What laws must a company comply with in Colombia?

You can start creating a business in Colombia today! For that, you must take some aspects into account such as having an idea for your venture, having a market study, gathering the raw material, choosing the workers, among others. However, do not forget about the legal part.

Laws that you must consider when forming your company in Colombia.

Complying with the laws that are required to create an organization is a fundamental part that you must consider. To do this, you need to know that the Colombian Political Constitution, in Title XII of the Economic Regime and Public Finance, article 333 establishes: “The company, as the basis of development, has a social function that implies obligations.” In this sense, there are several main laws that we highlight below:

• The MIPYME law.
• The law to promote the culture of entrepreneurship.
• The science and technology law.
• The law for the rationalization of public spending.

These standards are made to ensure that both a new and established company have benefits and also comply with its obligations. Therefore, you must know in detail what is established in them and thus you can even avoid legal problems.

1. MIPYME Law

It is the law 590 of July 10, 2000, which was created to promote your newly formed company in Colombia and that you have an institutional environment with the best conditions.

This standard applies to micro, small and medium-sized enterprises, meanwhile the promotion strategy consists of eliminating restrictions on access to financing at lower costs and the implementation of comprehensive support instruments.

Another issue it deals with is access to financial markets in order to remove the barriers that prevent MSMEs from entering it.

As you can see, the two main points of this measure are the formation of a new company and the participation of institutions that strengthen MIPYME.

2. Law to promote the culture of entrepreneurship

It is Law 1014 of 2006, which has as its subject: “Promote the entrepreneurial spirit in all educational establishments of the country.” In other words, it highlights the impulse to link the education system with the productive system in order to increase the country’s economy.

To ensure compliance with this law abroad, there will be a Regional Network for entrepreneurship that will be made up of different institutions. Therefore, entrepreneurship studies will be supported by gaining knowledge about the level of creation of small businesses.

3. Science and technology law

It is the law 29 of 1990, which regulates the measures for the incentive of scientific research, if you have a business based on innovation and technological development.

In addition, it provides the setting within which the State can unite with individuals in scientific and technological research projects. It is worth mentioning that this law is developed by decree 393 that dictates the action measures. Also, by the 591 that adjusts the contracts produced by the associations and the 585 that creates the National Council of Science and Technology.

4. Law for the rationalization of public spending

This is Law 344 of 1996, which indicates the rules for your company regarding the rationalization of public spending. Likewise, it constitutes a promotion for the creation of the business and includes article 36 that allows to form the Emprender Fund.

These are the most important laws for the creation of your company, which aim to publicize and provide more benefits to your business or venture. If you need more advice in this regard, do not hesitate to go to the professionals.