In 2022 Colombia was the best country for entrepreneurship in Latin America 


According to a recent report by the World Economic Forum, the country is positioned as one of the easiest to undertake during the past year.

When we talk about entrepreneurship, a lot of benefits are glimpsed. According to an article by BBVA Mexico, being an entrepreneur is synonymous with “prestige” and “distinction,” which demonstrates a person’s “discipline, capacity for innovation and organization.”

The institution pointed out that an entrepreneur also acquires autonomy skills since the times of the other daily tasks must be managed. “A private business allows you to define a personalized work schedule and fulfill it under your precepts,” the company added.

However, beyond the benefits, entrepreneurship does not only depend on the enthusiasm and conviction of a person. It is also essential to understand what facilities a country offers to achieve the objectives set.

One of the territories where you can entrepreneur more easily is Colombia. That is the conclusion reached by the most recent report of the World Economic Forum, called “Global Entrepreneurship Monitor (GEM)”, which examines the conditions that benefit entrepreneurship in countries.

In total, 13 items were considered: government programs oriented to entrepreneurship; ease of access to financing for entrepreneurship; education for entrepreneurship in schools and universities; public policies around support for entrepreneurs; and taxes and reduction of bureaucracy, among others.

Taking into account the above criteria, Colombia obtained very good results, since it was in the 25th position worldwide with a score of 4.7.  This represented an advance compared to 2021 and 2020, years in which the country achieved a valuation of 4.6 and 4.2, respectively.

Colombia excelled in public policies and government programs that support entrepreneurs. An example of this is the National Entrepreneurship Policy, issued in 2020 by the government of former President Iván Duque.

According to the Confederation of Cooperatives of Colombia, that policy wants to bring favorable conditions for the establishment, longevity, and growth of businesses that can provide income, wealth, and improvement in productivity and global expansion. 

It is also important to note the “Youth Entrepreneurship Law”, which provides advantages such as exemption from paying commercial registration and renewal to companies with partners or shareholders aged 18-35 constituting at least 50% of the capital. supports the Observatory of Entrepreneurship of Bogotá.

The future looks promising for Colombian entrepreneurs. Firstly, Colombia has surpassed other nations that historically were above, such as Chile, Mexico, and Uruguay. And second, a trend of the rising economy continues to be marked, since the National Administrative Department of Statistics (DANE) reported last November a growth of 7% in the last quarter of 2022. 

About The Colombian Advantage

In our company, we are constantly looking for Colombian talent to help match them with an organization where they can have growth and professional development along with benefits, opportunities, and much more. If you have yet to consider hiring Colombian professionals to expand your entrepreneurship or company, this can be your chance! 

At TCA – The Colombian Advantage, we have one of the most valuable resources: the talent of our people. For more information on how to recruit Colombian talent to join your team, contact us!

New call-to-action