Opening a business bank account in Colombia is now a strategic move for international companies, as the country's economic growth, business-friendly reforms, and digital transformation gain momentum. In 2024, Colombia’s foreign direct investment (FDI) reached a record high, with over $18 billion flowing into the country according to ProColombia, underscoring its appeal as a regional hub for global business operations. The banking sector has rapidly advanced digitalization, making Colombia an attractive destination for both established enterprises and fintech innovators.

Recent regulatory changes, such as streamlined compliance procedures and the expansion of open finance frameworks, provide more transparent, accessible pathways for foreign firms to participate in the Colombian economy. For a full overview of compliance for international payments, see our Colombian Cross-Border Payment Compliance: A Complete Guide.

These shifts, combined with a thriving fintech ecosystem, have made the 2025 banking environment especially favorable for companies looking for modern, efficient ways to manage accounts and payments in Colombia.

Understanding Colombia’s Corporate Banking Landscape in 2025

Colombia’s banking sector has advanced regulatory modernization and digital innovation. The Colombian corporate bank account requirements for foreigners have shifted as regulators and banks address international business needs and anti-money laundering standards. In 2024, the Superintendencia Financiera de Colombia (SFC) reported that over 70% of business banking transactions occurred via digital channels, signaling a major shift toward online and mobile banking.

Colombia now hosts nearly 400 fintech companies, with lending and payments representing the largest segments and driving digital banking adoption. Open finance initiatives—supported by Decree 1,297 (2022)—have paved the way for new entrants, including neobanks and fintechs, to offer business banking alternatives beyond traditional brick-and-mortar institutions.

Foreign investors most commonly use structures such as the Simplified Stock Company (S.A.S.) or Corporation (S.A.), thanks to their flexibility and straightforward compliance.

The Colombia business banking regulations 2025 also include updated KYC/KYB protocols, an expanded Ultimate Beneficial Owner (UBO) registry, and streamlined tax compliance for companies with significant economic presence in the country.

For fintechs and international firms navigating this environment, see API-First Payments in Colombia: What Every Fintech Needs to Know for a deep dive on digital transformation and regulatory shifts.

Key Requirements for Foreign Entities—What You’ll Need to Open an Account

It’s a question nearly every global business faces: what exactly do you need to open a corporate account as a foreign entity? The answer is shaped by Colombia’s compliance framework.

Foreign companies must present a Tax Identification Number (NIT) issued by the DIAN, registration in the Single Tax Registry (RUT), certified financial statements signed by a Colombian public accountant, and proof of a local business address. Banks also require a legal representative with a valid Colombian visa and cédula, along with full disclosure of the company’s UBOs—now strictly enforced since the 2023 DIAN registration mandate. These requirements are enforced by the DIAN, Colombia’s national tax authority, and overseen by the Superintendencia Financiera de Colombia, while registration is handled through the local Chamber of Commerce.

Site visits and in-person verification remain standard for most banks, though a few fintechs may offer partial digital onboarding.

Documentation and local presence are non-negotiable for account approval.

For a deeper dive into compliance, including the latest anti-money laundering and UBO requirements, see our KYC, AML, and BSA Requirements for Colombian Payment Platforms.

Step-by-Step: The Account Opening Process for Foreign Companies

Opening a business bank account as a foreign entity in Colombia involves several methodical steps. Here’s how the process works in 2025:

1. Company Formation: Register your Colombian subsidiary or branch at the Chamber of Commerce and obtain a NIT from DIAN, and register any foreign investment with the Colombian Central Bank to secure the ability to repatriate profits.

2. Appoint a Legal Representative: Ensure your designated representative has a Colombian visa and cédula; banks will require their presence.

3. Gather Documentation: Prepare certified financial statements, business address proof, and UBO disclosures. Documentation must be notarized and apostilled if issued abroad.

4. Submit Application: Most major banks require an in-person visit to validate documents and conduct compliance checks, including site visits for some applicants.

5. Compliance Review: Banks perform rigorous KYC/KYB procedures and verify all UBO information. Enhanced due diligence may extend the timeline.

6. Approval and Activation: Once approved, your business account is activated, and you can initiate local and international transactions.

Most banks currently quote a processing time of 4–8 weeks for foreign-owned business accounts, though complex structures or incomplete documentation can lead to delays (Bancolombia, 2024).

For more on integrating digital solutions into your banking workflow, see How to Integrate a Payment API for Colombian Businesses: Step-by-Step.

Digital Banking and Fintech Alternatives—New Options for 2025

As digital banking matures in Colombia, foreign companies now have more options beyond traditional banks. A growing number of neobanks and fintech platforms, such as Nubank and Lulo Bank, offer streamlined onboarding and cloud-based account management.

