The importance of the statutes when creating a company: points to consider

The importance of the statutes when creating a company

The bylaws of a company set the rules for running its operations smoothly. There are various aspects that must be considered when establishing a company. Next, we describe the importance of the statutes in the registration of a company, the requirements, and the type of existing companies.

Do you want to register a company in Colombia?

You need to know that it is a process that demands full attention and regulation, since this will allow defining the approval of your economic activity before the different national organizations. Therefore, you must leave in the hands of experts the fulfillment of the processes that are strictly necessary for the registration of a company in Colombia.

Importance of the statutes when registering a company

The statutes of a company are the legal-private instrument through which the body of norms that determine the internal functioning from the very moment the company is registered. Therefore, you must bear in mind that the bylaws regulate the agreement between the partners of a company and relations with third parties. As it is an agreement held by the shareholders themselves, it is mandatory for those who register the company and also for anyone who joins in the future.

The bylaws of a company must contain the following elements:

  • purpose of the company’s social activity;
  • define the board of directors and governing administrative body;
  • legal representation;
  • domicile and duration of the company;
  • date of commencement of operations;
  • capital

Learn about What types of companies can be set up in Colombia?

Get to know the requirements to register a company in Colombia

It is a process that requires attention and regulations knowledge since it will define the enabling of the economic activity before the different entities of the country. Therefore, if you want to register a commercial business you have to first consider what type of company you want to register, a company or as an individual, and you must also bear in mind that in Colombia there are a set of procedures and requirements framed in the law that are essential for the registration of a specific company.

Requirements

If you want to register a business in Colombia, it is necessary that you bear in mind that you must comply with some legal requirements. Most important ones are:

  1. Choose a company name.
  2. Classify economic activity.
  3. Register as a company or individual.
  4. Register in the RUT.
  5. Register in the Mercantile Registry.
  6. Open a bank account.
  7. Register official books to the Chamber of Commerce.
  8. Register in the Social Security System.

 

Find out what types of companies exist in Colombia

An organization is a group of people who work together to achieve a common goal. For the registration of a commercial company, there are different types of companies in Colombia, which you have the need to consider, which are mentioned below.

The first thing you should know is that there is a legal concept known as a commercial company that enables the grouping of various partners to participate in the development of certain activities related to industrial production or the provision of their services, where the profits or losses of the company are shared based on their participation in it. The commercial company is a legal person that arises from a social contract signed by its shareholders, and they can be individuals or other commercial companies of different types:

  1. Collective partnership.
  2. Sociedad Anónima (S.A.).
  3. Limited Liability Company (Ltda).
  4. Limited Partnership (S. en C.).
  5. Limited Partnership by Shares (S.C.A.).
  6. A.S. Companies

Finally, you need to know that to register a company in Colombia it is essential to comply with the legal steps established for this, in addition to considering the type of company you want to create, and the preponderant role played by the bylaws.