Purpose The purpose of this paper is to design a system for measuring the level of internationalisation of companies in the field of developing countries, through latent variables based on multiple indicators, external and internal orientation. Design/methodology/approach From a sample of 112 international companies in Colombia, the methodology of latent variable analysis (LPA) is applied to a series of complementary tools, such as a model of structural equations, regression models and cluster analysis of companies. Findings The paper allows to verify the identification of six latent variables and their relationships, as well as to identify four levels of internationalisation from the structure of latent variables identified. Originality/value This is the first application of this recent and sophisticated statistical technique to the field of measuring the level of business internationalisation, especially indicated in the Latin American area, where an increasing number of companies are advancing in their process of international expansion.