The ISO code of Colombia is CO according to the ISO 3166 standard. The local name of the country is the same as its English name. Colombia capital city is Bogotá. People in Colombia speak the Spanish language. On 20 July 1810, Colombia emerged as a sovereign political entity. In the year 07/20/1810, Colombia emerged as a sovereign political entity. The largest city in Colombia is Bogotá.
Colombia is located in the UTC -05:00 time zone, which is also called Colombia Time or COT. The internet country code top-level domain (ccTLD) for Colombia is .co. Other domains assigned to Colombia are .lat. The International dialing code for Colombia is 57. People in Colombia drive on the right side of the road. Total land area of Colombia is 1,138,910 km² (approx. 439,734 mi²). Colombia is not a landlocked country. It means that is is bordered by at least one major body of water.
Colombia is located in South America. Colombia is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Colombia faces various issues, including deforestation, soil and water quality damage from overuse of pesticides, air pollution, especially in Bogota, from vehicle emissions.
Doing business in Colombia
We offer various corporate services in Colombia jurisdiction. These services can serve both, people coming from Colombia and foreigners. If you plan on doing business in Colombia you might be interested in contacting us.
To find out about starting your business in Colombia click on company formation in Colombia.
To find out how to open a bank account in Colombia and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Colombia.
Choose preferred service below or continue reading to find out more about Colombia.
Demographics of Colombia
The total population of Colombia is 49,464,683 people. In Colombia, the population density is 42.37 people per square kilometer (110 per square mile). Because of this statistic, this country is considered to be sparsely populated. The ethnic diversity is rather diverse according to a fractionalization scale which for Colombia is 0.6014. Colombia has approximately 129632 foreign immigrants. The median age is approximately 28.9 years. In Colombia, 48.98 in every 100 people use internet. Colombia has a Human Development Index (HDI) of 0.711.
The majority religion of Colombia is Christianity, Colombia is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Colombia.
Culture of Colombia
People in Colombia speak the Spanish language. According to data on inbound tourists in Colombia, 2,288,000 tourists arrive in the country each year. The first McDonalds in Colombia was opened on 14 July 1995, and it was located in Centro Andino, Bogota. One of the most popular national dishes of Colombia is sancocho. To read more click on culture of Colombia.
Geography of Colombia
Colombia is considered to be a vast nation because of its total area. Its total land area is 1,138,910 km² (approx. 439,734 mi²). Colombia is located in South America. Its capital city is Bogotá. Colombia has 5 neighbouring countries. Its neighbours include Brazil, Ecuador, Panama, Peru, and Venezuela. Total length of land borders of Colombia is 6672 kilometers (~2,576 miles).
The highest point of Colombia is Pico Cristóbal Colón and Pico Simón Bolívar, with its official height being 5700 m (18,702 ft). Including land mass and EEZ, the total area of Colombia is approximately 1,947,068 km² (~751,764 mi²). The most notable natural resources found in Colombia are petroleum, natural gas, coal, iron ore, nickel, gold, copper, emeralds, hydropower.To read more click on geography of Colombia.
Economy of Colombia
The currency of the country is Colombian peso. The symbol used for this currency is $, and it is abbreviated as COP. 9.2% of population in the country are unemployed. The total number of unemployed people in Colombia is 4,550,751. Each year, Colombia exports around $58.7 billion and imports roughly $53.5 billion. The Gini Index of the country is 53.5. Colombia has a Human Development Index (HDI) of 0.711.The Global Peace Index (GPI) for Colombia is 2.72. Colombia has a government debt of 75% of the country's Gross Domestic Product (GDP), as assessed in 2012. Colombia is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement, gold, coal, emeralds.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Colombia is $642,469 billion. Each year, consumers spend around $230,725 million. The ratio of consumer spending to GDP in Colombia is 0%, and the ratio of consumer spending to the world consumer market is 0.54. The corporate tax in Colombia is set at 33%. Personal income tax ranges from 0% to 33%, depending on your specific situation and income level. VAT in Colombia is 16%. In 2013, Colombia received 764.4 million USD in foreign aid.In 2014, the foreign aid amounted to 1017.6 USD.To read more click on economy of Colombia.
Infrastructure of Colombia
Infrastructure quality in Colombia is rated to be at 2.44. It indicates a mediocre quality - roads, railroad, ports and other facilities are able to handle somewhat significant traffic, but not enough to ensure smooth transit at all times.
In Colombia, 97% of the population has access to electricity. There are 4,410,000 internet hosts in Colombia. Colombia has 836 airports nationwide.
The logistics performance index of Colombia is 2.64. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.
Tracking possibilities for shipments are rated at 2.55. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.
To read more click on infrastructure of Colombia.
Politics of Colombia
Colombia, is a unitary presidential constitutional republic. With regard to political and civil freedoms, Colombia is 2. Citizens in Colombia experience partial freedom. While the majority of citizens are able to exercise their free will to a certain extent in Colombia, some political engagement may be limited and certain population groups may be excluded from certain freedoms or expressions. The head of the government is Juan Manuel Santos.
According to the World Bank Group, the government effectiveness index of Colombia is -0.11. This indicates that the government of Colombia is mediocre. While some public and civil services are limited, in other cases they can be considered adequate or even effective. Potential investors should carefully evaluate the governmental situation in Colombia before considering any business maneuvers.In Colombia, the legislative power is vested in a Congress. The Global Peace Index (GPI) for Colombia is 2.72. The strength of legal rights index for Colombia is 12. Overall, it is considered to be rather strong - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders quite well; credit information is abundant and easily accessible. In 2013, Colombia received 764.4 million USD in foreign aid. In 2014, the foreign aid amounted to 1017.6 USD. Colombia is a member of the United Nations (UN). On 5 November 1945, it joined the UN at it inception date as a full member state. Colombia is one of the original UN member states who founded the organization. Colombia is a member of the World Bank. To read more click on politics of Colombia.
Environment of Colombia
Colombia emits 1.6 metric tons per capita of CO2. 607280 km² of Colombia's territory is covered in forests. and forest land comprises 53% of all the land in the country. To read more click on environment of Colombia.
Company formation in Colombia
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Colombia.
When establishing a company in Colombia, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Colombia that will affect the establishment and growth of one's business. Contact us or click on company formation in Colombia to read additional information when setting up a business.
Bank account opening in Colombia
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Colombia. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Colombia, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Colombia or contact us.