Colombian Corporate Constitution
Why go through the process to create a Colombian corporate constitution? If you need to get a long-term visa to Colombia and you don’t qualify for the Colombian work visa, one popular way to do it is to start a company in Colombia. Our team of Medellin lawyers and accountants has assisted hundreds of people in starting limited liability corporations, branch offices of foreign companies, sole proprietorships, multinational corporations and, one of the most popular, simplified stock corporations, known here in Colombia as SAS.
What Type of Corporation is Best For You?
We can help you determine which type of corporate set up would be best for you. If you decide to start a SAS, you will need a legal representative who is Colombian, or a foreigner with a cédula (Colombian ID card). It can be anyone, but this legal representative will have access to your corporate bank account, so choose someone you can trust. (You can, however, set up a sole proprietorship on a tourist visa without a representative, and upgrade to a SAS later on.)
Colombian Bank Accounts and Wire Transfers
You will have to open a corporate bank account when you create a company in Colombia, and we can assist you with this process, as well. It’s not as simple as it might be in your home country–the banks here are very cautious about where the money is coming from and where it is going. Therefore, they check each account applicant for outstanding warrants and prior criminal convictions. The money you transfer must be used for the purpose you state on the transfer form (the bank will check up on it, even years after the fact) and you will have to show that it was legally acquired.
You will visit with DIAN (Colombian Tax and Customs Organization) to get a tax identification number (RUT). You will want a qualified, experienced accountant in Colombia to manage your Colombian tax planning, as the system here is likely different than in your home country. Corporations file taxes on a monthly basis, and as an individual you will have to file in August each year. The deadlines vary depending on the last two digits of your corporate and Colombian IDs, and the dates change on a regular basis.
How We Can Help:
Our experience in setting up a Colombian business and creating rock solid Colombian corporate constitution means you can rest assured that every step will be completed in the shortest amount of time possible, and you will have your Colombia corporation and be well along the path to having your residency visa.
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