Colombia client case studies in 2021
A Chinese crypto assets investor based in UK establishes a SAS in Colombia for arbitrage trading with proprietary funds.
- Having found Healy Consultants Group PLC business website through Google, our Client connected with a Chinese speaking staff in April 2018 to determine the best business setup solution in Colombia to conduct speculative trading with proprietary funds. Colombia is one the preferred jurisdictions selected by our Client due to the Government’s support to the digital currency trading industry and growing number of exchange platforms;
- After expert analysis and deliberations with Healy Consultants team, our Client decided to proceed and engage Healy Consultants Group for the setup of a simplified limited company known as the Sociedad por Acciones Simplificada (SAS).
- Healy Consultants Group PLC prepared and emailed our Client an engagement advancement proposal including a formal invoice with instalment payment plan for the agreed services including i) resident legal representative, ii) personal and corporate tax ID application (RUT) and iii) Colombian visa application;
- Thereafter, Healy Consultants Group PLC prepared a detailed engagement project plan mapping out a step by step plan to engagement completion as well as a quality business plan to assist with crypto friendly corporate bank account opening in Colombia.
- Healy Consultants Group PLC prepared a power of attorney for local representation in Colombia and a draft resolution to appoint a corporate shareholder for the Colombian entity and emailed the same to our Client for signature, notarization in UK, apostille and courier return together with corporate due diligence documents.
- Despite weekly follow up by Healy Consultants staff, the signature, attestation of documents was delayed by our Client due to conflict in with his professional schedule, causing an initial engagement delay of 6 weeks. Our Client decided to attest the required documentation during his business travels to Guangzhou, China and couriered the same to our attorney office in Medellin;
- During the waiting period, the dedicated project manager approached multiple local banks including: Bancolombia, Banco Davivienda and BBVA to secure interest in onboarding our client’s crypto business;
- Upon receipt of attested documents, Healy Consultants support staff translated the same in English and Chinese to Spanish by a sworn translator before the complete set can be presented before the Chamber of Commerce (Camara de Comercio). Within 10 working days of application submission, Healy Consultants Group PLC obtained approval and immediately emailed our Client a scan copy of the Certificate of Incorporation and the company RUT.
Corporate bank account opening
- After company registration completion and receipt of the next instalment, Healy Consultants Group PLC approached Bancolombia to advance bank account opening procedure. The bank requested a KYC face to face meeting with the company shareholder or director in order to sign forms and advance the account opening application;
- Due to a delay in the client’s ability to travel, the resident legal representative attended the bank meeting. Within 2 weeks, Bancolombia confirmed our clients account had been successfully opened. The bank couriered the online banking tokens to company registered office address;
- Upon receipt of the online banking tokens received in Colombia, the same were kept safely until the Client travels to Colombia for the appointment as bank signatory.
Visa application and visiting Colombia
- To obtain an individual RUT in order to be appointed as legal representative of the company, our Client had to visit Colombia in person to capture his biometrics;
- This part of the process was particularly challenging for our Client as the Colombian Consulate in China required substantial proof that our Client had a legitimate reason to obtain a travel visa to Colombia. Despite supplying an affidavit by our Colombian lawyers confirming the existence of a newly formed business within the country, the Colombian consul in Guangzhou refused to timely process the visa application delaying the same by 3 months;
- Healy Consultants recommended our Client secure a Colombian visit visa through an alternate route by applying for a USA visit visa which will enable our Client also to enter into Colombia and apply for a residence visa and RUT from within the country. After our Client agreed, the 90-day US visit visa application was submitted and processed within 3 weeks!
- Due to a busy schedule in November and December, our Client only travelled to Medellin, Colombia in late January 2019. Once in the country Healy Consultants support staff accompanied our Client to the local Public Notary and the Immigration Office to complete the formalities to submit Colombian visa application and obtain the cedula (ID) which was obtained within 17 working days.
To finalize business setup process, our Client’s information as new legal representative was submitted to the Chamber of Commerce. The new company extract was issued within 10 days which was then submitted to Bancolombia to update their internal records and issue new banking tokens within 3 days. The complete company was collected by our Client, completing the engagement.