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Branches of Foreign Companies
There are 6 main duties:
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All branches of foreign companies shall keep the accountancy and corporate books for a period of minimum 10 years, from the date of the last registration, document or any other type of entry.
All branches must verify and comply with all intellectual property and copyright regulations and acknowledge third parties’ rights.
Said information must be included in the Annual Management Report that would be presented to the highest executive body of the company (Shareholders Assembly/Partners Board).
On this regard, it is important to evaluate with legal advisors the lawfulness of all the software that the entity uses, since DIAN (National Tax Authority of Colombia) may request legal proof of licensing and, if an infraction is found, said entity can impose fines to the company and inform to criminal authorities for offenses against intellectual property.
Every branch of a foreign company interested to participate in procurement processes with government entities, must register in the RUP -Public Providers Single Registry- at their respective Chamber of Commerce.
3.1 Registration
It can be done at any time by filing information related to goods and services offered, as well as financial, organizational and technical information.
3.2 Renewal
It must be done April 9th, 2021 at the latest. The lack of renewal will require an entirely new registration process.
3.3 Update
Updates shall be carried out in the event of any changes in the information registered.
4.1 SAGRILAFT Implementation:
No later than May 31st, 2021 the entities whose status is control or surveillance by the Superintendence of Companies must implement a System of Integral Risk Management for Money Laundering, Terrorism financing and financing of the proliferation of mass-destruction weapons (SAGRILAFT) if by December 31st, 2020, they comply with all of the following criteria, depending of the following economic sector:
4.1.1 Real Estate Agents
4.1.1.1 Assets or Total Income as of December 31, 2020, equal to or higher than30,000 minimum monthly legal wages (COP $26,334,090,000).
4.1.1.2 Having within its corporate purpose the possibility of undertaking real estate activities (rendering intermediation services in the purchase, sell, barter or lease of real estate), and
4.1.1.3 That in 2020 had undertaken businesses or transactions related with real estate activities for an amount equal or higher to 100 minimum monthly legal wages (COP$87,780,300).
4.1.2 Commercialization of precious metals and precious stones
4.1.2.1 Assets or Total Income as of December 31, 2020, equal to or higher than30,000 minimum monthly legal wages (COP $26,334,090,000).
4.1.2.2 Had regularly undertaken activities in the commercialization of precious metals and precious stones.
4.1.3 Legal Services
4.1.3.1 Assets or Total Income as of December 31, 2020, equal to or higher than 30,000 minimum monthly legal wages (COP $26,334,090,000).
4.1.3.2 That its economic activity registered at the Chamber of Commerce, or the activity that generates most income, correspond to the one identified with the code 6910 (CIIU Code Rev. 4 A.C.).
4.1.4 Accounting services
4.1.4.1 Assets or Total Income as of December 31, 2020, equal to or higher than 30,000 minimum monthly legal wages (COP $26,334,090,000).
4.1.4.2 That its economic activity registered at the Chamber of Commerce, or the activity that generates most income, correspond to the one identified with the code 6920 (CIIU Code Rev. 4 A.C.).
4.1.5 Construction of buildings and civil engineering projects.
4.1.5.1 Assets or Total Income as of December 31, 2020, equal to or higher than 30,000 minimum monthly legal wages (COP $26,334,090,000).
4.1.5.2 That its economic activity registered at the Chamber of Commerce, or the activity that generates most income, correspond to the ones identified with the codes 4111, 4112, 4219, 4220 (CIIU Code Rev. 4 A.C.).
4.1.6 Virtual Assets services
4.1.6.1 Total Income as of December 31, 2020, equal to or higher than 3,000 minimum monthly legal wages (COP$2,633,409,000), or Assets equal or higher to 5,000 minimum monthly legal wages (COP $4,389,015,000).
4.1.6.2 That undertakes, in its on behalf or on behalf of other individuals or companies any of the following activities or operations for a value (individually or jointly) equal or higher to 100 minimum monthly legal wages (COP$87,780,300):
- Trade of virtual assets and fiat coins.
- Trade of one or more forms of virtual assets.
- Transfer of virtual assets.
- Custody or management of virtual assets or instruments that allows control over virtual assets.
- Participate and providing of financial services related with the offer to an issuer or sell of a virtual asset.
- In general, services related with virtual assets.
