirement visa, please make sure to provide a photocopy of it.
Passport photo:
For your passport application, please make sure to provide a photo of your face with a white background. The photo should be sized at 3 cm width X 4 cm height and the maximum file size should be 300 kb in jpg format for online submission.
It is important to note that apart from the documents listed earlier, there are other documents that may be required depending on the type of investment visa you are applying for.
- Please prepare a letter of request that I ncludes the full name and address of the commercial company, as well as their Tax Identification Number (NIT). This information is required for the company in which the investment was made.
- If you’re applying for a visa as a foreigner in a joint-stock company, you need to provide a certificate of share composition. This certificate should be subscribed by a public accountant and indicate the amount of capital or assets registered and paid for by you. The minimum amount required for the visa is not less than 100 times the Colombian minimum monthly salary.
Last income statement in the name of the company (applies only to companies with more than 1 year of incorporation).
- Certificate of opening a bank account in the name of the company.
- Support for the entry into Colombia of the total amount of capital that appears as paid at the Chamber of Commerce.
- Foreign exchange declaration form F4 is best to prove a foreign investment but other options may be valid.
- Certificate of foreign investment issued by the Banco de la República.
- Certificate of share composition made by an accountant.
- Photocopy of cedula of the accountant.
- Photocopy of the professional card of the accountant.
- Current certificate of the disciplinary background of the accountant.
- Bank statements of the last 6 months in the name of the company (only in case the company is not newly formed).
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Apostille Process for Colombian Business Owner
Key documents may require certification with an apostille which is crucial for Colombian visas, especially for documents originating outside Colombia. Key documents like the criminal background report must be apostilled and translated. Each visa application varies slightly, so it’s essential to understand the specific requirements for the Colombia Business Owner Visa.
Key Documents Requiring Apostille
- Criminal Background Report
- Power of Attorney*
- Colombian Sex Laws Acknowledgement*
* These documents do not require apostille if they are signed in Colombia at a Colombian notary. Criminal background reports such as the FBI Criminal Background always require an apostille. For more details on how to apostille these required documents for the Colombia Business Owner Visa, click here.
Frequent Questions for the Business Owner Visa:
How do I create a company to meet requirements of the Business Owner Visa?
An investor must invest the equivalent of 100 Colombian minimum salaries, which for 2024 is 130 million pesos. Shares or stock must be in investor name for this value. You must legalize the invesment or proof of payment made to colombian corporation DIRECTLY from investor. The paid in stock value must be visible on the Chamber of Commerce Certificate.
How long does it take to get the Business visa?
The time to get the visa is divided into two parts the process to prepare the documents and the government application process in time.
What restrictions does the Business Owner Visa have?
You can only work for your company, You must be at the country at minimum 180 days you can study, you can go to school, all Migrant visas require you to be in Colombia 180 days or more to keep your visa.
Does the Business Owner Visa have work permissions?
How much time does this visa take to get approve?
Once the requirements are ready and the application is summited the government take 1 to 2 weeks.
Does the Business Owner visa accumulate time for a permanent residency visa?
Invest in a corporation at 100 * Min Salary = COP $130,000,000 Pesos ($33,333 USD) Qualifies for a 1 to 3 years temporary residency Visa – M – Business Owners Visa (Previously TP7).
How long does it take to prepare requirements for the Business Owner visa?
Organazing documents it takes 1 to 2 month.
Our Story
James Lindzey founded the website ColombiaVisas.com, which is constantly updated with new information explaining visa resolutions, procedures, and laws in Colombia to expats. James has worked as a private investigator and paralegal in the United States through the 90s until he moved to Colombia in 2005. James arrived in Colombia in 2005 and started doing visas for expats, but currently works as Director of Legal Services for Visas by James, and Colombia Legal & Associates SAS since June of 2023.
Colombia Legal & Associates acquired the brand name Visas by James as it became a more familiar and easy way for foreigners to remember the business, than the previous Visas y Tramites Internacionales.
While MedellinLawyer.com focuses more on legal issues for expats, ColombiaVisas.com focuses more on visas, and holds the trademark Visas by James. ColombiaVisas.com is the oldest website and provider of visa information for expats in Colombia. We are proud to be the first and always on the cutting edge of providing interactive website content to our visitors.
In addition to our visa services our agency offers a full range of legal and accounting services to our clients. We are able to assist better in document collection services in the United States because of James previous legal experience in the United States.