SAS Bylaws Colombia (Estatutos de Sociedad por Acciones Simplificada)

SAS Bylaws Colombia (Estatutos de Sociedad por Acciones Simplificada) are the foundational governance document establishing the internal rules, capital structure, administrative organs, and operational framework for a Sociedad por Acciones Simplificada (SAS) — the most widely used corporate form in Colombia since its creation by Ley 1258 de 2008. Artículo 5 of Ley 1258 de 2008 establishes the minimum mandatory content that SAS bylaws must contain for valid registration with the Cámara de Comercio.

The SAS was introduced by Ley 1258 de 2008, which entered into force on 5 December 2008, as a flexible corporate vehicle inspired by the French Société par Actions Simplifiée (SAS) and adapted to Colombian commercial law. According to statistics from Confecámaras (Confederación Colombiana de Cámaras de Comercio), over 95% of new companies incorporated in Colombia since 2009 have adopted the SAS form, making it the dominant corporate structure in the country. The SAS replaced the need for more rigid corporate forms — the Sociedad Anónima (SA) under Código de Comercio (CCo) Artículos 294 through 457 and the Sociedad de Responsabilidad Limitada (SRL/Ltda.) under CCo Artículos 353 through 372 — for most business purposes.

Under Ley 1258 de 2008 Artículo 1, a SAS may be constituted by one or more natural or legal persons (personas naturales o jurídicas), Colombian or foreign, who are liable only up to the amount of their respective capital contributions (responsabilidad limitada al monto de sus aportes). Artículo 3 establishes that a SAS is always a commercial company (sociedad comercial) regardless of the activities described in its corporate purpose (objeto social), which may be indeterminate — a key advantage over traditional corporate forms that require specific enumeration of activities.

The bylaws serve as the constitutional charter of the SAS, supplemented by the general commercial law provisions of the Código de Comercio (Decreto 410 de 1971) and the corporate governance principles developed by the Superintendencia de Sociedades — the primary corporate regulatory authority in Colombia — through its administrative instructions (oficios, circulares, y conceptos). The Superintendencia de Sociedades exercises inspection, surveillance, and control functions over Colombian companies under Ley 222 de 1995 and Decreto 1736 de 2020.

Ley 1258 de 2008 Artículo 5 mandates that SAS bylaws include: the full name and identification of the founding shareholder(s); the company name (razón social) which must include the letters "S.A.S."; the registered domicile (domicilio principal) and any branches; the duration, which may be indefinite; a clear enumeration or general description of the corporate activities (objeto social); the authorized, subscribed, and paid-in capital (capital autorizado, suscrito y pagado); the class, number, and par value of shares; the form of administration (representante legal, junta directiva if applicable); and the name and identification of the first administrators.

The DIAN (Dirección de Impuestos y Aduanas Nacionales) assigns the NIT (Número de Identificación Tributaria) upon registration of the SAS with the Cámara de Comercio through the Ventanilla Única Empresarial (VUE) established by Decreto 2042 de 2014, which integrates commercial registry, tax registration (RUT), and municipal industry and commerce tax (ICA) registration into a single process. The matrícula mercantil must be renewed annually before 31 March under CCo Artículo 33 and Ley 1429 de 2010.

SAS Bylaws Colombia are needed whenever one or more persons — natural or legal, Colombian or foreign — decide to incorporate a Sociedad por Acciones Simplificada under Ley 1258 de 2008 for any commercial, industrial, agricultural, or service-related business activity. The bylaws constitute the constitutive document (documento de constitución) that must be filed with the Cámara de Comercio corresponding to the company's domicilio principal for registration in the mercantile registry (registro mercantil).

The bylaws are required when entrepreneurs wish to establish a limited-liability vehicle that protects personal assets from business debts — under Ley 1258 de 2008 Artículo 1, shareholders are liable only up to the amount of their capital contributions, except in cases of fraud, abuse of the corporate form, or violation of the corporate veil (desestimación de la personalidad jurídica) under Artículo 42 of Ley 1258 de 2008.

SAS bylaws are needed when a sole proprietor (persona natural comerciante) wishes to formalize their business operations through a corporate entity — Ley 1258 de 2008 Artículo 1 allows single-shareholder SAS formation (SAS unipersonal), eliminating the requirement of multiple founders that applies to SA and SRL forms under the Código de Comercio.

The document is required when foreign investors establish Colombian operations, as the SAS accepts foreign shareholders without restrictions and the bylaws serve as the foundational document for obtaining the NIT from the DIAN, opening corporate bank accounts with entities supervised by the Superintendencia Financiera de Colombia, and registering foreign investment with the Banco de la República under the Régimen de Inversión Extranjera (Decreto 119 de 2017).

