Canada    FinTech Guide    Chapter 10    Colombia

10. Accounting
Colombia  Colombia

Although Colombia has recently adopted the International Financial Reporting Standards (IFRS) for accounting and tax purposes, online accounting services industry has not been well developed in Colombia.

Legal Affairs

Online accounting services are not specifically regulated by Colombian Law.

Accountants may share the results of their work with their clients via web.

Colombian Law regulates traditional accounting services. The way how accountants provide such services is regulated by Law 43 of 1990. Individual accountants must be registered with the Junta Central de Contadores to be able to exercise their profession.

For an accounting enterprise to be incorporated, at least 80% of the shareholders must be registered accountants and such activity must be included on its social object. Such enterprises must be registered with the accounting control entity Junta Central de Contadores.

Economic Conditions

There are no official figures. Remote or completely virtual accounting market in Colombia is still unexplored.

Contributing Authors

Parra Rodríguez Abogados S.A.S.

Alvaro Parra Gómez
Bogota, Colombia

Bernardo Rodríguez Ossa
Bogota, Colombia

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Chapter Index:

1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018