Branches of Foreign Companies
There are 3 main duties:
Every branch of a foreign company has the obligation to annually renew his or her Commercial Registration. This renewal must be carried out within the first three months of the year, i.e., no later than March 31, 2023.
2.1 Financial Statements
The Branches of Foreign Companies must deposit a copy of the Financial Statements with the Chamber of Commerce.
This, unless the Branch is under the surveillance or control of the Superintendence of Companies, or if the Branch is under inspection but it was required by the entity to file this information by means of an official order. In these cases, the information must be submitted before the Superintendence of Companies.
2.2 Combined Financial Statements
This duty is for Branches of Foreign Companies obliged to prepare combined Financial Statements (pursuant to the Superintendence of Companies’ regulation) that must also submit financial information before the Superintendence of Companies in the terms of point 2.1. of this document.
The consolidated or combined Financial Statements must be filed before May 31st, 2023.
Whenever a Corporate Control situation arises, or a Business Group of Companies is formed, there is a mandatory registration to be made at the Mercantile Registry, within the following 30 days of its conformation.
Once a Business Group is registered there is no need to register a Corporate Control Situation as well. Any change in a Control Situation or Business Group Situation must be registered within the same term mentioned above.