The Economic Development Committee met on October 16 to continue its study of the Entrepreneurship and Innovation bill which aims to promote collective financing platforms, otherwise known as crowdfunding. During the session committee chairman Esteban Albornoz (ruling party), stressed the need to promote new financial development tools. The committee will be finalizing its analysis of the proposed amendments to the bill next week and aims to begin the second debate shortly.
Some legislators have included among the proposals the request for greater technical and financial assistance from the State to fund technology-based ventures, and policy instruments to promote microcredit. They also brought up the possibility of unifying this initiative with the bill on Efficiency of Procedures to simplify corporate constitution and development.
Some of the observations under study refer to the Internal Revenue Service (SRI, for its acronym in Spanish). Although the initiative proposes putting the SRI in charge of creating and controlling a National Companies’ Register, the agency answered that it lacks the faculties required to carry out this control.