The Global Business Complexity Index 2023 (GBCI) provides an authoritative overview of the complexity of establishing and operating businesses around the world. It explores factors driving the success or failure of international business, with a focus on operating in foreign markets, and outlines key themes emerging globally as well as local intricacies across 78 jurisdictions.
The GBCI 2023 is based on 292 indicators relating to business complexity and provides in-depth analysis of global and local challenges impacting on the ease of doing business around the world. These data points are used to compile a global ranking of the 78 jurisdictions, based on the complexity of their business environments and covering legislation, compliance, accounting procedures, tax regimes, human resources (HR) rules and payroll processes.
When foreign businesses enter Colombia, there can be some initial struggle to understand how certain laws and regulations work. Colombia is a highly regulated jurisdiction, so adhering to its many laws is an essential aspect of operation. For instance, when transferring funds between jurisdictions, specific requirements need to be met, such as filing an exchange market form. Once businesses understand and are familiar with this process it doesn’t create too much complexity, but it’s an example of how adapting to doing business within Colombia can initially prove challenging.
In the past 12 months, Gustavo Petro has been elected as the new president of Colombia. Petro is left wing, which has created some tension as, prior to his election, the government was more right wing. Furthermore, tax reform that was approved in December 2022 will bring complexity for organisations operating within the jurisdiction, as they adapt to the changes.
Join our TMF Group experts and learn about the complexities and opportunities of Colombia.
Agenda:
11:00 a.m. - Welcome
11:05 a.m. - What is the Global Business Complexity Index (GBCI)?
11:07 a.m. - Three Global Themes
11:10 a.m. - Global Top 10: Most complex and simple jurisdictions to do business in the world
11:20 a.m. - How can your business navigate the new Colombian business regulations?
11:40 a.m. - Colombia economic overview and local trends
11:55 a.m. - Questions and closing remarks
Speakers:
Victoria Morales - Colombia, Ecuado, Venezuela Managing Director
Business transformation strategist - Developer of financial and social impact structures. Bilingual lawyer (Spanish - English) with more than 15 years of proven experience in defining strategies and structuring investment vehicles for companies in regulated and deregulated sectors in Colombia and Latin American countries. Solid knowledge in international private contracting, financial and business law, guarantees, negotiation and corporate crisis management. Disruptive thinker, committed to good execution and obtaining the best possible result.
Alcides Fuguet - VP of Global Sales
Business Development professional with over 8 years of experience implementing successful commercial strategies for SMEs and multinational companies. Joined TMF 3 ½ years ago, focusing on driving business growth and building strong client relationships. Holds an MBA focused on senior management from Universidad Anahuac Mexico.
José Francisco Mafla - Vice President of Customs and Foreign Trade at the Colombian Institute of Tax and Customs Law
Lawyer from the Andes University, with a Specialization in Business Law from the Externado de Colombia University and a Master's Degree in International Law (LL.M) from the New York University School of Law. He is currently a partner in the Customs and International Trade and Mergers and Acquisitions practice area at Brigard Urrutia.
He has extensive experience advising local and multinational companies, government entities, and business associations on legal issues related to customs, free zones, international trade, and commercial law, including trade defense measures, WTO regulations, and free trade agreements, and administrative and judicial controversies in customs matters.
He constantly advises operators, users, and new projects under the free zone regime.