4.1.7 Special surveillance sectors or regimes
4.1.7.1 Management companies of commercial self-financing plans.
4.1.7.2 Companies that operates libranzas, under the surveillance of the superintendence of companies.
4.1.7.3 Companies that undertakes multi-level marketing activities.
4.1.7.4 Livestock funds.
4.1.7.5 Companies that undertake factoring activities, under the surveillance of the superintendence of companies.
4.1.8. Companies that receive capital contributions in virtual assets.
Companies that as of December 31st, 2020, had received one or more capital contributions in virtual assets, equal or higher (jointly or individually) to 100 minimum monthly legal wages (COP$87,780,300).
4.1.9 Any other industry
Assets or Total Income as of December 31, 2020, equal to or higher than 40,000 minimum monthly legal wages (COP$35,112,120,000)
4.2 Minimum measures regime.
No later than May 31st, 2021 the entities whose status is control or surveillance by the Superintendence of Companies, and those under inspection status that are not under the surveillance of any other entity with faculties to issue instructions regarding this matter, must implement the Minimum Measures Regime, if by December 31st, 2020, they comply with all of the following criteria, depending of the following economic sector:
4.2.1 Real Estate Agent
4.2.1.1 That on a regular basis render intermediation services in the purchase or selling of real estate in favor of its clients.
4.2.1.2 Assets as of December 31st, 2020, equal or higher to 5,000 monthly legal minimum wages (COP$4,389,015,000), or Total Income equal or higher to 3,000 monthly legal minimum wages (COP$2,633,409,000).
4.2.2 Commercialization of precious metals and precious stones.
4.2.2.1 That on a regular basis trade or commercialize precious metal and stones.
4.2.2.2 Assets as of December 31st, 2020, equal or higher to 5,000 monthly legal minimum wages (COP$4,389,015,000), or Total Income equal or higher to 3,000 monthly legal minimum wages (COP$2,633,409,000).
4.2.3 Legal services
4.2.3.1 That its economic activity registered at the Chamber of Commerce, or the activity that generates most income, correspond to the one identified with the code 6910 (CIIU Code Rev. 4 A.C.).
4.2.3.2 Assets as of December 31st, 2020, equal or higher to 5,000 monthly legal minimum wages (COP$4,389,015,000), or Total Income equal or higher to 3,000 monthly legal minimum wages (COP$2,633,409,000).
4.2.4 Accounting services
4.2.4.1 That its economic activity registered at the Chamber of Commerce, or the activity that generates most income, correspond to the one identified with the code 6920 (CIIU Code Rev. 4 A.C.).
4.2.4.2 Assets as of December 31st, 2020, equal or higher to 5,000 monthly legal minimum wages (COP$4,389,015,000), or Total Income equal or higher to 3,000 monthly legal minimum wages (COP$2,633,409,000).
Section 2.3 from Circular 002 of 2015 issued by the Superintendence of Industry and Commerce, establishes that every year between January 2nd and March 31st updates to the National Data Base Registry must be performed.
The mentioned updates must include any change that the data base has suffered within the previous year, i.e. if the number of data subjects included in the data base changed, if there was any change on the corporate name of the data controller, among others.
Please note that substantial changes, such as those related with the purposes to handle data, the data processor, the attention lines, classification and types of personal data, and international data transfers and transmissions, must be reported within the first 10 business days of the month in which the changes took place.
If by the time of the annual update there are any substantial changes that have not been registered those should be registered at the annual update.
Please note that when a new data base is created, it must be registered within the NDBR within the following two (2) months in which it was created. Also, it is necessary to perform the corresponding report of claims presented by data subjects in the previous semester; such report must be performed at the NDBR and shall be complemented every semester during the first fifteen (15) business days of February and August; therefore for year 2021 the first report on claims (positive or negative) presented by data subjects must be filed no later than on February 19th 2021 in which the claims performed by data subjects during the previous semester (July to December 2020) must be reported. Also, note that the second report of claims performed by data subject, must be filed on the first fifteen (15) business days of August and therefore this year it must be performed no later than on August 23rd, 2021 (in this case it is necessary to report the claims received from January to June 2021).
At last, it is important to remind you that the companies that must comply with the registry obligation are those with assets of more than 100.000 UVT (for 2021 COP $3.630.800.000, approx. USD$ 1.067.883). However, all the entities that perform any data handling activity (i.e. collect, use, storage) must comply with all of the other obligations established in the data protection regulation.
