In Colombia, several types of commercial companies are recognized by law, including:

• Simplified Joint Stock Company (S.A.S.): This is the most commonly used type due to its flexibility and ease of incorporation. It does not require a minimum capital and can be established by a single shareholder.

• Limited Liability Company (Ltda.): Less common and generally used in specific sectors that require this structure. Partners are liable only up to the amount of their contributions.

• Corporation (S.A.): A special type of company for businesses that wish to issue shares on the stock exchange. It requires a minimum of five shareholders and involves more formalities than other company types, which is why it’s less frequently used.

The time required to incorporate a company in Colombia depends on several factors, such as the complexity of the company structure and how efficiently requirements are met.

For Simplified Joint Stock Companies (S.A.S.), due to their flexible and streamlined nature, the process usually takes 5 to 10 business days.
For other, more complex company types, incorporation can take between 3 to 5 weeks.

The requirement to have a statutory auditor depends on the type of company and certain financial parameters.

Traditional company types such as Corporations (S.A.) and Limited Liability Companies (Ltda.) are generally required to have a statutory auditor.
In the case of S.A.S., the obligation depends on the level of revenue or assets reported in the financial statements from the previous year.

The costs vary depending on the type of company and the capital to be registered.

For S.A.S., since a public deed is generally not required, the incorporation costs for companies with minimum capital typically range between COP 500,000 and 700,000.
For traditional company types like the Ltda., additional notarial fees must be paid, which increases the total cost.

Yes, you can. However, there are two important factors to consider:

1. Access to financial or banking services is restricted in Colombia for foreigners who do not have legal residency or a valid visa. Therefore, when incorporating a company, it might be difficult to open a business bank account without having a visa.
2. It’s also necessary to review whether the foreign national is legally authorized to conduct business in Colombia, which depends on the type of visa they hold.

Yes. The incorporation process can be completed through digital platforms provided by some Chambers of Commerce, or by granting a power of attorney to someone in Colombia to carry out the procedure on your behalf.

When you incorporate a company in Colombia, a legal entity separate from its founders is created. This means that the company, not the individual shareholders, is the one that assumes obligations incurred during its business operations, thereby protecting the personal assets of the shareholders.