Election between commercial societies and local branches of foreign companies.

What is a commercial society?

The agreement establishes that a company is a contract in which one or more domestic or foreign persons are obliged to make a cash contribution in order to share profits generated by the development of the company. With this agreement, an independent legal person is created and it responds according to the type of society and the law.  

How to set up a company:

You must select the type of company you want to be and the same name.

According to Colombian law, there are four forms of business partnerships: limited liability company, corporation and simplified stock company (SAS). The information shown on this page is limited to the most widely used investment vehicles in Colombia.

Limited Liability Company:

It is constituted through a public deed between at least five shareholders who are liable only up to the amount of their contributions to capital.

In that public deed must be defined the duration of the company, which must also be established and expressed in its founding document or bylaws. The administration of this society develops in the general assembly of shareholders, who define the auditor and the board of Members, who has to define the legal representative of society. For more information please visit and Limited Liability Company.

A minimum of 2 members is needed to create and maintain this type of company. The maximum number of members is twenty-five (25), who respond up to their respective contributions.  In some cases unlimited and/or joint liability for any of the partners may be allowed.

The partners must define the duration of the company in the public deed and they may delegate a manager to legally represent and manage the company. For more information please visit and Limited Liability Company.

Simplified Stock Company (SAS):

This type of company is created by a private document that must be registered with the Chamber of Commerce. In the SAS, the shareholders are liable only up to the amount of their contributions to the capital of the company.

The private document must define the name, identity and address of shareholders; the principal place of society and the different branches of the company; the authorized capital, subscribed and paid, class, number and value of the shares representing the capital as well as the manner and terms under which they should be paid.

In terms of structure shareholders are only required to name the legal representative of the company. Bylaws can freely determine the organic structure of the company, its management and functioning.

To find formats and forms to start a business you can also visit the website of E-Regulations.

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