A) COMPLIANCE FOR INCORPORATION
In order to incorporate a company in Colombia, a number of steps and requirements are needed to ensure legal compliance. Those steps and requirements are as follows:
- Prepare and file articles of incorporation. Depending on the corporate type a public deed may be needed. Articles of incorporation should comprise at least the following: Name of the corporation, voting rules, corporate structure, legal representative powers and restrictions, shareholders’ rights, appointment of the members of the Board of Directors and their faculties, the appointment of the Statutory Auditor and the composition of corporate bodies, among others.
(Note: at least one of the legal representatives must be in Colombia and all of them must have a tax number identification in Colombia.)
- Define the organisation’s capital structure.
- Establish the initial registered office address (at least for notification purposes).
- Complete, with the National Customs and Tax Department, all the necessary requirements to obtain a Tax Identification Number.
- Obtain the Mercantile Registry at the Chamber of Commerce of the place in which the Corporation will develop its corporate purpose.
Our firm has established relationships with experts in business law, who are available to counsel and coordinate the work in order for the above requirements to be fulfilled.
B) POST INCORPORATION REGISTRATIONS
While not mandatory, there are some steps we consider important post-incorporation:
- Register trademarks or other intellectual property protections, if applicable.
- Correspond with a Colombian bank for account opening procedures.
- Additional registries with local tax authorities.
Please bear in mind that incorporation and post-incorporation registrations may vary depending on the type of entity and industry in which the corporation will develop its business; regulated entities, such as financial, public services or health organisations will have to comply with additional requirements.