Benefits of Entrepreneurship in Colombia in 2024

As we enter 2024, Colombia is emerging as fertile ground for the seed of entrepreneurship, offering a vibrant business landscape full of opportunities.
With a constantly evolving economy and a government that supports new entrepreneurs, understanding the specific benefits of entrepreneurship in this country becomes crucial.
This article aims to illuminate the path for those interested in register a company in Colombia, offering a detailed guide on the advantages and opportunities that 2024 has to offer.

How is the economy in Colombia in 2024?

Colombia’s economic scenario in 2024 shows promising signs of growth and stability. According to the Economic Commission for Latin America and the Caribbean (ECLAC), the Colombian economy will have growth of approximately 2% by 2024.
Likewise, according to an article  published by the newspaper Razón Pública, “the OECD projection is 1.4% (…) At the local level, the PND is based on a more optimistic projection (2.8% )”.

You may also be interested in the following blog about Investing in Colombia: Reasons and advantages.

Entrepreneurs who predict 2024 as a successful year

La República, a media outlet specialized in economics, published a journalistic article titled “More than 20 businessmen and industry leaders tell you why 2024 will be beautiful”. The purpose of the article is to motivate and encourage readers and those interested in establishing a company in Colombia.

For example, Marcelo Cataldo, president of Tigo Colombia, assured that “it can be a good year if we do the task well, and if we work together and set ourselves achievable goals.”

This enabling environment is a catalyst for the creation and expansion of new businesses, offering stable ground for entrepreneurs. The economic recovery, combined with supportive government policies, creates an ideal environment for innovative ideas to flourish and become successful businesses.

Advantages of creating a company in Colombia

1.Government incentives for entrepreneurs

The Colombian government has implemented a series of policies designed to encourage entrepreneurship, offering tax benefits, subsidies and specific support programs for 2024.
These initiatives seek to encourage entrepreneurs to take the step and formalize their business ideas, facilitating the process of registering a company in Colombia.

2. Ease of creating and registering companies

With an increasingly simplified process for the creation and registration of companies, Colombia is positioned as an attractive destination for national and international entrepreneurs.

Recent legislative changes aim to remove bureaucratic barriers, making the process more accessible. In addition, having specialized in entrepreneurs advisory can provide a great advantage in navigating the Colombian system efficiently.

3. Climate of innovation and technology

Colombia is experiencing a boom in terms of innovation and technology, with a vibrant ecosystem that favors startups. This climate of innovation not only provides the necessary tools to develop new ideas, but also presents success stories that can serve as inspiration for new entrepreneurs.
At JLC we explain to you: What laws must a company comply with in Colombia?

4. Access to international markets

Thanks to its strategic location and trade agreements with other nations and regions, Colombia offers unique opportunities for international expansion. Creating companies in Colombia can be the first step towards global reach, taking advantage of established trade networks to bring Colombian products and services to the world.

5. Human resources and local talent

The quality and availability of human talent in Colombia is an invaluable asset for any company. Local hiring not only promotes the internal economy, but also ensures a deep understanding of the Colombian market and culture, key elements for business success.

6. Diversity of sectors and business opportunities

From technology to fashion, including jewelry, Colombia’s economic diversity opens up a range of opportunities in different markets. Identifying the right sector to undertake can be decisive in the success of the company, and Colombia offers fertile ground to explore various industries.

Entrepreneurial culture: necessary to establish a company in the country

The strength of the entrepreneurial community in Colombia is a fundamental pillar for business development. Support networks, mentoring and business communities are available to guide new entrepreneurs on their path, highlighting the importance of collaboration and networking within the ecosystem.

Conclusion

Starting a business in Colombia in 2024 represents a golden opportunity for visionaries and dreamers seeking to make their business ideas a reality. The combination of a stable economic environment, supportive government policies, a vibrant innovation climate, and access to international talent and markets, make Colombia the ideal to set up a company in Colombia.
This is the time to take action, take advantage of the opportunities that this year brings and be part of Colombia’s business growth.
If you need accounting advice or other tax services, at JLC we have a specialized team of accountants, lawyers, tax and financial advisors with great knowledge. Contact us now.