Reminders
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Branches of Foreign Companies
There are 3 main duties:
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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 2022.
The following documentation must be filed with the Superintendence of Companies:
2.1. Financial Statements
This is an obligation for Branches of a Foreign Company under surveillance or control from the Superintendence of Companies, and also for Branches of a Foreign Company under inspection from the Superintendency of Companies, if directly required by the Superintendence.
(To see due dates to present the Financial Statements as of December 31, 2021, click here).
2.2. Consolidated Financial Statements
It’s an obligation of Branches under the Superintendence of Companies’ surveillance or control. Also applies for companies under inspection of the Superintendency, if directly required submit such request by the entity.
The consolidated Financial Statements shall be filed by May 31st of 2022 Branches of a Foreign Company 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.
