Entrepreneurs in Colombia : how does the crisis impact your work

Hello everyone,

As the world comes to a halt, we wanted to hear from the entrepreneurs in Colombia.
While new challenges arise from the current context, we think this is a good time to share your story, especially if you are a business owner in Colombia.
That's why we invite you to answer the following questions:

What is your industry and the size of your company located in Colombia?

How does the crisis impact you, financially, economically and personally? On the other hand, have you seen new business opportunities emerge?

Have you managed to set up a teleworking approach? If so, how was the transition?

Have you had to take difficult measures? Do you mind sharing them with us and tell us what you learnt from them?

Do you have any advice to give or practices that you have put in place that you would like to keep at the end of the crisis?

We thank you for your participation and wish you a good day :)

Stay safe,


Loïc

I've been living continuously in Colombia and I have a software service business, with all my customers outside of Colombia. Several years ago, I visited with a professional accountant, who had once worked for a taxing authority here in Colombia.  We discussed every aspect of starting a business here and his advice was "don't".  The taxes are so incredibly onerous here that, at the end of the year, you would be "lucky" to have a net profit of 25%.  Also, if you have employees, the rules are oppressive for an employer.  The employer pays "all" employment taxes and it's very expensive to "fire" and employee.  So, I have my business incorporated in Texas (not state income tax). With the now very low corporate income tax there, it is very manageable.

I own a hotel with a restaurant on the coast. 
The business was going gangbusters in a thriving location until Covid19 hit.
The impact has been devastating.  I haven't had a tourist (local or international) walk through my doors since March.  They're saying the highways leading to my pueblo will be restricted until next month and international flights may be another three months away.  Flights out of Colombia are only operating on humanitarian grounds and tickets back to my country of origin are prohibitively expensive (in the vicinity of $6,000 one way). 
Once I arrive, I will also be required to fork out around $3,000 for compulsory isolation in a hotel lasting two weeks. I can't even head back to look for a job or to go on welfare.   
I basically went from turning over around 7 million a week to nothing overnight.
Thank goodness the cost of living here is so low and I don't hold any debts.  I have enough in reserve to last probably a year or so.   
My neighbors are actively advertising their businesses at crazy low prices. 
They're not getting any interest because nobody can travel to see them. 
If I thought I could sell,  I would advertise my place too. 
Take care

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