How to Open a Corporate Bank Account in Colombia: Types and Requirements

Colombia is one of the most popular countries in South America to start a business because of all of the benefits the government offers and the constant growth and development of new and interesting industries. The final step in the company registration process in Colombia is the opening of a Corporate Bank Account.

In Colombia, there are a various banks and types of bank accounts to choose from. It is necessary that the company evaluates and compares which is the one that is going to be the best for current plans but also future requirements it may need. Why is it necessary to have a bank account? What documents do I need? Which type of bank account is right for my business?

Why do you need a Corporate Bank Account in Colombia?

Having a Bank Account for your business in Colombia is necessary if you want to start operations. This bank account is going to be used to deposit the share capital of the company, as well as to do all transactions regarding the business, such as payments to providers, acquisition of material, payment of the payroll, etc. Having a Corporate Bank Account is also necessary for the payment of taxes and deductions.

Furthermore, having a Corporate Bank Account also helps the company have a better image, and gives trust to clients and providers. It looks more professional than just having a bank account in the name of the owner, or one of the managers.

In recent years opening a corporate bank account for companies with foreign owners has been more difficult, banks usually impose time restrictions, where they may allow accounts to be opened only after 6 months after your company has been created, in addition to increased scrutiny. This is why finding a local provider with experience navigating banking difficulties, is key for a successful outcome of your business and corporate account.

What are the requirements to open a Corporate Bank Account in Colombia?

These are some of the documents required when opening a Corporate Bank Account in Colombia. Remember that these requirements are general and may differ from bank to bank.

• Copy of the NIT (Número de Identificación Tributaria)

• Power of Attorney of the Legal Representative

• Copy of the ID of the Legal Representative (s) of the company

• Certified financial statements

• Declaration of the income of the last taxable year

What types of Corporate Bank Accounts are available in Colombia?

There are some different types of Corporate Bank Accounts your business can have in Colombia. These are the most popular and the ones that most banks offer:

• Checkings Account

  The most popular type of Corporate (and personal) Bank Account is a Checkings Account. This is the type of bank account used to pay for day-to-day expenses, withdrawals, and transactions. The bank most of the time gives you a card to use regularly at stores or the ATM. Some banks charge maintenance fees or require you to have a minimum balance available.

• Savings Account

  A Savings Account is ideal if the company has money that is not going to be spent in the near future. This type of bank account pays interest on the money deposited, either at an annual or interest-based rate. Some banks require a deposit of a minimum amount in order to open a Savings Account, but other banks don’t. Some may also have maintenance fees and other costs.

  Banks do not always offer cards for Savings Accounts, and sometimes have a maximum number of withdrawals allowed per month.

The Colombian Peso is the currency of Colombia, however, some banks also have options to open a bank account in US Dollars. This is very useful if your business does transactions abroad or receives payments in US Dollars.

Do I need to register a company to open a Corporate Bank Account in Colombia?

Yes, in order to open a Corporate Bank Account in Colombia, you need to have a Tax Identification Number or ‘NIT’ (Número de Identificación Tributaria, in Spanish). You obtain this number when you have successfully registered your business in the Chamber of Commerce, and you need it to comply with tax regulations. Colombia is a friendly country for business owners and investors and they have been working to simplify the company registration process.

These are the steps to register a company in Colombia:

1. Identify and select the right company type

2. Search for the availability of the name at the RUE or Registro Único Empresarial

3. Elaboration and signature of the Power of Attorney

4. Prepare and draft the company’s bylaws

5. Obtain a pre-taxpayer ID or Pre RUT

6. Register the company with the Chamber of Commerce

7. Obtain the final taxpayer ID or RUT, and NIT

8. Register your company books

9. Open a bank account in the name of the company

Get Assistance from Easyco Experts!

Do you want to know more about the Corporate Bank Accounts in Colombia and how to register your company? Send us a message and we will send you all the information you need to know, as well as help and assess you to successfully start your business in Colombia. Easyco also provides additional services to guarantee your company’s compliance, which includes:

• Appointment of legal representation

• Providing a registered office address

• Handling tax and accounting

• Hassle-free Payroll Services

• Manage your Company Bank Account opening

• Manage your Trademark Registration

• Recruiting and Hiring Talent

• Corporate Legal Services