Colombian Company Incorporation
Lawyers of Latin America (LLA) has collected expertise along the years in company creation processes all over Latin America. The current situation of the market and globalization have set the scenario for business conditions. As a result, the high demand and the constant creation of new enterprises call for immediate local incorporation of companies in order to secure them and to provide them with the appropriate legal status. In the last years, there have been an increase in Colombian company incorporation, more than 200 companies with foreign investment have been settled in the country.
If you do not know which legal entity is the best to support your new business, at Lawyers of Colombia we will suggest and even define the best options based on your needs. We will work with you and get your business started in compliance with Colombian policies and regulations.
Incorporating in Colombia
When establishing your company in Colombia you must decide the city in which you want to work on before making any legal arrangements. For instance, if you choose Bogotá, you will carry on the Colombia incorporation process at the Chamber of Commerce and they will issue a tax ID for your operation. On the other hand, if you are planning to settle down in a different province, the conditions will vary and at the beginning, you will be only granted a provisional tax ID and later you will need to apply for a permanent one.
Types of companies in Colombia
Colombia has three legal business structures available:
- Limited company
- Joint-stock company
- Simplified stock company (Sociedad Anónima) *
* This type is the simplest and most convenient option for local and international investors since it does not require any special requirements.
Basic requirements to register a company in Colombia:
- Creation of a bank account
- Personal information of all partners involved
- Board of directors
- Name and commercial activities of the company
- Capital structure
- Definition of partners responsibilities
- Possible causes of termination
Other services that we custom-make in Colombia are:
Amendments of Articles of Incorporations and Bylaws
Amendments in the Social Capital of companies
Mergers and Dissolutions of Corporations
Direction of Board of Shareholder Meetings
Compliance with ALL local regulations including taxes and other obligations
Guides about Corporate Governance