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Bogotá
GMT -5

04:59 pm

New York
GMT -4

05:59 pm

L. A.
GMT -7

02:59 pm

Tokyo
GMT +9

06:59 am

Sydney
GMT +10

07:59 am

London
GMT +1

10:59 pm

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  1. Home
  2. How to invest
  3. How to get access to banking in Colombia
Financial Regime in Colombia
Created by:
Baker Mckenzie

How to get access to banking in Colombia

How do the financial system and stock exchange operate in Colombia? What regulations apply to cryptocurrencies and crowdfunding?
Sebastián Luque, banking and financial associate at Baker Mckenzie lawyers firm, presents the "Financial Regime" chapter from the 2019 Bogota's Foreign Investment Guide.

The Colombian financial system is based on a specialized bank scheme, meaning that each activity of the financial sector and the stock market can only be carried out by entities that have been specially designed for said activity.

The system is divided into the intermediated sector and the disintermediated sector. The former groups together banking and insurance institutions and activities together with complementary or related services. The latter, often called the stock market, is the sector that brings together all the institutions and activities where no professional intermediation exists between the surplus and deficit sectors of the economy.

In addition, there are two types of bank account: current accounts, which allow depositors to deposit amounts of money and checks in a banking institution and have their balance totally or partially available through writing checks or using other instruments; and savings accounts, which must offer a minimum level of interest and do not allow checks to be received.

Keep in mind

  • The crowdfunding mechanism is regulated in Colombia. On one hand, this enables the owners of small-scale productive projects to access funds via capital or debt and, on the other, allows qualified and unqualified investors to participate in the financing of said projects.
  • Cryptocurrencies are not prohibited in Colombia, but they may have restrictions in an investment scheme due to the orders or regulations of a particular authority. 
  • The main authorities in the financial sector are the Financial Superintendence and the Colombian Central Bank (Banco de la República). 
Learn More Here

Eng-BogForeignInvst. V10 - Chapter 11.pdf243.18 KB

//www.slideshare.net/slideshow/embed_code/key/4Frc5yAyuSdeWP
Baker Mckenzie
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Baker y Mackenzie

A legal firm that strives to provide every client with the talent required to solve any problem that may arise. Baker McKenzie’s interest lies in forming associations with clients to offer solutions in the world’s largest economies and recently opened-up markets.  

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Related topics

 

Medical Cannabis
Doing business with medical cannabis
What regulations does Colombia have for growing and processing medical cannabis? What business opportunities are there in this field?
Corporate Insolvency Regime in Colombia
How a Company is Liquidated in Colombia
How are companies liquidated in Colombia? What guarantees exist for the effective payment of creditors’ debts in the event of a company having to go into liquidation?
Foreign Direct Investment Incentives
Which Foreign Investment Incentives exist?
*Due to changes in the tax regime (Law 2010, December 27th, 2019) this chapter is being updated*

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