SAS Incorporation Document Colombia (Documento de Constitución SAS)

A SAS Incorporation Document Colombia (Documento de Constitución de Sociedad por Acciones Simplificada) is the founding instrument used to create a Sociedad por Acciones Simplificada (SAS) under Ley 1258 de 2008, the most popular business entity type in Colombia since its introduction. Article 5 of Ley 1258 de 2008 establishes that a SAS may be constituted by one or more natural or legal persons through a private document (documento privado) — unlike a Sociedad Anónima (SA) or Sociedad de Responsabilidad Limitada (SRL/Ltda.) under the Código de Comercio (Decreto 410 de 1971), no escritura pública (notarial deed) is required, significantly reducing formation costs and time.

The Constitución Política de Colombia of 1991 provides the constitutional foundation for business formation through Article 333, which guarantees economic freedom and free enterprise within the limits of the common good, and Article 38, which protects the right of free association. Ley 1258 de 2008 was enacted to modernise Colombian corporate law, drawing on international models including the French Société par Actions Simplifiée and the Delaware LLC, and has become the overwhelmingly preferred vehicle for new business formation — Supersociedades (Superintendencia de Sociedades) reported that over 98% of new companies registered in Colombia between 2019 and 2024 chose the SAS form.

The SAS offers several distinctive advantages under Colombian law. Shareholders' liability is limited to the amount of their capital contributions under Article 1 of Ley 1258 de 2008, with corporate veil piercing (desestimación de la personalidad jurídica) available only in cases of fraud or abuse under Article 42. A SAS may have a single shareholder (accionista único) or multiple shareholders with no maximum limit. The entity requires no minimum capital — the authorised capital (capital autorizado), subscribed capital (capital suscrito), and paid-in capital (capital pagado) are determined freely by the founders, with the sole requirement that at least one share be subscribed and paid at incorporation. Shares need not have a fixed par value and may be of different classes (ordinary, privileged, with preferential dividends, with restricted voting rights) under Article 10.

Registration of the SAS is completed at the Cámara de Comercio corresponding to the company's principal domicile. The Cámara de Comercio system operates under the supervision of the Superintendencia de Industria y Comercio (SIC) and maintains the Registro Único Empresarial y Social (RUES), the national unified business registry accessible at rues.com.co. Upon registration, the Cámara de Comercio issues a Certificado de Existencia y Representación Legal confirming the company's legal personality, NIT pre-assignment, and the identity and powers of the representante legal.

After Cámara de Comercio registration, the SAS must complete RUT (Registro Único Tributario) registration with the DIAN (Dirección de Impuestos y Aduanas Nacionales) to obtain the definitive NIT (Número de Identificación Tributaria) — the primary fiscal identifier for all tax obligations including impuesto de renta (income tax at 35% for 2025), IVA (19% general rate), retención en la fuente (withholding tax), and the gravamen a los movimientos financieros (GMF 4x1000). The SAS must also open a corporate bank account, which requires the Certificado de Existencia y Representación Legal, RUT, and cédula of the representante legal.

Governance of the SAS is highly flexible under Ley 1258 de 2008. The only mandatory organ is the asamblea de accionistas (shareholders' assembly) and the representante legal. A junta directiva (board of directors) is optional under Article 25. A revisor fiscal (statutory auditor) is required only when the SAS exceeds the thresholds established in Ley 43 de 1990: total assets exceeding 5,000 SMLMV or gross income exceeding 3,000 SMLMV. Single-member SAS may designate the sole shareholder as representante legal. The representante legal has broad powers to bind the company unless the bylaws establish specific limitations registered with the Cámara de Comercio.

Supersociedades exercises supervision over SAS companies that meet certain size thresholds (assets or income exceeding 30,000 SMLMV) and administers insolvency proceedings under Ley 1116 de 2006. All SAS must file annual financial statements and renew the matrícula mercantil before 31 March each year — failure to renew for two consecutive years creates a presumption of dissolution under Código de Comercio Article 33.

A SAS Incorporation Document Colombia is needed whenever an entrepreneur, group of investors, or foreign entity seeks to establish a legal business presence in Colombia with limited liability protection. Ley 1258 de 2008 created the SAS as the default vehicle for business formation, and Supersociedades statistics confirm that the SAS accounts for over 98% of all new company registrations — making it the starting point for virtually every new business in Colombia.

The document is required when a single entrepreneur (persona natural) wishes to create a one-person company with full limited liability protection. Before Ley 1258 de 2008, sole proprietors had limited options: the Empresa Unipersonal (EU) under Ley 222 de 1995 Article 71 provided some liability protection but with significant governance restrictions. The single-member SAS has effectively replaced the EU as the preferred structure for solo entrepreneurs, freelancers establishing formal businesses, and professionals seeking to separate personal and business assets.