A 2024 survey by Colombia Fintech found that 67% of new business accounts opened by international firms used at least one digital banking tool, with neobanks seeing a notable increase in adoption.

The SFC’s regulatory sandbox, launched in 2021, has played a significant role in accelerating the development and testing of digital banking services tailored to both domestic and international companies.

Digital-first platforms such as Movii have significantly boosted financial inclusion, making business banking more accessible to underserved companies and individuals alike.

For more on leveraging stablecoin-enabled solutions and digital payments, see Best Practices for Stablecoin-to-Fiat API Integration in Colombia.

Compliance, Red Flags, and Regulatory Pitfalls for Foreign Businesses

Too many companies underestimate Colombia’s compliance environment, risking costly delays or rejection.

Key takeaway: Full UBO disclosure, strict anti-money laundering controls (now standardized under SARLAFT 4.0), and timely foreign investment registration are now more rigorously enforced than ever.

Recent enforcement actions by the Superintendencia Financiera have targeted firms failing to register UBOs or submit required documentation, resulting in processing delays of several months. The Significant Economic Presence (SEP) rule, effective 2024, also means more foreign companies face income tax obligations if they have systematic interaction with the Colombian market.

At every step, banks may require additional site visits or updated documents, adding to the compliance burden. Since 2023, foreign-owned businesses have reported increased delays due to new documentation and in-person requirements.

For a complete guide to cross-border compliance, read Colombian Cross-Border Payment Compliance: A Complete Guide.

Real-World Examples—How Fintechs and Foreign Businesses Succeed (or Struggle)

Recent years have seen both triumphs and challenges for foreign and digital-first businesses entering Colombia.

Following a $100 million investment, Mexican fintech Stori is targeting 500,000 new Colombian clients by 2025, illustrating the scale of cross-border fintech momentum.

• Nubank’s local adaptation: By tailoring offerings to Colombian consumer needs and investing in local partnerships, Nubank surpassed 1 million corporate and individual clients by early 2025, showing that localization is key to success (Elsewhen, 2025).

• Lulo Bank’s rapid digital onboarding: Lulo Bank’s all-digital onboarding reduced setup times for new businesses, but applicants still faced delays when required documentation was incomplete or required in-person validation (Oxford Business Group, 2024).

A failed entry in 2024, when a European consulting firm reported abandoning its Colombian banking application after repeated documentation requests and a lack of clarity on UBO registration deadlines, stands as a cautionary tale for underestimating local compliance (Financial Times, 2024).

For more lessons from successful integrations, check out Building a Fintech in Colombia: Lessons from Real API Integrations.

Fees, Timelines, and What to Expect—The Practical Realities

Banking fees and timelines can vary widely by provider and region. Monthly maintenance fees at the largest Colombian commercial banks typically range from COP 30,000 to 80,000 (about $8–20 USD) as of 2025, with transaction and FX fees added for international payments. For foreign companies, some banks also charge additional compliance fees for required site visits.

Processing times range from 4 to 8 weeks, with major cities like Bogotá often offering more streamlined service than regional branches.

Foreign companies should budget for both time and regulatory complexity in their banking journey.

For advice on choosing the right banking partner, see Best Banks in Colombia for International Transactions.

Frequently Asked Questions—Foreign Entity Banking in Colombia (2025)

What is the Colombian tax identification number (NIT) for foreign companies?
The NIT is a unique number assigned by DIAN to identify all corporate taxpayers, including foreign-owned entities. Registration is required before banking or commercial activity can begin.

Are in-person visits always required for account opening?
In 2025, most banks still require a legal representative to appear in person for final verification, though some fintechs offer partial remote onboarding.

What are the most common reasons for delays or rejection?
Incomplete documentation, lack of UBO registration, and missing local representation are the most frequent causes for application delays or denials.

What are the tax rates for foreign-owned businesses in Colombia?
The standard corporate tax rate is 35%, with a reduced rate of 20% for Free Trade Zone companies; VAT is generally 19%.

For more on virtual account compliance and tax issues, see Colombian Virtual USD Accounts: Compliance, Tax, and Legal FAQs.

References

• ProColombia. (2024). Foreign Direct Investment in Colombia 2024. https://procolombia.co/

• Superintendencia Financiera de Colombia. (2024). Informe de Banca Digital.

• Oxford Business Group. (2024). How digital banking is transforming access to finance in Latin America and the Caribbean.

• Elsewhen. (2025). Scaling Neobanks: Leveraging Multi-Market Opportunities.

• Financial Times. (2024). Colombia’s fintech industry and FDI trends.

• Bancolombia. (2024). Business Account Fees and Processing Times.