Renewal of commercial registration
Pursuant to Article 28 of the Code of Commerce, merchants have the duty to register in the commercial registry and to record therein all acts, books, and documents subject thereto. Said Code, in its article 33, also provides the obligation to renew the commercial registration, annually, within the first three (3) months.
In accordance with the foregoing and according to Article 30 of Law 1727 of 2014, any merchant (natural or legal person) who fails to comply with the obligation to renew its commercial registration within the period stipulated for such purpose, shall be subject to the penalties provided in Article 37 of the Code of Commerce, which shall be imposed by the Superintendence of Industry and Commerce.
The amount of the sanction stipulated in article 37 above, was modified by numeral 5 of article 11 of Decree 2153 of 1992, leaving the sanction as a fine of up to seventeen (17) legal monthly minimum wages in force.
Additionally, Law 1727 of 2014, contemplates other sanctions derived from the non-renewal of the commercial registration or registration, such as:
1. The loss of membership in the respective Chamber of Commerce for non-renewal within the first three (3) months of the year.
2. The "cancellation of the commercial registration of natural persons, commercial establishments, branches and agencies that have not complied with the obligation to renew the commercial registration in the last five (5) years [1]".
3. The dissolution and immersion in a state of liquidation of commercial companies and other legal entities that have failed to comply with the obligation to renew the commercial registration or the registration in the last five (5) years.
Based on the foregoing and as it must be done every year, during 2019 traders are required to comply with the renewal of the commercial registration, no later than March 31. Failure to comply with the obligation in question, may be subject to the penalties.
[1] Law 1727 of 2014, article 31.
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