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Post by suba on Jul 19, 2016 16:51:49 GMT -5
Can anyone shed some light on the ins and outs of this, costs, filing requirements etc etc? I've always used UK Ltd companies and could do with some advice from anyone who has previously done this. I could go and talk to accountants or lawyers here I suppose, but from past experience I'd get different answers from each of them and would probably eventually end up back here anyway.
Whilst I remember - nothing grand, just a couple of employees and no real estate assets or anything like that.
Thanks in advance.
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Post by makopp5 on Jul 19, 2016 17:24:42 GMT -5
no that complicated, you want to create a SAS?
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Post by Deleted on Jul 19, 2016 18:09:20 GMT -5
A S.A.S is incorporated within 1-2 days if i remember correctly. Luckily my wife is a lawyer. If you are used to a UK Ltd... the Colombian system is certainly not there to facilitate trade.
However, not too bad either.
The banking system is though. My worst hurdle was that I only have international clients, and the bank has a 6 months diligence period in which they evaluate you, and only after that 6 months you can start receiving international funds. Hence i had to literally wait 6 months to do business. I took me 3 meetings, of 1,5hours each to explain them after the 6 months what I exactly did for business before they grasped it. I just hope the lady that understands it now, doesn´t leave the company!
Also for each and any incoming international transfer, you have to nationalize the funds and negotiate exchange rates and fill in a bunch of papers.
Besides that for each incoming international transfer, they require you to provide substantiating documents, such as contracts, invoices, etc.. This goes then to the international department of the bank, in my case Davidienda, who needs to approve (which takes a long time when in English), only after that procedure a transfer will be credited to your account.
I really do not know how big companies with volume do this, but it´s just ridiculous. If you are only doing domestic business, things will be much smoother, I suppose..
If anybody has other experiences with other banks I would be grateful to hear experiences.
Make sure you dont´t get a quote from an accountant that works on a monthly fee, just ask fixed fee for declaring and initially do your own invoicing/administration.
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Post by suba on Jul 19, 2016 18:53:38 GMT -5
Thanks mono, I already have a business bank account with Davivienda so hopefully that won't be a problem. If it is going to be a problem I'll just incorporate offshore and Colombia won't see a penny - I honestly think they put barriers like the banking nonsense in place to stay poor. I suppose that given their history they are wary of everyone.
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Post by Deleted on Jul 19, 2016 20:31:52 GMT -5
The weird thing is that supposedly they have 0% dividend tax!?
Hence, accordingly to my bookkeeper you can take money from your business account as a shareholder, at least if its "reasonable". I have to look into it, but decided not to do it until i am certain.
Anyway i didn´t proceed accordingly for the time being, i just pay myself and the wife who also works for the company a monthly management fee on basis of a subcontract. Thus on basis as a subcontractor, i.e. "regimen basico as independiente".
Lets see how it pans out. Nothing is straightforward either here..
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Post by caliconnection on Jul 21, 2016 15:02:03 GMT -5
Welcome to the forum mono. Please keep us updated with this venture.
A 0% dividend tax would be fantastic, but I also highly doubt it. I use dividends as a form of income tax splitting with my wife here in Canada - same thing as Colombia where you take money from your business account as a share holder.
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Post by Deleted on Jul 23, 2016 18:12:53 GMT -5
Thank you.
Will do so.
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Post by suba on Jul 23, 2016 18:26:07 GMT -5
In the end I opened another UK Ltd company, it just wasn't worth the hassle dealing with the Colombian BS in the end, the whole thing was incorporated, the documents emailed to me, the accountant appointed, and the UK bank account opened in 24 hours - with an apology because it's usually quicker than that.
Colombia really doesn't do itself any favours.
The cost? $30, with a $60 dollar cash back for opening the bank account, a free UK domain (not needed) and $60 worth of adwords credit.
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