Bogotá, Colombia, May 8, 2008—Starting
today, it will be easier to establish a business in Bogotá, thanks to a
new Internet portal
that was developed with the support of IFC, a member of the World Bank
Group. This online tool will help improve business registration for national
and foreign entrepreneurs.
The initiative was spearheaded by Confecámaras, which includes all of the
Chambers of Commerce in Colombia and the Chamber of Commerce of Bogota,
with IFC’s support and funding from the Dutch Embassy in Colombia.
The project is part of IFC’s efforts to help simplify regulations and
improve the investment climate in the country and the wider Latin American
In coming weeks, the portal will be introduced in 20 Colombian cities.
It will allow entrepreneurs to complete procedures online to establish
new businesses or register existing ones, helping save them time and money.
The Bogotá Chamber of Commerce will be the portal’s first user.
Entrepreneurs who opt to register offline can complete a form previously
approved by the Chamber of Commerce and submit it through the portal, without
needing certification from a notary. All users can track the status of
their applications as well as review land use regulations free of charge.
The launch of the portal is one of the first objectives to be achieved
by a taskforce working to support new businesses in Colombia. The group
was established by the government
to work on improving key indicators
of the Doing Business report, a joint IFC-World Bank initiative
that measures how regulation affects the investment climate and that offers
guidance for effective reform. The taskforce is led by the National Planning
Department and receives advisory services from IFC.
The government has prioritized simplifying the process for opening a business
in Colombia. Challenges that lie ahead include simplification of the process
for enrollment in the social security system.
IFC, a member of the World Bank Group, fosters sustainable economic growth
in developing countries by financing private sector investment, mobilizing
private capital in local and international financial markets, and providing
advisory and risk mitigation services to businesses and governments. IFC's
vision is that people should have the opportunity to escape poverty and
improve their lives. In FY07, IFC committed $8.2 billion and mobilized
an additional $3.9 billion through syndications and structured finance
for 299 investments in 69 developing countries. IFC also provided advisory
services in 97 countries. For more information, visit www.ifc.org.