A corporate legal counsel in Colombia will provide you with legal advice and guidance on local corporate legislation. In addition, with extensive knowledge of administrative requirements, a corporate legal counsel is equipped to review and draft legal documents, conduct negotiations on behalf of your organization, and ensure your company’s legal compliance.
Colombia is Latin America’s fourth-largest economy, which registered a gross domestic product (GDP) of $324 billion (USD) in 2019. The country has reached free trade agreements (FTAs) with key markets in North America and Europe and is a founder member of the Pacific Alliance, a regional economic integration initiative that also includes Chile, Mexico, and Peru.
The South American nation is also one of the primary recipients of foreign direct investment (FDI) in the region, which rose from $11.5 billion (USD) in 2018 to $14.5 billion (USD) in 2019. Petroleum is by far Colombia’s largest export commodity, followed by coffee, precious minerals, plastics, and cut flowers.
If you are looking to register a company in Colombia, or enter the market in some other way, read on to find out how a corporate legal counsel in Colombia can support your business operations in the country.
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What is a corporate legal counsel in Colombia
A corporate legal counsel in Colombia is a lawyer who understands the peculiarities of local legislation related to all aspects of business and is equipped to provide professional advice on corporate, labor, civil, and tax regulations to mitigate and anticipate possible legal issues that may put your commercial interests at risk.
A corporate legal counsel will also carry out all legal processes on your behalf and will represent your company before local authorities, clients, and partners, giving you peace of mind and valuable time to focus on other aspects of your business.
Furthermore, a corporate lawyer will help you to reach your business objectives by negotiating business transactions, drafting legal contracts, and reviewing legal documents concerning your business.
What to consider when choosing a corporate legal counsel in Colombia?
When looking for the right legal counsel in Colombia, there are some key elements you should consider such as academic preparation, reputation, communication skills, and related experience.
Academic preparation: Corporate regulations in Colombia change or are updated periodically and vary according to the business activities of each company. Therefore, it is important to verify that the legal counsel in Colombia you are hiring has the proper education and is informed about recent changes in local corporate legislation.
Reputation: As in most countries in Latin America, a legal counsel in Colombia with more experience will generally have a better reputation. By reviewing the business history and public comments on a particular legal advisor, you will be able to obtain the information you need to make an educated decision in accordance with your business needs.
Communication skills: In Colombia, verbal and non-verbal communication is key. Therefore, it is essential to work with an attorney able to communicate assertively while remaining respectful, in order to maintain good relations with partners and local authorities. Moreover, by choosing corporate legal counsel in Colombia will be able to communicate in Spanish and English, facilitating communication between foreign business executives and local authorities.
Related experience: It is recommended to work with a legal counsel who has experience working with people and organizations in your industry. This will allow the attorney to identify the best ways to assist you in your expansion process, while avoiding unnecessary costs.
Find the right law firm for your business expansion
In Colombia, foreign investment is increasingly being seen in non-traditional sectors such as FinTech, Blockchain, ecological mining industries, and many others. Often, intending on doing business in Latin American intend to ultimately expand to other regional markets. If you are looking at doing business in Colombia but have possible future regional expansion in mind, it is worth considering the international presence of the law firm and the services they are able to offer.
- International presence: If future regional expansion is something you envisage for the future, it is highly recommended to work with a law firm with a presence throughout the region. Such a firm will be able to offer you advice on those expansions, including where to move to next when that time comes.
- Multidisciplinary approach: All corporate law firms will be experts in various relevant areas of law, such as labor, commercial, and intellectual property. However, some will also count accounting and back office services amoung their portfolio of services, allowing them to offer a more comprehensive package of support service if needed.
Biz Latin Hub can be your corporate legal counsel in Colombia
A reliable corporate legal counsel will be able to offer you invaluable advice with all the legal diligences in the country. At Biz Latin Hub, our team of multilingual experienced attorneys is equipped to provide you with all of the corporate legal services you might need and help you take advantage of Colombia’s business opportunities.
When choosing a legal consultant in the country, foreign entrepreneurs often prefer firms with international recognition like Biz Latin Hub, recognized as Bogota’s Best Leading Market Support Company during the South America Business Awards 2020.
Reach out to us now to find out how we can be your single point of contact to incorporate and manage your business in Colombia, or elsewhere in Latin America and the Caribbean.
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