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Doing Business in ColombiaWe have compiled the following information that may be useful for you regarding the creation of a new company in Colombia.
Requirements for foreign people which will take part as partners of the company in Colombia have to meet the following requirements:
- File a request in order to obtain a NIT (Tax ID number)
- Transfer the sum of money which will consist of the capital contributed by the partners of the company. This transfer must be made from a foreign bank to a Colombian bank; which has a series of requirements on behalf of both the company and the partners. These include an authorization to be given by the Bank of the Republic, for which a certified balance of account must be filed and certified by a registered Colombian public accountant.
Forming of a company:
Most companies are usually created as a “sociedad anonima” (Public limited company), but in the case of smaller companies we suggest that the company be created as a “sociedad limitada” (Limited company), which in turn have less legal requirements.
- A minimum of two (2) partners are required to setup this type of company.
- As the names suggests, responsibilities are limited and only subject to the contributed capital, which must be paid at the time of subscribing the company.
- The capital is divided in rights or quotas.
The company must be constituted through a public document and must comply with a series of requirements, which are briefly outlined bellow:
- Verify if the name of the company is available. This is done before the Chamber of commerce of Bogota.
- Fill out business application form.
- File application for RUT ( Unique Tax Registration)
- File application before the Chamber of Commerce, in order to obtain Business Registry.
- Obtain of the NIT (Number of tax identification)
- Register before the local tax authorities.
- Buy and registration of Official Books.
- Other additional.
- In order to sell chemical products made outside of Colombia, it is necessary to obtain authorization to import and sell the product. This is done before the sanitary authorities.
There isn’t any specific minimum capital to start the company, but it is assumed that the money that is usually remitted to start is for the creation or startup of the entity and for it to have liquidity in order to develop its business.
The partners must remit a power of attorney duly legalized and notarized by Apostille; additionally they must remit photocopy of the passports, which have to be authenticated preferably before the Colombian consulate of the country of origin.
As always, if you have any questions, please feel free to contact us! |
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