Import Factors: If a company wants to import a product to Colombia, it will have to recognize some basic steps. Which are:

1. Registering as an importer. Companies must have the Unique Tax Register, which identify, allocate, and classify subjects of obligation that are controlled and administered the National Directorate of Taxes and Customs.

2. Location of the tariff sub-regime: The DIAN is the only authorized entity to determine tariff classification, but companies can utilize the informal aid offered by the Enterprise Information Center.

3. Study of Market: Make a market study and assess the economic feasibility of the import, analyzing, among other things, price of the product in the international market, costs of international transport, costs of nationalization, and other expenses that arise.

4. Identification of the product: Verify the tariff sub-regime of the product to determine the customs tributes

5. Import exchange procedure: The Exchange Regime establishes the obligation to channel the payment through the intermediaries of the authorized market exchange by law (commercial banks, financial corporations, etc.)

6. Other proceedings: Verify the terms of negotiation (incoterms), and if the international transport fee has to be paid, contract the transporting company with which the transport of merchandise will be handle to define the costs for the transfer to the Colombian port.

7. Process of Nationalization: Once the merchandise reaches Colombia and is under the Customs Deposit, the request of a pre-inspection for the submission of Import Declaration and other documents is recommended. When imports surpass one thousand American dollars (USD 1,000), services from a customs agency will need to be contracted to oversee this process.

 

Export Factors

 

The Republic of Colombia is the fourth largest economy in Latin America. It is the only country in South America with two seacoasts (Pacific and Caribbean), which provides tactical shipping advantages in today’s global market. Aided by major security improvements, steady economic growth, and moderate inflation, Colombia has become a free market economy with major commercial and investment ties to the United States, Europe, Asia, and Latin America.

Colombia is unique in that there are five bona fide commercial hubs in the country: Bogota, Medellin, Barranquilla, Cali, and Cartagena. While these cities, and many other secondary cities, offer unique market opportunities, they are close enough via air routes that are common to have one partner to cover the whole country.