International Exchanges

Operational Service

Comprehensive advice on foreign exchange operations, structuring of international investments and compliance with the obligations of the Colombian foreign exchange regime before the Central Bank and the DIAN.

Six Foreign Exchange Obligations:

Each component of the International Foreign Exchange service corresponds to a specific legal obligation. Managing them incorrectly or outside of the established deadlines results in foreign exchange violations. Intradecon manages them all.

1. International Transfers and Receipt of Foreign Currency: We manage international transfers for import payments and the receipt of foreign currency for exports, commissions, and other services that can be channeled through the Foreign Exchange Market Intermediary (IMC). Each transfer must be properly documented with the corresponding foreign exchange declaration, linked to the import or export customs declaration, and registered in the Central Bank's systems within the established deadlines.

2. Advance Transfers and Their Legalization: Advance transfers are payments made abroad before the merchandise arrives in the national territory or the services are rendered. Their management requires special precision: they must be legalized within the established timeframe once the import is completed or the service is provided, linking the initial payment to the corresponding customs declaration or service contract. We manage both the advance payment and its subsequent legalization to correctly close the foreign exchange cycle with the Central Bank of Colombia (Banco de la República).

3. Foreign Exchange Declarations for Imports and Exports: We prepare the Central Bank of Colombia foreign exchange declarations for all import payments and export receipts. These forms are sworn documents that record the amount, characteristics, and conditions of each foreign exchange transaction, including the exchange code that identifies the type of transaction and the customs declaration to which it is linked. An incorrect declaration or one with incorrect exchange codes constitutes a foreign exchange violation.

4. Foreign Exchange Declarations for Compensation Accounts: Compensation accounts are bank accounts abroad in the name of Colombian residents, used to channel foreign exchange transactions without going through a local Intermediary Institution (IMC). To create and maintain these accounts, specific foreign exchange declarations from the Central Bank of Colombia (Banco de la República) are required. We prepare the initial declarations for account registration, manage the declarations for account creation and maintenance transactions with the corresponding foreign exchange codes, and ensure compliance with all formalities of the Foreign Exchange Information System (SIC).

5. Monthly Report to the Central Bank of Colombia on Compensation Accounts: Compensation account holders are required to submit Form No. 10, "Compensation Account Transaction Report," to the Central Bank of Colombia monthly, reporting all transactions from the immediately preceding month. This obligation applies even if there were no transactions in the account during the month. If the report is not submitted for twelve consecutive months, the Central Bank of Colombia will automatically close the account. We prepare and submit this report within the legally established timeframe.

6. Quarterly Report to the DIAN on Compensation Accounts: In addition to the monthly report to the Central Bank of Colombia (Banco de la República), compensation account holders must submit quarterly foreign exchange information to the DIAN using forms 1059, 1060, 1061, 1062, 1066, and 1067, depending on the type of transactions carried out. This obligation applies even when there are no transactions; in that case, Form 1070, "Report of Absence of Reportable Transactions," must be submitted. Deadlines are calculated based on the last digit of the account holder's Tax Identification Number (NIT). We manage these reports with technical precision and within the DIAN's deadlines.

Risks your company may face by not having specialized advice:

1. Failure to channel mandatory transactions: Not processing import or export payments through the IMC (Import and Export Compensation Account) or the compensation account generates a fine equivalent to 100% of the value of the unchanneled transaction. The DIAN (Colombian Tax and Customs Authority) has 3 years to initiate an investigation and 5 years to impose sanctions from the date the infraction occurs.

2. Advance payment without proper documentation: An advance payment to a supplier that is not properly documented within the established timeframe constitutes a foreign exchange violation. Non-compliance can result in severe penalties, even if the payment was commercially legitimate.

3. Foreign exchange declaration with incorrect code: Using an incorrect foreign exchange code when filing the foreign exchange declaration is equivalent to an incorrect declaration to the Central Bank of Colombia (Banco de la República). This can lead to forced correction processes and, in serious cases, administrative sanctions.

4. Failure to submit the monthly report to the Central Bank of Colombia (Banrep): Not submitting Form No. 10 monthly, even if there were no transactions, may result in the automatic cancellation of the compensation account registration and foreign exchange investigations by the Central Bank.

5. Delay in quarterly report to the Colombian Tax and Customs Authority (DIAN): Submitting the quarterly compensation account report outside the schedule established by the DIAN based on the Tax Identification Number (NIT) will result in graduated penalties. Repeated omissions may lead to investigations for foreign exchange violations.

6. Inconsistency between customs and foreign exchange declarations: The foreign exchange declaration must be consistent with the values in the import or export customs declaration. Discrepancies may lead to cross-referencing of information between the DIAN and the Central Bank, with consequences for both systems.

"The foreign exchange regulations are not open to interpretation. We have a specialized team to manage each of your company's foreign exchange obligations with technical precision and within legal deadlines. Because an error in the foreign exchange declaration can cost you more than the entire transaction." Certified B Corporation™