What are the Corporate Compliance Requirements for Legal Entities in Colombia?

Colombia has proven itself to be one of Latin America’s fastest growing economies. Its abundance in natural resources, foreign business-friendly environment, and low inflation rates are some of the reasons behind the country’s success.

Colombia’s recent emergence as a regional power is attracting the attention of entrepreneurs and investors looking to get a foothold in the region. Nevertheless, it is challenging to do business in a country where one does not fully understand the local laws and regulations. In order to help you get a better insight on the steps in this process, our Colombian business experts have created a legal entity compliance presentation for market entrants.

For most companies, the formation of a Simplified Share Company – Sociedad por Acciones Simplificadas (SAS), is the best legal entity to choose when establishing operations in Colombia. This type of legal entity allows for 100% foreign ownership and can be incorporated with a single shareholder; being either a natural or legal person (i.e. a company or an individual). This simplified corporate structure is attractive for both large and small businesses and allows you to operate in most industries in Colombia. Few exceptions to this include banking, finance or insurance.

All companies interested in doing business in Colombia should be aware of their corporate compliance requirements. Personalized support and advice from a local law firm can ensure that your business remains in good standing with local governmental authorities. For more information and advice about your compliance obligations when forming a company in Colombia, reach out to our friendly team today.

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