Starting a Business in Colombia: What You Should Know About the M – Business Owner / Shareholder Visa

If you’re planning to start or invest in a business in Colombia, it’s important to know that your company can also support your legal path to live here. 

Colombia offers a specific visa that connects entrepreneurship with migration goals: the M – Business Owner / Shareholder Visa.

Below, we explain how it works, what you need to apply, and how to avoid the most common mistakes along the way.

What is the M – Business Owner / Shareholder Visa?

When thinking about doing business in Colombia as a foreigner, you should know that Colombia has created a visa specifically for that purpose.

The M – Business Owner / Shareholder Visa allows you to legally reside in Colombia for up to three years, and after five years, you can apply for permanent residency.

You can get this visa by:

• Investing in an existing Colombian company, or
• Creating a company where you’re the sole or majority shareholder

This visa is not automatic—it requires your business to be active, legally structured, and compliant with Colombian regulations.

Why this visa matters if you’re serious about business in Colombia

This visa isn’t just about permission to stay—it’s about building something sustainable.

If you’re developing a business in Colombia, the M visa allows you to:

• Work legally, but only within the company you own or are registered with
• Include family members as beneficiaries
• Use your business as a path to permanent residency

It gives structure and legal protection to both your immigration status and your business project—as long as everything is done right from the beginning.

What do you need to qualify?

The process isn’t overly complicated, but it does require careful preparation and documentation.

Here’s a breakdown of the key requirements you’ll need to meet:

General:

• Passport-size photo (3×4 cm, white background)
• Copy of your passport’s main page
• Proof of legal stay (if applying from a third country)

Specific to your business:

• A letter explaining your company’s activity, name, NIT (tax ID), address, and how many direct jobs it creates
• Proof of incorporation and investment of at least 100 Colombian minimum monthly salaries (SMMLV) — equivalent to $142,350,000 COP or approximately $34,719 USD at the current exchange rate.
• Bank statements and documents showing the company is active: tax returns, payroll, rent, etc.
• A shareholder certificate (if applicable) confirming your ownership stake and capital amount

Mistakes to avoid when setting up a business in Colombia

Doing business in Colombia has great potential—but there are also pitfalls to avoid if you want your visa (and your project) to succeed.

Here are common issues that can lead to delays, fines, or visa denial:

• Not showing that the company is economically active
• Failing to meet the minimum capital investment
• Using personal accounts instead of a corporate structure
• Missing tax or labor compliance deadlines
• Submitting incomplete or unclear documents

The visa process is administrative, but the real challenge is making sure your business setup aligns with legal and migration requirements.

How the visa process works (step by step)

If you’re ready to apply, here’s what the process looks like in most cases.

1. Document collection and review

You’ll need to gather all supporting documents. Accuracy here matters.

2. Application submission and follow-up

Your application is submitted to the Ministry of Foreign Affairs and monitored closely.

3. Handling additional requests

If the government asks for corrections or extra documents, you must respond promptly and correctly.

4. Visa approval and foreigner ID

Once your visa is approved, you’ll receive your Cédula de Extranjería, which formalizes your legal presence in the country.

What are the costs?

Starting a business in Colombia involves more than just investment—it also includes visa-related costs. Here’s a breakdown of administrative fees:

• Study of the Application Fee (Ministry of Foreign Affairs):
  $52 USD
• Granted Visa Fee (Ministry of Foreign Affairs):
  $230 USD

These are government fees only and do not include professional assistance.

Final thoughts: A visa that supports your vision

If you’re building a business in Colombia, this visa is not just a formality—it’s a legal tool that can help you establish a life, protect your investment, and plan for long-term residency.

But the key is proper planning. Colombia values entrepreneurs, but it also expects structure and compliance. Done right, your business can open the door to opportunity—and stability.

Need support? Here’s how Nexo Legal can help

We don’t just help you apply for a visa—we help you structure your business project strategically so it becomes the legal foundation for your life in Colombia.

Here’s what we offer:

• Strategic planning meetings (virtual or in person)
• Pre-review and preparation of every document
• Application submission and follow-up
• Handling government requests or corrections
• Scheduling and attending your ID appointments (if you’re in Medellín)

📩 Want to know if your case qualifies? send us a message today!