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Global Guarantee for Foreign Trade Operations

  • By Siacomex
  • 29 May, 2024

Consortia and Temporary Unions: Global Guarantee for Foreign Trade Operations

Introduction to Consortia and Temporary Unions

Consortia and temporary unions are associations between two or more companies that join forces to execute a specific project or activity. These legal structures allow companies to share resources, knowledge, and risks, facilitating the execution of large infrastructure projects, construction, and other commercial activities.

Global Guarantee Requirements

To conduct foreign trade operations, whether import, export, or customs transit, consortia and temporary unions must establish a global guarantee in favor of the National Directorate of Taxes and Customs (DIAN). This guarantee must be presented before submitting the corresponding declarations.

Importance of the Global Guarantee:

  • Security and Compliance: The global guarantee ensures that customs obligations will be met, providing additional security to DIAN regarding the operations carried out by these associations.
  • Coverage of Obligations: Covers any liability arising from foreign trade operations, including possible sanctions and tax payments.

Amount of the Guarantee:

  • The amount of the guarantee will be equivalent to one percent (1%) of the FOB value of the goods intended for foreign trade operations during the first year of the contract. However, in no case will the value to be secured exceed one hundred thousand (100,000) Tax Value Units (UVT).

Procedure to Establish the Guarantee

  1. Documentation: Companies must submit documentation proving the formation of the consortium or temporary union, as well as authorization to operate in foreign trade activities.
  2. Value of the Guarantee: Determined based on the type and volume of the planned operations.

Benefits of the Global Guarantee

  • Facilitation of Operations: Allows consortia and temporary unions to operate more efficiently and quickly, with a guarantee that supports their operations before DIAN.
  • Risk Reduction: Minimizes the risks associated with customs non-compliance and ensures that tax obligations are met.

Legal Considerations

Establishing a global guarantee is a preventive measure that ensures compliance with customs and tax regulations. According to the customs regime, companies forming a consortium or temporary union must register this guarantee before starting their foreign trade operations.

The constitution of a global guarantee is an essential requirement for consortia and temporary unions to carry out foreign trade operations in Colombia. This mechanism provides security for both DIAN and the companies, ensuring compliance with customs and tax obligations.

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