Branches of Foreign Companies
There are 3 main duties:
Every branch of a foreign company has the obligation to annually renew his or her Commercial Registration and that of its commercial establishments. This renewal must be carried out within the first three months of the year, i.e., no later than March 31, 2021.
The following documentation must be filed with the Superintendency of Companies:
2.1 Financial Statements
This is a duty for Foreign Company’s Branches under surveillance or control from the Superintendency of Companies, and also, for Foreign Company’s Branches under inspection from the Superintendency of Companies, if directly required by the Superintendency.
(To see due dates to present the Financial Statements as of December 31, 2020, click here).
Entities NOT REQUIRED to file information with the Superintendency of Companies MUST SUBMIT their Financial Statements with the Chamber of Commerce, where they have their main domicile.
Whenever a Corporate Control situation arises, or a Business Group of Companies is formed, there is a mandatory registration to be made at the Mercantile Registry, within the following 30 business days of its conformation.
Once a Business Group is registered there is no need to register as well a Corporate Control Situation. Any change in a Control Situation or Business Group Situation must be registered within the same term mentioned above.