Opening a corporate bank account in Colombia: Steps and requirements

Opening a corporate bank account in Colombia

Registering your company in Colombia has never been so timely as it is now, as we are currently one of the most developed and promising countries in Latin America. In order to carry out each investment project that you undertake here, we recommend that you seek accounting advice in Bogotá, as it is the capital of the country and has everything at your fingertips.

Steps and requirements to open a corporate bank account in Colombia

For this and any other financial procedure, you should get the services of an accountant in Colombia. This will help you to streamline some procedures and to comply with the payment of taxes and deductions that by law will correspond to you.

The registration of a company in Colombia is a defined procedure. The government has it very well stipulated in this investor guide that was published. Within the regulations established for this action, we can tell you that opening a corporate bank account should be one of the first steps that you undertake.

Next, we present the following list with the procedure that you must carry out in order to open this type of bank account in Colombia. Read carefully and analyze the procedure in detail:

  1. Get your pre-taxpayer number. This is one of the most important steps in the entire process. Without this number, you will not be able to carry out any tax activity within Colombia. Therefore, it is necessary that you go to the Tax Offices to get your pre-RUT or RUT number assigned. The acronym RUT stands for Registro Único Tributario.
  2. Go to the bank of your choice. Once the RUT or pre-RUT has been processed, go to the bank of your choice, and establish that you want to open a corporate bank account. The bank, for its part, will begin to assess the nature of your funds and determine whether they were legally acquired. It is important to clarify that this process can take a few days. Before taking this step, we recommend that you seek proper advice from an accountant who is familiar with the subject so that future problems are avoided. The banking and tax laws in Colombia are very strict regarding the clarity of the origin of the capital that will be invested. Make sure you have understood the established provisions.
  3. Wait for the background check. Like the previous step, in this one the bank will make sure that you do not have a bad credit history in Colombia. It means, you do not have outstanding debts with any Colombian banking institution and that your finances are in order. It is also extremely important not to have a criminal record within the country that relates to criminal acts associated with drug trafficking, embezzlement, or money laundering. If so, the bank will most likely reject your request.
  4. Request an ID and a permanent RUT. If your stay in Colombia will be for a period greater than 6 months, it will be convenient for you to process your personal identification card and obtain a permanent your RUT. This will also give you the facility to stay within the national territory to manage your business. It should be noted that in order for you to obtain a Colombian identification card, you will have to prove your legal stay within the country.

When carrying out all these procedures, it is essential that you know the tax laws in force in Colombia. It is also essential to have the services of an expert accountant in the area. This is to avoid misunderstandings that could delay the procedures, or in the worst case, that you have legal or financial problems.