ABC of the Entrepreneurship Law for Colombia approved by Congress

After taking the debates in the Third Joint Senate and House Committees, this Friday, December 11, the Entrepreneurship Law was approved, that with five main axes configures the modern, inclusive and necessary regulatory framework for the creation and development of new ventures and companies.

“Without a doubt, the new Law will promote MSMEs and establish a regulatory framework that encourages entrepreneurship and growth, as well as the consolidation and sustainability of micro, small and medium-sized enterprises, with the aim of increasing social welfare and, in effect, generate equity “, said the Minister of Commerce, Industry and Tourism, José Manuel Restrepo.

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Both the law and the Conpes are aimed at all types of enterprises in the country, and aims to connect social policy for income generation, with business development for wealth generation, thus pointing to the reactivation of the virtuous cycle of growth and increases in productivity.

“The law is a fundamental tool within the Commitment to Colombia that the Government of President Iván Duque has acquired with the reactivation of the regions and the different economic sectors. With its approval, a national consensus is achieved that allows entrepreneurship to be consolidated as one of the pillars of reactivation “, said Ignacio Gaitán, president of iNNpulsa Colombia.

The ABC of the Entrepreneurship Law

The National Entrepreneurship Policy addresses its actions in five main areas: entrepreneurial skills and culture, access to and sophistication of financing, networks and commercialization, technology and innovation in entrepreneurship, and institutional architecture.

Axis 1: Differentiated rates and simplification

Guarantee a reduction in rates and measures that facilitate the establishment and operation of companies.

– Modification of INVIMA Rates, with differentiation for SMEs and payment exception for micro-businesses.

– Adjustment in the rate ranges of the departmental registration tax for micro-enterprises.

– Implementation of exploratory regulation mechanism for innovative models (SANDBOX).

– Establish a differentiated accounting system for micro-businesses.

AXIS 2: Public Procurement

Expand markets and promote MSMEs and enterprises by facilitating their access to the public procurement market.

– Inclusion of Mipymes in processes of minimum amount and virtual store of the State.

– Adjustment and inclusion of new tie-breaking criteria in favor of MSMEs, companies led by women and BIC Societies and productive chains.

– Creation of the Public Procurement Information System.

AXIS 3: Financing

Facilitate the achievement of resources and encourage better conditions for entrepreneurs to access financial instruments.

– Modification of the Corporate Purpose of the FNG, to expand its product portfolio and offer guarantees to other sources of financing.

– Financial inclusion of micro-businesses through microcredits.

– Tax incentive to promote donations to the ecosystem through iNNpulsa.

AXIS 4: Institutionality

Update the regulatory framework around the institutional framework for entrepreneurship, which adjusts to the needs of entrepreneurs and strengthens the SNCI and regional ecosystems.

– Unification of public sources of financing for entrepreneurship and business development.

– Articulation of instances of Entrepreneurship and MSMEs to the SNCI.

– Identification of the activities of iNNpulsa Colombia, including productivity and business development issues.

– ICETEX Fund to benefit entrepreneurs who have obtained credits with them.

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AXIS 5: Education and development of skills for entrepreneurship

Facilitate the appropriation of entrepreneurship and entrepreneurial culture in the country through schools and higher education institutions.

– Teaching about entrepreneurship at the levels of basic and secondary and middle education.

– Teacher training programs on entrepreneurship and business development for basic and intermediate levels.

– SENA programs to promote an entrepreneurial mindset in financial, legal and market access issues.

– Inclusion of entrepreneurship and innovation projects as a degree option in higher education.

– Creation of business offices to support entrepreneurs in their business creation.