Colombian sponsoring employers will have two additional financial requirements for temporary work visas under the TP-4 visa category. Companies will now need to present the previous year’s tax return and the previous six months’ bank statements with a minimum average balance of approximately USD 32'000. This amount represents 100 times the monthly minimum wage established by Colombian law. The MFA may waive this requirement or require fewer bank statements for newly-established companies. The government has implemented streamlined electronic procedures for all visa and renewal applications submitted to the Ministry of Foreign Affairs (MFA) in Bogotá or to a Colombian consular post. The former procedure required visa applications to be sent by mail to a Colombian consular post or filed in person by the applicant or third-party representative. Renewal applications were also filed in person at the MFA office in Bogotá by the applicant or third-party representative. The MFA will have up to four days to approve or deny an application following the electronic submission. MFA officials in Bogotá and consular officials abroad will, however, have increased discretion to request that the applicant appear for an interview. Applicants for renewals who require same-day processing can apply in person at the MFA in Bogotá. All visa applicants will be required to hold a passport with a minimum remaining validity of six months. There was no previous requirement for remaining passport validity, though, in practice, most immigration officials required a minimum remaining validity of three months.