Obligation to deposit a company’s financial statements

Under article 289 of the Commercial Code, all companies under supervision (vigiliancia) or control of the Superintendence of Companies must deposit before this entity their certified and audited 2018 financial statements, in accordance with articles 37 and 38 of Law 222, 1995.

The term to comply with this obligation depends on the last two numbers of the tax identification number (NIT), according to the Circular Básica Jurídica 201-000005, 2018.

Within two (2) working days after the aforementioned term expires, the documents provided in subsection 1.3 of the Circular Básica Jurídica 201-000005, 2018 must be delivered to the Superintendence of Companies. Those documents are: certificated financial statements and its footnotes in the case of companies under inspection, and the management report and opinion of the fiscal auditors additionally in the case of companies under surveillance or control of said Superintendence.

If the company fails to comply with this obligation, the deposit of the financial statements will be considered overdue, which can cause fines for up to 200 minimum monthly wages (aprox. USD 55.200).