ECUADOR

On February 18, the National Assembly passed the report presented by the Economic Development Committee on the partial veto of the Executive of the Entrepreneurship bill. The aim of this law is to promote collective financing platforms or crowdfunding, to boost entrepreneurship as the basis for productive development in Ecuador. Now, the Executive must enact the regulations through its publication in the Official Gazette.

The Assembly decided to endorse the wording passed by Congress on January 7 regarding the creation of the National Entrepreneurship Council and also endorsed the original name of the law, the State’s obligations to promote these undertakings and the creation of the National Entrepreneurship Strategy, among others. 

They also decided to pass the Executive’s proposal regarding liquidity for such companies and adopted the wording proposed by President Lenín Moreno on financial instruments, public financial sector credit programs and prior control over the legality of undertakings .

During the session, the Committee’s president, Esteban Albornoz (Alianza País – ruling party), stated that the law is intended to guarantee sources and financing alternatives so that entrepreneurs do not encounter any barriers to investment for the good of the country’s development.