Support For Entrepreneurial Activity Bill

The Executive Branch filed an initiative to support entrepreneurial activity and entrepreneurial capital development, as well as the creation of a crowdfunding system. Likewise, it foresees the creation of a new corporate type, named Simplified Corporations ("S.A.S" after its Spanish acronym) which stand out for being subject to a more dynamic legal framework and shorter registration terms.

On September 2, 2016, the Executive Branch submitted to the House of Representatives a bill which intends to regulate two main issues: on one hand, support for entrepreneurial activity and, on the other hand, the setting up of a new corporate type: the S.A.S (the "Bill"). Currently, the Bill is under the analysis of the General Legislation, Small and Medium-Sized Enterprises, and Budget and Estate Committees.