There are certain regulatory agencies in Colombia that you will become familiar with, especially if you own a business here. However, even if you don’t, you will learn about the DIAN, for example, when it comes time to file your personal taxes. (Think you don’t owe in Colombia? You’d better be sure!) Banco de la República is involved with every wire transfer in Colombia, even if you’re just bringing your own money down to your new Colombian bank account.
DIAN stands for Dirección de Impuestos y Aduanas Nacionales (Colombian Tax and Customs Organization). The IRS is a similar organization in the United States.
DIAN regulates the taxes, including your personal and corporate taxes. If you have a business in Colombia, or if you stay in the country for more than 183 days per year, you will have some interaction with this organization. To avoid getting on their bad side, it’s important for you to work with an experienced and knowledgeable Colombian accountant when organizing and paying your taxes.
Related Topics of Interest for You:
Banco de la República
This is Colombia’s central bank. It has a hand in your wire transfers in Colombia and investment legalizations in Colombia. The bank follows up on any money that enters Colombia, so it’s important to correctly report where the money comes from and what it is to be used for. There is no problem with bringing your money to Colombia and investing in this country, as long as the proper steps are taken.
Banco de la República has some other interesting duties, as well, that you might not be aware of.
Superintendencia de Industria y Comercio
This is the organization that regulates business practices in Colombia. It concerns itself with consumer protection, free enterprise, and more. If you have a business in Colombia, you will be registering it with the SIC. For those who don’t intend to start a business in Colombia, the SIC is one organization you probably won’t be dealing with directly.
How We Can Help:
Colombia Legal & Accounting is not a financial advisory organization. While we can help you open an account with a investment bank so you can make your own investment decisions regarding the Colombia, stock market, we do not provide financial advice.