Bylaws are essential when transforming an existing company from another corporate form — SA, SRL, or sociedad colectiva — into a SAS under Ley 1258 de 2008 Artículo 31, which allows simplified transformation through a decision of the shareholders' assembly (asamblea de accionistas) or partners' meeting (junta de socios).

The bylaws must be amended through a reforma estatutaria registered with the Cámara de Comercio whenever the shareholders decide to modify the corporate structure: increasing or decreasing capital, changing the company name, modifying the corporate purpose, adding or removing classes of shares, or establishing a junta directiva (board of directors) — Ley 1258 de 2008 Artículo 37 establishes that statutory amendments require the vote of shareholders representing at least the majority established in the bylaws.

Valid SAS Bylaws Colombia under Ley 1258 de 2008 Artículo 5 must contain the following elements for registration with the Cámara de Comercio and to establish a fully functional corporate governance framework.

Founder Identification: Full legal name, identification document (cédula de ciudadanía for Colombian nationals, cédula de extranjería or passport for foreign persons, NIT for legal entities), and domicile of each founding shareholder. Under Ley 1258 de 2008 Artículo 1, a SAS may be constituted by a single natural or legal person (SAS unipersonal) or by multiple shareholders without a maximum limit.

Company Name: The corporate name (razón social) must include the designation "Sociedad por Acciones Simplificada" or the initials "S.A.S." under Ley 1258 de 2008 Artículo 5 numeral 2. The Cámara de Comercio verifies name availability through the Registro Único Empresarial y Social (RUES) to prevent duplication.

Registered Domicile: The municipality where the company's principal domicile (domicilio principal) is located, which determines the Cámara de Comercio with jurisdiction for registration and the territorial tax authority for the impuesto de industria y comercio (ICA). Branch offices (sucursales y agencias) in other municipalities must also be registered.

Duration: The period for which the SAS is constituted, which may be indefinite (término de duración indefinido) under Ley 1258 de 2008 Artículo 5 numeral 4 — a significant advantage over SA and SRL forms under the Código de Comercio, which historically required a defined term.

Corporate Purpose: Description of the main activities and business lines the company will pursue. Under Ley 1258 de 2008 Artículo 5 numeral 5, the corporate purpose may include a general clause allowing any lawful commercial activity (objeto social indeterminado), providing maximum operational flexibility without requiring statutory amendments for new business lines.

Capital Structure: The bylaws must specify three tiers of capital under Ley 1258 de 2008 Artículo 9: authorized capital (capital autorizado) — the maximum capital the shareholders approve for future issuance; subscribed capital (capital suscrito) — the shares actually subscribed by shareholders, which must be paid within two years under Artículo 9; and paid-in capital (capital pagado) — the amount effectively paid by shareholders, which must be at least one-third of subscribed capital at incorporation. Capital may be contributed in cash or in kind (aportes en especie) — in-kind contributions do not require independent appraisal under Ley 1258 de 2008 unless the bylaws provide otherwise.

Share Classes and Rights: Description of the number, class, par value, and rights attached to each class of shares. Ley 1258 de 2008 Artículos 10 through 12 allow broad flexibility in creating share classes: ordinary shares, preferred shares with priority dividend rights, shares with multiple voting rights, payment shares (acciones de pago), and shares with specific transfer restrictions. Share transfer restrictions (cláusulas restrictivas) such as right of first refusal (derecho de preferencia) and drag-along/tag-along provisions must be specified in the bylaws.

Administration and Legal Representation: Designation of the form of administration — typically a representante legal (legal representative) who may be a natural person or legal entity. Under Ley 1258 de 2008 Artículo 25, a junta directiva (board of directors) is optional — unlike the SA under CCo Artículo 434 where a board is mandatory. The bylaws must specify the representante legal's powers, appointment mechanism, term, and any limitations on authority.

Shareholders' Assembly: Rules governing the asamblea de accionistas (shareholders' assembly), including quorum requirements, voting majorities for ordinary and extraordinary decisions, meeting procedures, and mechanisms for adopting decisions without a meeting under Ley 1258 de 2008 Artículo 19 (written consent of all shareholders) and Artículo 20 (decisions by the sole shareholder in single-member SAS).

Fiscal Auditor: Under Ley 43 de 1990 Artículo 13 and CCo Artículo 203, appointment of a revisor fiscal (statutory auditor) is mandatory for companies with gross assets exceeding 5,000 SMLMV or gross revenues exceeding 3,000 SMLMV. Smaller SAS companies may opt to appoint a revisor fiscal voluntarily.

Forms-legal.com provides this SAS Bylaws Colombia template as a starting point for incorporating a Colombian simplified stock company. Every set of bylaws should be reviewed by a licensed abogado comercialista or abogado corporativo to confirm compliance with specific shareholder agreements, foreign investment requirements, sector-specific regulations of the Superintendencia de Sociedades, and tax planning considerations under the Estatuto Tributario.