Special Requirements For Branches Of Foreign Companies In Colombia

Commercial corporations working in Colombia have to fulfill certain annual legal requirements, usually in the first three months of each year. In addition to the legal requirements established for corporations (ie. financial statements, etc.), the branches of foreign companies must specially remember to comply with the following :

• Branches of foreign companies with supplementary capital must register the movements of the supplementary capital account within three months following the termination of the last approved operational period in accordance to its by-laws.
• Branches have the obligation to present their independent financial statements along with those of its subsidiaries in Colombia,
• Since all branches of foreign companies are under the surveillance of the Superintendency of Corporations, they have the obligations to present reports and pay the aforementioned contributions.

Prepared by Patricia Arrazola and Ricardo Fandino from Gomez Pinzon & Asociados, Bogota, Colombia.

The content of this article is intended to provide a general guide but specialist advice should be sought about your specific circumstances.

GOMEZ PINZON & ASOCIADOS
Carrera 9 No. 73-24 Pisos 1,2,3 y 5
Santafe de Bogota, Colombia

Telephone : 571- 3107055/ 5066
Facsimile : 571- 3106646/6657
http://ourworld.compuserve.com/homepages/GOMEZP_LAW