Revive your dreams to undertake with this law

Posted on 18/08/2020

The Entrepreneurship Law would allow the creation of an ecosystem that supports the growth of collective and individual enterprises, with the purpose of generating formalization and progress in productivity improvements.


This project is moving in a unique time: the pandemic. A scenario where it is sought to maximize the economic reactivation. Furthermore, this initiative is aimed at entrepreneurs with businesses of ‘all sizes’.


The Ministry of Commerce, Industry and Tourism of Colombia presented the project through iNNpulsa.


With this bill "we seek to provide a modern regulatory framework that facilitates the birth of new ventures and companies, that helps them grow and encourage the creation of new jobs," iNNpulsa said in a statement.


Currently, the bill is already in place, but it will still have to face other legislative discussions.


The points that the Entrepreneurship Law seeks to cover are:

● Reduce burdens for entrepreneurs and generate gradualism for smaller-scale companies.

● Expand market access opportunities through public purchases.

● Diversify and expand financing schemes for all types of entrepreneurship.

● Strengthen and articulate the institutional framework for entrepreneurship, innovation and business development.

● Improve the skills of entrepreneurs through actions in education.


On the other hand, and to achieve what is proposed, five axes will be addressed: the formalization of the undertakings; financing and investment facilities; fair competition in the public procurement market; organization and articulation of the different government programs.


“Through this Law we propose that the enterprises do not have to pay for registration with INVIMA. This with the aim of alleviating costs and facilitating their formalization, saving them between 2 and 8 million pesos in this process, ”the Colombian agency specified.


Likewise, entrepreneurs would benefit from access to microcredits and alternative sources of capital to traditional banking such as 'factoring' (purchase of invoices), 'crowdfunding' and private equity fund investments and more.


Finally, the law has an educational component where it is expected that, hand in hand with higher education entities and SENA, entrepreneurship educational programs will be promoted.


Learn about the complete project here.



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