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Types of Companies

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The most common company types used by foreign investors are:

  • Limited liability companies
  • Corporations
  • Simplified stock companies

The Steps to incorporate a company in Colombia:

  • Formalization of the company bylaws by means of public deed before the notary
  • In the case of the simplified stock companies (Sociedades por Acciones Simplificadas - SAS) the bylaws can be made by a private document.
  • Filling out the Format N° 1648, this can be found online at DIAN´s web site.
  • Registration in the Chamber of Commerce who issues the provisional certificate of existence and legal representation which will include the note "This tax identification number is only valid to request the opening of a bank account".
  • Opening a bank account. Note: The bank account is opened but blocked until the certificate of incumbency and the definitive RUT are submitted.
  • Formalization of the tax identification number before the DIAN.
  • Submit the copy of the tax identification number certificate before the Chamber of Commerce. The definitive certificate of existence and legal representation is issued in 24 hours.
  • Activation of the bank account. The definitive certificate of existence and legal representation must be submitted.

 

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