Understand the Jurisdictions Setup Requirement Before Proceed Your Company Incorporate in Colombia
It’s now a public information that you can start a company in Colombia hassle-free. Company incorporate in Colombia has been made possible courtesy of a favorable business environment and a streamlined registration process.
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Now, Colombia has several types of business structure with each of the structures having its own requirements. The moment you’ve decided which structure to go for, company incorporate in
Colombia follows that you have to submit your proposed business name for verification. After that, prepare a company constitution where you outline the purpose of your business, the business name, the initial capital and the appointed representative (if any). Afterwards you must ensure that certify a copy of the constitution with the attorney’s office before submitting a copy to the Chamber of Commerce.
Legitimizing a Company
If you decide to legitimize a company you can choose from either setting up a Limited Liability Company (Ltda), Simplified Public Limited Company (SAS) or a Public Limited Company (SA). Now, if you decide to incorporate a Simplified Public Limited Company (SAS) you’ll need to meet the following requirements:
- At least one director who can be from any nationality and can either be a legal entity or an individual.
- At least one shareholder from any nationality and can either be an individual or a legal entity.
- A minimum paid-up capital of US$1. If your annual turnover is over US$990,000, you must appoint at least one legal agent from Colombian nationality.
Company Incorporate in Colombia Requirements
Company incorporate in Colombia requires that you register as a taxpayer with the tax authorities. In this case, you must fill a form (Pre-RUT) that you can access through the online platform. After you have filled in the form, you must, therefore, open a corporate account where you’ll be required to submit the following documents:
- An introductory letter from the executive that’s indicating the management of the account.
- Certificate of registration
- Identification details of the appointed legal representative.
- The Tax certificate.
Camara De Comercio
Upon completion of submitting the documents, you must present them at the DIAN office with the bank account certificate and a copy of the representative identification. The process ends the moment you present the NIT to Camara de Comercio to update your registration and the presentation of a definitive tax number. Getting through the tax registration process requires some level of knowledge on tax regulation governing a particular industry or type of business. And, therefore, by seeking the help of 3E Accounting Indonesia, you’re likely to get more insight about the tax laws and take up the task.
Applying Business License
Company incorporate in Colombia requires that you register for both physical address and location. Should the government agencies or legal agencies need to send any notices or correspondences, they may be able to reach you. Besides that, you must apply for your business license within your local municipality of business locality.
Colombia is endowed with highly skilled workers and for that reason; every company must abide with the Employment Act as part of the company incorporate in Colombia. You must ensure that you register your employees with the Family Compensation Fund, the Colombia Family Institute, the Administrator of Professional Risks and the Severance Fund. By covering your employees, you’re increasing their level of productivity.
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