A SAS Incorporation Document is needed when foreign investors seek to establish a Colombian subsidiary. Under Decreto 2080 de 2000 (the foreign investment regime) and Ley 1258 de 2008, foreign natural persons and legal entities may incorporate a SAS directly without a local partner. The SAS structure is preferred by foreign investors due to its governance flexibility, absence of minimum capital requirements, and simplified formation process compared to the branch of a foreign company (sucursal de sociedad extranjera under Código de Comercio Articles 471 through 497) which requires an escritura pública.

The document is needed when startups seek venture capital or angel investment. The SAS allows multiple share classes under Article 10 of Ley 1258 de 2008 — founders can create ordinary shares, privileged shares with enhanced voting rights, and shares with preferential dividends, facilitating complex cap table structures common in startup financing. Ley 2069 de 2020 (Ley de Emprendimiento) further strengthened the SAS framework for startups by streamlining incorporation procedures and promoting digital registration.

A SAS formation is required when professionals in regulated fields — abogados, contadores, médicos, ingenieros — wish to practise through a corporate vehicle rather than as a sociedad civil (CC Articles 2079 through 2141). The SAS offers tax advantages and liability protection not available through civil partnerships.

The document is required before the company can hire employees (requiring EPS, AFP, ARL, and CCF registration under Ley 100 de 1993), issue electronic invoices (factura electrónica through DIAN under Decreto 358 de 2020), enter into commercial contracts, open bank accounts, or participate in public procurement processes under Ley 80 de 1993.

A valid SAS Incorporation Document Colombia under Ley 1258 de 2008 Article 5 must contain the following mandatory elements to be accepted for registration by the Cámara de Comercio and to establish the company's legal personality.

Founder Identification: Full legal name and identification document of each founder — cédula de ciudadanía for Colombian nationals, cédula de extranjería for foreign residents, or passport number for non-resident foreign persons. For legal entity founders: company name, NIT, jurisdiction of incorporation, and identification of the legal representative authorised to act. Article 5 numeral 1 of Ley 1258 de 2008 requires the name and identification of the subscribing shareholders (accionistas suscriptores).

Company Name (Razón Social): The company name followed by the designation "S.A.S." or the words "Sociedad por Acciones Simplificada" under Article 5 numeral 2. The Cámara de Comercio will reject names identical or confusingly similar to existing registered entities in the RUES database. Trade name (nombre comercial) and establishment name (nombre del establecimiento de comercio) may differ from the razón social.

Principal Domicile: The municipality where the SAS will have its principal domicile under Article 5 numeral 3 — this determines the competent Cámara de Comercio for registration, the applicable ICA (Impuesto de Industria y Comercio) municipal tax, and the jurisdictional competence for commercial disputes.

Corporate Purpose (Objeto Social): Article 5 numeral 5 of Ley 1258 de 2008 permits the SAS to have an indeterminate corporate purpose — the bylaws may simply state that the company may engage in "any lawful commercial or civil activity" (cualquier actividad lícita, civil o comercial). This eliminates the ultra vires doctrine that restricts SA and SRL companies to activities enumerated in their bylaws under Código de Comercio Article 99.

Duration: The SAS may have an indefinite duration under Article 5 numeral 4 — unlike SA and SRL companies which traditionally require a fixed term. Indefinite duration eliminates the need for periodic bylaws amendments to extend the company's life.

Capital Structure: Article 5 numeral 6 requires specification of authorised capital (capital autorizado — maximum shares the company may issue), subscribed capital (capital suscrito — shares actually subscribed by shareholders), and paid-in capital (capital pagado — amount actually paid). At least one share must be subscribed and paid at incorporation. Subscribed but unpaid capital must be paid within two years of subscription under Article 9. The document must state the number and class of shares, par value (if any), and any restrictions on share transfer (derecho de preferencia).

Governance Structure: Designation of the representante legal with full name, cédula number, and scope of authority. The representante legal is the only mandatory officer under Ley 1258 de 2008 Article 25. If a junta directiva (board of directors) is established, the number of members and election procedure must be specified. The revisor fiscal requirement is triggered only when the company exceeds the thresholds of Ley 43 de 1990 (Parágrafo 2 of Article 28, Ley 1258).

Shareholders' Assembly Rules: Quorum and voting requirements for the asamblea de accionistas. Under Article 22, the quorum is one or more shareholders representing at least half of the subscribed shares, and decisions are adopted by simple majority of shares present — unless the bylaws establish higher thresholds for specific matters. Unanimous consent of all shareholders is required for modifications that impose restrictions on share transfer or reduce economic rights under Article 41.

Forms-legal.com provides this SAS Incorporation Document Colombia template as a practical starting point for business formation. Every incorporation document should be reviewed by an abogado comercialista or abogado empresarial to confirm compliance with the specific requirements of the Cámara de Comercio, DIAN registration procedures, and any sector-specific regulations (such as SFC authorization for financial activities or MinCIT licensing for tourism operations). The Cámara de Comercio may reject documents that do not meet the formal requirements of Ley 1258 de 2008 Article 5.