Don't Forget to Renew Your Commercial Registration!

#### By: Dr. Luz Eneida Saldaña, Attorney (Universidad del Rosario), specialist in Administrative Law and Financial Law


This article was published in March 2021 and describes deadlines and discounts from that year (Decree 1756 of 2020) that are no longer in force. The obligation to renew the commercial registration within the first three months of each year remains. It is kept as a historical reference.

Remember that both registration and renewal must be done by merchants (individuals and legal entities) and business establishments at the Chambers of Commerce with jurisdiction over the place where they will carry out their activity and where the business establishment will operate, as provided in the Commercial Code.

This obligation must be fulfilled every year, within the first three months of the year. That deadline expires next Wednesday, March 31.

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Renewing your registration is beneficial because:

• You update your data, comply with your legal duty, and acquire legal standing.
• It gives publicity to your acts and makes it easier to do business with other companies.
• You can access the business support benefits and services offered by the Chamber of Commerce.
• Other companies that consult the Commercial Registry can contact you more easily.
• You avoid penalties from the SIC (Superintendency of Industry and Commerce).
• You obtain credit from the financial sector more easily.

Under Decree 1756 of December 23, 2020, micro, small, and medium-sized enterprises, as well as the business establishments, branches, and agencies of Mipymes, can access a 5% discount on commercial registry fees as long as they renew their registration by next March 31 at the latest, hold a commercial registration at any Chamber of Commerce, are identified as a Mipyme, and renewed their commercial registration for 2020.

Commercial registration certificates, certificates of existence and legal representation, and special certificates issued by the chambers of commerce will receive a 5% discount.

The Decree also establishes 7% discounts on fees for cancellation and modification of the commercial registration and specifies that Mipyme individual merchants who were unable to renew their commercial registration in 2020 will have the right to cancel it without paying renewal fees for 2020 and 2021, as long as they do so by March 31, 2021 at the latest.

For their part, Mipyme companies that were unable to renew their commercial registration in 2020 will have the right to register the act of dissolution and liquidation, as well as the subsequent cancellation of the registration, without paying the renewal fees for 2020 and 2021, as long as they do so within the first quarter.

Non-profit entities (ESAL) will also receive discounts on renewal, cancellation, modifications, registration of acts, books and documents, and certificates in 2021.

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Source: Decree 1756 of December 23, 2020.

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