Colombia: Business freedom

The latest value from 2024 is 69 points, a decline from 72 points in 2023. In comparison, the world average is 62 points, based on data from 175 countries. Historically, the average for Colombia from 1995 to 2024 is 75 points. The minimum value, 69 points, was reached in 2022 while the maximum of 90 points was recorded in 2013. See the global rankings for that indicator or use the country comparator to compare trends over time.

The Business Freedom index for Colombia from The Heritage Foundation measures the ability to start, operate, and close a business. It reflects the overall burden of regulations and the efficiency of the government of Colombia in the regulatory process.

Definition: The Business freedom index is based on 10 indicators, using data from the World Bank’s Doing Business study: Starting a business-procedures (number), time (days), cost (% of income per capita), and minimum capital (% of income per capita); Obtaining a license—procedures (number), time (days), and cost (% of income per capita); Closing a business—time (years), cost (% of estate), and recovery rate (cents on the dollar).