People who decide to invest in their own business by creating a company seek to improve their financial stability by being their own bosses. In Colombia, requirements to start a business they have some variations and certain legal commitments must be met in order to do so.
In general, entrepreneurs who are interested in the creation of a new company in the country may have many doubts, since the registration of the same and the steps to follow can be a bit complex.
However, this procedure can be carried out by any Colombian citizen who has all the necessary documents in order.
So, in case you want to create your own company, in the following article we will tell you everything you need to know to be able to do so. In the following lines you will find information about the requirements, the company registration, the duration and the steps to follow if you are a natural or legal person.
Legal requirements to Create a Company
The legal requirements that you must consign to formalize the creation of your company are nothing more than the required documents. These papers are required by the State to create your company, since in this way they ensure that there is nothing out of the ordinary.
The total list of requirements to start a business are as follows:
- Generate and deliver the establishments and status of your company.
- Identification of the legal representative of the company.
- Identification of the legal substitute of the company.
- Register the company in the Mercantile Registry.
- Have an open and in good standing bank account.
- Register the books with the Chamber of Commerce.
- Associate the company with the Social Security system.
These are all the basic requirements that you must consign to create your company. You must complete the process step by step and deliver each document when required, which will ensure that you successfully create your own business.
How to register the company?
Enrollment in the registry is consolidation of the legal aspect of the requirements to create your company. By consigning the documents that we previously discussed and meeting the different requirements, the system will approve the inclusion of your business and you will be able to make it grow.
This registration is made through the Chamber of Commerce, the Colombian entity in charge of these legal aspects. Basically, this institution makes a study of legality to the papers that you delivered to form your company and delivers an answer.
It should be noted that to finish this step you will have to pay the registration tax, which corresponds to 0.7% of the assigned capital. In other words, it does not have a specific price, since it depends on the amounts you have handled in your application for legal registration.
Also, remember that if you do not have the PRE-RUT, you can also request this document at the Chamber of Commerce. This process is usually quick, but you have to present statutes, the proper forms, the identity card of the owner of the company and the identity card of the alternate.
However, not the entire registration process remains exactly the same. The specific steps to follow vary, since they depend on whether the citizen who wants to request the creation of the company is a natural or legal person.
If you are a Natural Person
Natural persons are those who carry out any activity in a personal capacity. Therefore, in this aspect, it would be in charge of taking on its own the rights and obligations of the company that it wants to open.
Those applicants who belong to this group they must go directly to the Chamber of Commerce. Once here you will have to confirm the name of your company and wait for the legal statutes of your application to be approved.
Then, if all the requirements are approved, you will have to generate and fill out the Commercial Registration Registration form. Along with this step you must request the NIT and pay the respective rights.
After you do this and you can have the name and identification of your company You will only have to process the other requirements that allow operation. Among them are the Industry and Commerce Registry, the health license, the certificate of use of salaries, among others.
If you are a Legal Person
For their part, legal persons are those that represent an entity, as a kind of fictitious individual. All legal persons are in the capacity to represent judicially and extrajudicially their company, as well as to assume the actions and the rights of the same.
The general recommendation for those legal persons who want to open their company is to visit the Social Security page, because these requests can have many nuances. There you can check any details and hire the employees who will help you in the process.
Steps to create a Company in Colombia
As we have told you, the steps to create a company in Colombia they involve an inexpensive and uncomplicated process. However, there are a number of requirements and details to follow that can make the process a bit more cumbersome.
Likewise, these procedures for the creation of a company may vary for natural and legal persons, since there are different steps. Despite all these variations and clarifications, following the process that corresponds to you to the letter is the best way to create your company.
In summary, the general steps for anyone to create their business in Colombia are the following:
- Check the availability of the name you want to give your company. If you choose a name that is already in use, you will not be able to use it.
- You must prepare and generate the statutes of the company, as they are a fundamental part of the legal registration of your company.
- Obtain the PRE-RUT at the Chamber of Commerce before continuing with the legal registration.
- Start the legal registration process in the Chamber of Commerce.
- Open the company’s bank account.
- With the certificate that the bank grants you when you open your account, you must request the final RUT of your company at the DIAN.
- Take this final RUT to the Chamber of Commerce so that your company stops having a provisional status and begins to be official.
- Go back to DIAN and request the billing resolution.
- Register the minutes and shareholders’ books in the Chamber of Commerce.
- Register the company with Social Security, which will allow the hiring of employees.
Within this basic manual for business creation, it should be noted that by not requesting the billing resolution the company will not be able to charge for services. Therefore, this step is very important and you must ensure that you comply with it in DIAN.
Likewise, companies that do not register their due books with the Chamber of Commerce they will lose tax benefits. To prevent this from happening, it is advisable to have the books ready in advance and bring them at the right time.
In short, you will see that most of the procedures are handled by DIAN and the Chamber of Commerce. It is important that you follow all these instructions to the letter so as not to have any inconvenience when creating your company.
How long does it take to create a company?
The exact time in which a company is formed in Colombia can vary, since it is not the same to form a small company to create a larger company. These details may depend on the amount of capital you include in your application, the agility of the legal processes, among other things.
Also, the processes for legal persons tend to be a bit more complicated, which would add some time. The speed of procedures at DIAN and the Chamber of Commerce can also influence.
For all this, it is impossible to know for sure how long it would take to start a business. But nevertheless, the normal time is usually a couple of months, as it is a period long enough to do all the requirements that this process needs.
Regardless of how long it may take, the recommendation is that you go ahead with the creation of your business. Opening your own company, as long as you follow the requirements to create a company that we have discussed, can be a simple process that in the long run will give you great results and satisfaction.
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