What is a Colombian SAS Corporation?
The Colombian SAS is one of the the most popular types of Colombian corporations. There are other options, but many foreigners choose to create a SAS when they are setting up a business in Colombia.
What does SAS mean? A SAS is a Simplified Stock Corporation in Colombia.
Establishing a Colombian SAS is easy and the requirements are simple; thus, this is generally the best type of company for entrepreneur in Colombia.
Only one person is needed to start the company, and the incorporation documents are private. A Registered Notary is involved only when assets are paid into the company and a deed of transfer occurs. The simplified process also reduces associated transaction costs and government involvement.
What is my personal liability with a SAS?
SAS shareholders are personally liable only if there is legal fraud. There is no personal liability for corporate actions, including labor and tax issues. This form of corporation requires no paid-in capital at the time of formation and allows a two-year window to fund the corporation.
Under certain circumstances, an auditor may not be required since a certificate of accountant can replace an auditor’s opinion when needed by law.
Who can create a SAS?
Anyone with a tourist visa who wants to set up a business in Colombia is eligible to form a SAS. Business owners may also apply for a residency visa once the corporation is established, assuming they meet the minimum investment threshold needed to qualify for a visa. CL&A can assist in visa applications as well.
How long does it take to set up?
The entire process can take between five business days and three weeks, depending on the complexity of the company and whether all of the founding members are located in Colombia. If an owner wants to apply for a residency visa through the SAS process, it can take an additional three to five business days. See our timeline for setting up a Colombian corporation and getting an investor’s visa.
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