Sadly, I have never opened a hostel in Colombia, so I can’t offer specific relevant advice.
That said, you will probably be best to establish a corporation similar to an LLC that would leave the business liable, and not you personally. As I understand it, sole proprietorships tend to leave you exposed to too much risk.
I recently met a Colombian hostel owner traveling through Europe. His partners were running the business while he traveled, and they were not from Colombia. I got the impression that they needed a local to be involved in order to start up there, but I can’t confirm that.
The idea of opening a US corporation and then moving down to conduct business in Colombia is interesting. If I were to take a guess (read: a blind stab in the dark with no solid basis to back up my gut feeling) I would imagine that it would be easier to open a Colombian company that to battle the bureaucratic red tape of operating a foreign entitty in a local market. Do you know anyone in Colombia who would be willing to join your team on paper or in practice who could help you navigate the local business processes?
Log in to join discussion