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Colombia is implementing the Single Ultimate Beneficial Owners Registry

On 27 December 2021, DIAN, the Colombian Tax Authority, issued Resolution No. 164 implementing the Single Ultimate Beneficial Owners Registry (Spanish acronym – RUB), criteria for identification of ultimate beneficial owners, and reporting procedures.

The RUB becomes an integral part of Unified Tax Registry (RUT), which will serve as a tool for reporting beneficial ownership information as required by Colombian Tax Code. Affected legal entities will have to update RUT by adding obligation number 55 and further submit UBO information to DIAN in a prescribed digital format.

Companies incorporated before 15 January 2022 have to complete UBO registration by 30 September 2022. UBO information of companies incorporated as of 15 January 2022 will have to be reported within two months from the registration before tax authorities.