Corporate Compliance 2024

Corporate Secretary's Office - March 31, 2024

Annual compliance with corporate obligations due for the first quarter of 2024, in accordance with Colombian regulations. For this purpose, the obligation includes the following:

1. Ordinary shareholders' meeting or highest corporate body for the year 2024, whereby the financial statements of the previous year and the management report of the legal representative are approved, on a business date within the first three months of the year 2024.

2. Deposit of Financial Statements before the Chamber of Commerce within the month following their approval by the highest corporate body.

3. Renewal of Mercantile Registration and Registration of Non-Profit Entities (if applicable) within the first three months of the year.

Sole Registry of Bidders (RUP) - April 5, 2024

The companies that have the Sole Registry of Bidders - RUP, must comply annually with the obligation to renew it, within the first 5 working days of the month of April. For this year, its expiration date is April 5, 2024.

National Registry of Databases - RNBD - March 31, 2024

Legal entities of a public nature and corporations and non-profit entities with total assets exceeding 100,000 UVT ($ 4,241,200,000 as of December 31, 2023) must register in the RNBD information about their physical or digital databases containing personal data, before March 31, 2024, together with their data protection policy.

Status of claims filed by holders - February 21 and August 23, 2024

Legal entities of a public nature and corporations and non-profit entities with total assets exceeding 100,000 UVT ($ 4,241,200,000 COP as of December 31, 2023) must update in the RNBD the information on claims filed by Data Holders within the first fifteen (15) working days of the months of February and August of each annuity (February 21 and August 23 for the year 2024) by reporting the semester

Data Incident Report - 15 days after detection of incident

Report the violation of security codes or the loss, theft and/or unauthorized access of information from a database managed by the data controller or by its processor, which must be reported to the RNBD by the data controllers obliged to keep records of databases within fifteen (15) working days following the moment in which they are detected by the organization.

Statutory Auditor - From the date of the Ordinary Assembly with the approval of the EEFF, if the minimum amounts are met.

All companies whose assets as of December 31, 2023 were equal to or greater than 5,000 Minimum Legal Monthly Minimum Wages in force (SMLMV) and/or whose revenues as of the same date were equal to or greater than 3,000 SMLMV are required to have a statutory auditor. 

On the other hand, the Code of Commerce has established the following as obligated, regardless of whether they comply with the aforementioned ceilings: 

• Corporations and limited partnerships by shares.
• Branches of foreign companies.
• Companies in which, by law or by the bylaws, the administration does not correspond to all the partners, when so provided by any number of partners excluded from the administration representing not less than twenty percent (20%) of the capital.

SAGRILAFT - May 31, 2024

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 according to the activities and activity codes (CIUU) determined, are required to implement the Self-Control and Integral Risk Management System for Money Laundering and Financing of Terrorism - SAGRILAFT, as of May 31 of this year. The amounts for this year are shown below:

Minimum Measures Regime - May 31, 2024

The Minimum Measures Regime associated with Money Laundering and Financing of Terrorism (ML/FT), must be implemented by DNFBPs (real estate agents, dealers of precious stones and metals, legal services or accounting services) with revenues equal or higher than 3,000 Minimum Legal Monthly Wages in force (SMLMV) or assets equal or higher than 5,000 SMLMV, and provided that they contemplate the economic activity code defined according to the sector:

Transparency and Business Ethics Program (PTEE) - May 31, 2024

The PTEE programs must be implemented by supervised companies that as of December 31 of the previous year (2023) have carried out transactions with foreign individuals or legal entities for values from 100 SMLMV and, in addition, have acquired income or total assets from 30,000 SMLMV. The implementation deadline is May 31, 2024.

Report 75 – Sagrilaft y PTEE

Report to the Superintendence of Companies on the management of the Self-Control and Integral Risk Management System for Money Laundering, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction ("SAGRILAFT") and the Transparency and Business Ethics Program ("PTEE"). According to the provisions of External Circular 100-000003 of 2023, such report now integrates those previously filled out as report 50 and 52 (now report 75).

Report 75 must be submitted by the companies obliged to SAGRILAFT and/or PTEE, in accordance with the provisions of Chapters X and XIII of the Basic Legal Circular. For 2024, the maximum filing deadline is as follows:

Report 58 - Compliance Officers

The Obligated Entities that must have (i) a SAGRILAFT Compliance Officer and/or (ii) a PTEE Compliance Officer, must fill out Report 58 - Compliance Officers, within fifteen (15) working days following the respective appointment or change; and providing the supporting documents of the appointment determined in the circular.

Report 42 - Business Practices - According to the last two digits of the Taxpayer Identification Number (NIT)

Business Entities under surveillance or control by the Superintendence of Corporations must fill out and submit Report 42 - Business Practices for the year 2023, with the exception of the following:

• Business Entities in inspection status.
• 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 comply with the going concern assumption as of December 31, 2023.
• Business Entities Group 3 - MF for companies applying simplified accounting.

Registration of Colombian Websites with the Commercial Registry - Immediate compliance

Any person, natural or legal, engaged in commercial, financial or service rendering activities, must register in the Commercial Registry the web pages of Colombian origin within the month following the date on which it was made available to the public.

Registration of the Situation of Control or Corporate Group - Immediate Compliance

Commercial companies, sole proprietorships, individuals or other non-corporate entities that are controlling Colombian companies must register the situation of control or business group before the Chamber of Commerce where the company was incorporated, within 30 business days following the configuration of such situation.

Renewal of the National Tourism Registry - March 31, 2024

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.

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.