Renewal of the commercial registry in Colombia

We recently talked about the
trademark registration renewal
and this time we want to focus on the renewal of the commercial registration in Colombia.

You may be asking yourself, “Aren’t they the same thing?” And the answer is no, there are differences between these registers, which you can consult
consult in our blog
.

Entering into the subject, the commercial registration is an obligation that must be complied with by all natural and legal persons wishing to trade within our country.

And not only is it not enough to have it, another obligation is also to constantly renew it in order to have control over your company.

With this in mind, in this opportunity we will talk about everything related to the renewal of the commercial registry in Colombia.

When is it necessary to renew the commercial registry in Colombia?

The renewal of the commercial registry must be carried out every year within the first 3 months, that is, from January 1 to March 31.

This term is valid and unique for all merchants, regardless of the date of initial registration or the last date of renewal of the commercial registration.

There may be special cases, such as what happened during 2020 with the pandemic crisis, that allow the extension of the date for the renewal of the business registration.

Should these eventualities occur, the Ministry of Industry, Commerce and Tourism will issue the respective decree, in which all the information on the subject will be indicated.

How to renew the commercial registry in Colombia?

To perform this process virtually, the following is required:

• Enter the application of the Chamber of Commerce where you registered.
• Fill out the form, if there is information to update, this is the time to do it.
• Make the corresponding payment through the available payment options.

What documents must be submitted when renewing the commercial registration in Colombia?

It is established that in order to carry out the process of renewing the commercial registry virtually, the following are required:

• The financial report as of December 31 of the immediately preceding year.
• All the information you need to update such as: address, telephone, e-mail, ISIC codes.
• Documents indicated by the system according to the conditions and requirements to complete the process satisfactorily.

This last step may vary from person to person, due to the special conditions or benefits that each one has at the moment of making its mercantile registration.

Likewise, each Chamber of Commerce of the country has enabled, in its web sites, all the information required to renew the commercial registry.

How much does it cost to renew the commercial registry in Colombia?

There is no fixed fee for this process, since the amount to be paid depends on the value of the declared assets as of December 31 of the entrepreneur or applicant for the renewal of the commercial registration.

Because of this, it is very important that you perform the task of organizing and reporting all assets in a conscious and orderly manner, so that you can be quoted an accurate rate.

Are there any penalties for not renewing the commercial registry in Colombia?

Failure to renew the commercial registration may result in economic sanctions, i.e., fines of up to 200 minimum legal salaries in force. This figure is determined by the Superintendency of Industry and Commerce.

It should be clarified that there is no risk of closure of the company or enterprise and they will be able to continue exercising their economic activity, but the scope of their image will be very limited.

In addition, they will also have problems to access the economic benefits that many banks grant, since one of the requirements they ask for is to have the company’s commercial registry renewed.

Finally, if you are a beneficiary of Law 1780 of 2016 and you do not renew your commercial registration, you will lose all benefits.

In a nutshell

The renewal of the commercial registry in Colombia is a mandatory activity for all companies wishing to carry out their economic activity.

Unlike the trademark registration, the renewal of the commercial registration must be done every year within the first three months.

This date cannot be overlooked, as it can have economic consequences for your company and limits the possibility of company growth.