Corporate Compliance 2023

Corporate Secretary – March 31, 2023

Annual compliance with corporate obligations maturing in first trimester 2023, in accordance with Colombian regulations, for which the service includes the following: 

1. Ordinary shareholders' meeting for the year 2023, through which the financial statements of the previous year and the management report of the legal representative are approved.

2. Deposit of Financial Statements and Renewal of Commercial Registration.

3. Preparation of the powers to constitute an ordinary shareholders' meeting and represent the shareholders within it (if applicable).

Unique Registry of Proponents – April 11, 2023

The companies that have a Unique Registry of Proponents – RUP, must comply annually with the obligation to renew it, within the first 5 business days of the month of April. For this year, its expiration is the next eleven (11) of April.

National Registry Of Databases– RNBD – March 31, 2023

Legal entities of a public nature and corporations and non-profit entities with total assets exceeding 100,000 UVT ($38,004 by 2022) must register in the RNBD information about their physical or digital databases containing personal data, by March 31, 2023, along with their data protection policy.

On this occasion, data protection policies must be aligned with the new decree 255 of 2022 issued by the Ministry of Commerce, Industry and Tourism, which talks about binding corporate standards for the certification of good practices in the protection of personal data and its transfer to third countries.

Statutory Auditor – from the celebration of the Ordinary Assembly with the approval of the RUs, if the minimum amounts are met.

All companies whose assets as of December 31, 2021 were equal to or greater than 5,000 Minimum Legal Monthly Wages in force (SMLMV) and whose revenues as of the same date were equal to or greater than $3,000 Minimum Legal Monthly Wages in force ($1,000,000 for 2022) are required to have a statutory auditor.

At the same time, the Commercial Code has established the following as mandatory, regardless of whether they fulfill with the limits mentioned above:

• Stock companies (S.A.)

• Branches of foreign companies, and

• Companies in which, by law or by the bylaws, the administration does not correspond to all the partners, when so its provided by any number of partners excluded from the administration that represent not less than the twenty percent of the capital.

SAGRILAFT – March 31, 2023

All companies under surveillance and control by the Superintendence of Companies of Colombia, which in the immediately preceding year obtained revenues or assets equivalent to the amount of 40,000 legal monthly minimum wages in force (SMLMV), and some specific sectors with different amounts, are required to implement the Self-Control and Comprehensive Risk Management System for Money Laundering and Financing of Terrorism – Sagrilaft. The amounts for this year are shown below:

Minimum Standards – March 31, 2023

The regime of minimum measures associated with Money Laundering and Financing of Terrorism will have to be implemented by DNFBPs (real estate agents, dealers in precious stones and metals, legal services or accounting services) with revenues equal to or greater than 3,000 Minimum Legal Monthly Wages in Force (SMLMV) or assets equal to or greater than 5,000 SMLMV.

Transparency And Business Ethics Program (PTEE) – March 31, 2023

The Superintendence of Companies modified the regulation on Transparency and Business Ethics Programs (PTEE) through External Circular 100-000011 of 2021. This was executed with the objective of broadening the scope of application and deepening the minimum requirements to guarantee its effectiveness.

Among the information provided, it is established that those who must implement the PTEE are the supervised companies that as of December 31 of the previous year have carried out transactions with foreign individuals or legal entities for values from 100 SMMLV and, in addition, have acquired income or total assets from 30,000 SMMLV

Registration Of Colombian Web Pages In The Commercial Register - Immediate fulfillment

Any person, natural or juridical, that carries out commercial, financial or service rendering activities. Web pages of Colombian origin related to such activities must be registered in the Commercial Registry.

Record of control status or corporate group - Immediate fulfillment

Commercial companies, sole proprietorships, individuals or other non-corporate entities, which are controlling Colombian companies must register the situation of control or business group with the Chamber of Commerce where the company was incorporated.

Renewal of the National Tourism Registry - March 31, 2023

Tourism service providers registered in the National Tourism Registry must renew their registration annually. The renewal request must be made for each property, agency, commercial establishment, among others that are registered.

Report 42- Business Practices - Depending on the last digits of the NIT:

Business Entities under surveillance or control by the Superintendence of Corporations must fill out and submit Report 42 - Business Practices for the year 2022, respect to the year 2022 with the exception of the following:

• Business Entities under inspection
• Branches of foreign companies
• Business Entities in simplified judicial liquidation
• Business entities in compulsory liquidation
• Business entities in judicial liquidation
• Business Entities in voluntary liquidation
• Business Entities in reorganization
• Business Entities in abbreviated reorganization
• Business Entities in restructuring.
• Business Entities in concordat
• Business Entities that do not meet the going concern assumption as of December 31, 2022.
• business hypothesis as of December 31, 2022
• Business Entities Group 3 - MF for companies applying simplified accounting.
• simplified accounting.

How can we help you?

In Mazars we have professional experts in the compliance of each one of these obligations and we put them at your disposal. In case you require support in the implementation or compliance with the obligations contained in this bulletin, please contact us at the contact emails and we will gladly analyze the best way to support you in your compliance.