Due to its benefits, Free Zones in recent decades have become a strategic ally for foreign investment, the export of Colombian products and the generation of local employment, contributing to competitive economic development in international markets. An example of productive development in Barranquilla is Zona Franca La Cayena, which offers industrial and commercial infrastructure with the highest quality standards. A strategic ally for the economic growth of the region. The Ministry of Commerce, Industry and Tourism recognizes the importance of Free Zones and positions Colombia as an opportune country to do business by issuing Decree 278 of March 15, 2021.
What business benefits does the announcement of this Decree bring?
- E-commerce: Free Trade Zone users will be able to make Internet sales, import postal traffic and urgent shipments under the terms established by the DIAN, taking advantage of today’s virtual reach.
- Airport and Rail: Both are sectors that will receive incentives by promoting multimodal transportation.
- Agro-industrial: The benefits granted by the Free Trade Zone regime cover any type of activity and project in this sector.
- Free Trade Zone Technical Committee: This committee is established to discuss, agree and strengthen the operation in the country through a constructive dialogue with the business sector.
Complementing these ideas, the Decree brings with it the simplification of procedures by at least 15.2%, eliminating more than half of the previously requested requirements and reducing the declaration time from 18 to 6 months. Users may also request the expansion of other activities in addition to those originally declared, modify the investment commitment amounts and the deadlines for compliance. In fact, intangible assets will be recognized as part of these commitments. Another of the opportunities offered by the latest modification to the free zone regime is the authorization to work outside the area declared as a Free Zone for industrial users of services. In addition, the maximum term for the extension of both Free Zones is equal to 30 years. Free Permanents, such as Special Permanents.
We are strategically located in Barranquilla, Atlántico. If your import and/or export processes go through the Caribbean, you have to meet us. We guarantee security and support by offering quality physical infrastructure to companies that want to take advantage of the special free regime or that want to reduce logistics operating costs to boost the profitability of their business.
Dare to grow with us! Contact us here.