How can a foreign company open a bank account in Colombia?

How can a foreign company open a bank account in Colombia

For foreign companies, having bank account in Colombia in the country allows them to expand their commercial growth. This enables them to carry out transactions to other accounts with total security and to manage the cash bookkeeping in an orderly manner.

If you are a legally registered foreign company, the process will be fast. We indicate the requirements that you must meet in this country.

How to open a bank account in Colombia?

Part of  how to set up a company in Colombia includes open a bank account in Colombia at any financial institution. In general, all banks will ask you for the following documents:

  1. Certificate of Registration of the Chamber of Commerce: This requirement allows you to know the type of legal entity set up. With this document, the bank will identify its legal representatives and the bylaws. This certificate must be original and not older than 30 days.
  2. The legal representative Foreign Identification Card: As the procedure will be carried out by a foreign company, if the legal representative is not Colombian, he / she must present the Alien Identification Card. This identification document is presented in original and in a 150% enlarged copy in most banks.
  3. Tax Identification Number of the company: The foreign company must present its Tax Identification Number (NIT), a document issued by the National Tax and Customs Directorate (DIAN). The NIT serves as an identification document in the commercial transactions you carry out.
  4. Copy of the Single Tax Registry (RUT): This document helps to identify the foreign company at a fiscal and tax level. It is generated when the foreign company is registered as a legal entity in the registry of the National Tax and Customs Directorate (DIAN).
  5. Income statement for the last taxable year: The sworn statement is presented each year virtually or physically, leaving a copy stored on the DIAN website. To obtain the declaration for the last taxable year, you must download your previous year return and verify the reported values.
  6. Certified or audited financial statements: This document allows you to know the economic situation of the company. You recognize a certified financial statement when it is signed by a CPA and by the legal representative of the foreign company. This document certifies that the financial statements contain truthful information sourced from the books. On the other hand, the audited financial statement is the one that has the opinion of the statutory auditor, in addition to the certification of the public accountant and the legal representative.

How to open a bank account in Colombia

The most recognized financial entities in Colombia to open a bank account are the following:

  • Bancolombia
  • Davivienda
  • Banco de Bogota
  • BBVA
  • Colpatria
  • Banco Av. Villas
  • Banco de Occidente
  • Banco Agrario
  • Banco Caja Social

There are currently two bank account types for foreign companies:

  • Checking account: This bank account is obtained through a deposit agreement. The foreign company obtains from the bank the ability to deposit sums of money and checks with a total balance. Opening a checking account is advisable for companies because it ensures a smooth cash flow movement, checks issuance and transfers.
  • Savings account: It is an easily accessible financial product. Its purpose is periodic savings and generates profitability.

The legal representative of the foreign company must go directly to any office of the chosen bank and carry out the process to open the bank account. If you have any questions, exploring the tax advisory in Colombia, you can find an advisor who will help you with such procedure or you can do it directly at the chosen financial institution.