Once incorporated, the NewCo is responsible for various legal and tax-related obligations, both at the national and municipal stages. Such responsibilities may be due on a yearly or monthly basis, and their administrators are jointly and severally responsible for the fulfillment of these.
- National taxes: the NewCo, even if without operations, is subject to declarations and payment of Income Tax and Value-Added Tax (VAT). Additionally, a withholding tax applies to monies leaving the country (Impuesto a la Salida de Divisas).
- Municipal taxes: the NewCo is subject to a 1.5/1000 tax on its total assets.
- Contributions: the NewCo is responsible for yearly contributions (rather minor) to the Superintendence of Companies, calculated over the company’s capital and assets.
Finally, the NewCo shall be responsible for maintaining, at all times, an accountant’s professional services, legal domicile, and municipal operating permits which include the need to approve, at least, firefighter and environmental inspections on their premises. Further permits may be required depending on the corporate purpose.
Our Firm counts with experts handling all necessary fields related to Corporate Law. Our services cover all company obligations required to keep the company in good standing, such as accounting, bookkeeping, personnel management and regulatory compliance.
