Business Venture News

Workers Legal Team in its continuing effort and interest to keep updated to our customers and subscribers then announces the very good news in the sense that the Superintendence of Companies of Colombia and the Central Bank just signed an agreement under which streamlines the process of legalization of foreign investment in Colombia.

Supersociedades Banrepública and sign agreement to strengthen foreign investment.
More than 4 000 companies receiving foreign investment in Colombia will benefit from reducing their paperwork, after today’s signing of an agreement between the Central Bank and the Superintendence of Companies for the supply and exchange of information to strengthen coordination mechanisms between the two organizations and facilitate the performance of their duties.

The agreement will, from now on, companies receiving foreign investment, in presenting its financial statements to the Superintendence, in the terms and conditions set out by the Bank, will be exempt from filing a so-called “Form 15″ with the Bank of the Republic. Those who do not submit such financial information shall continue to process this form to the Bank of the Republic.

According to the Foreign Exchange Regime, societies and branches of foreign companies receiving foreign investment are required to submit annually to update the investment through the “Form 15″ to the Bank. Do so constitutes violation investigated by the Superintendence exchange, through an administrative process that culminates in the imposition of sanctions up to 200% of the value of foreign exchange violation found.
According to figures from the Superintendence of Companies, about 60% of total operations correspond to exchange violations reported by the belated update or not update of the “Form 15″.

The Convention, signed today by General Manager of the Bank of the Republic José Dario Urine Escobar and the Superintendent of Companies Luis Guillermo Velez Cabrera, will last five (5) years and shall be renewed for equal periods automatically.