Assembly discusses partial veto on youth entrepreneurship bill
30 septiembre 2021

ECUADOR

On September 20, the plenary of the National Assembly analyzed the partial veto of the bill to reform the Entrepreneurship and Innovation Law for the implementation of youth entrepreneurship. The plenary approved the observations presented regarding the registration of crowdfunding platforms in the category of equity investment or loans. The Executive Branch suggested that they should be public and under the control of the Superintendency of Companies, which will be in charge of issuing the necessary regulations for such registration. Now, the regulation will be sent to the Official Registry for its publication, which is expected to occur in the next few days.

During the debate, Assemblywoman Dallyana Passailaigue ( Partido Social Cristiano – opposition) showed her support for the proposal and indicated that in the country citizens undertake entrepreneurship due to scarcity in the labor market, lack of income or to pursue a social purpose. In turn, Cristian Yucailla (Pachakutik – opposition) pointed out that the reform facilitates the promotion and development of entrepreneurship and innovation in young people.

On the other hand, Luis Almeida (Partido Social Cristiano – opposition) explained that the law allows solving the intention of giving job opportunities to young people. He also stated that the Executive Branch will have to implement a fund for the development of youth work. Meanwhile, Mario Ruiz (Pachakutik – opposition) pointed out that the current legislation does not provide the necessary conditions for young people to have access to credits in the financial system.

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