Top five attractive incentives to invest in Bogota
Bogota is growing by leaps and bounds, and it’s showing no signs of slowing down. If anything, it’s only becoming more competitive and an attractive foreign investment city in Colombia. Some of its most attractive markets are life sciences, IT services, the creative industries, infrastructure, and light industry. The city’s strengths, such as its market size, highly qualified human talent, and tax benefits, and strategic location make it an ideal destination for international companies that want to venture into the Colombian market and expand to other countries in the region.
Some of the key players that have decided to set up their headquarters in the Colombian capital include RD Station, a Brazilian digital marketing company, Bquate, a Peruvian platform for independent musicians, Almundo, a Spanish-Argentine travel agency, and Rockstart, a Dutch startup accelerator.
For these and many other reasons, is why investing in Bogota is worth it. Here are the top five reasons not to pass up on this opportunity.
Commitment to creativity
The local and international companies that have landed in Bogota have one thing in common: the use of collaborative spaces. In these shared offices, users -individuals or companies- buy a membership to use the amenities, which can include conference rooms, event rooms, lounges, cafeterias, game rooms, and common areas.
These spaces foster creativity and collaboration between entrepreneurs and business owners for the development of new business models and working practices.
Growing quality infrastructure
According to the Global Coworking Survey, the number of collaborative spaces in the world will increase from 8,900 in 2015 to 18,900 in 2018, while the number of companies that operate from this type of facility will grow from 545,000 to 1,690,000 over the same period.
Bogota is home to several shared working spaces, including Seedspace, Urban Station, Bloom Hub, Panda Lab, Work&Go or The Cluster, which are just some examples of this new business model embraced by hundreds of companies in Bogota. Hailing from the US and founded in 2010, WeWork is one of the fastest-growing enterprises in the city and the third most valuable startup in 2017 according to Forbes magazine. In just over a year, WeWork opened five locations throughout the city.
New qualified talent
Other giants of the coworking sector that have landed in the country include Spaces (part of the International Workplace Group), which recently opened its first 3,000-square shared facility in Bogota with space for 420 workstations, and Co-Work LatAm, a company that already has 14 locations in Latin America and will soon launch a 2,636-square meter space with more than 400 workstations in the capital. This is an element that improves the workforce in Bogota.
Growing IT services sector
Multinational Selina, an innovative platform for travelers that is expanding around the world, has also recently opened its doors in the city to offer accommodation services in addition to shared office space. With locations in seven countries, this Panamanian company that will soon arrive in the United States and Europe will open three locations in Bogota.
Perhaps one of the most noteworthy advantages offered by international shared spaces is the opportunity of becoming part of a global community. As part of this model, users from Bogota can also take advantage of the facilities and amenities offered in New York or London and get in touch with local companies there. This advantage helps businesses with their international efforts and facilitates their entry into new markets and investment sectors.
Over the last decade, Invest in Bogota has been supporting foreign investment projects which, like coworking spaces, seek to innovate and explore new sectors and business models. One of the recurring factors that have helped companies decide to set up offices in Bogota is the supply and quality of the office infrastructure, available to more than 700,000 companies present in the city. Bogota offers many possibilities, from warehouses and traditional large office spaces to innovative coworking models.
Bogota is a growing city with more than eight million inhabitants that is little by little adopting the practices of the world’s leading economic centers, and coworking spaces are just the tip of the iceberg of this transformation. The city’s progress in this regard has placed it among the five most attractive destinations to invest in Latin America, competing with locations such as Sao Paulo, Mexico City, and Santiago de Chile.