Chilean Congress Approves Bill to Expedite Opening a Business

Chilean Scene

Chilean Minister of Economy - Juan Andrés Fontaine

Today, as initiated by the Ministry of Economy, the Chilean Congress approved a legal project that seeks to agilize the process of starting a company within Chile.  Once formally passed, the timeline of creating a company will be reduced from 27 days to 16 which will, as anticipated by the Ministry, further boost entrepreneurship in Chile– one of the main goals of the administration.

Along with lowering the amount of time and processes required, Chilean Minister of Economy Juan Andres Fontaine purports that this initiative will help to further push the Chilean GDP to 6.0% in 2011.  As another benefit, once an entrepreneur presents all required and adequately completed papers, they will be able to obtain registration certificates immediately.  Areas such as the Chilean IRS will be streamlined to more quickly assist the entrepreneur in their company’s opening.  According to La Nación, the cost of creating a business will thus be decreased by nearly 30%.

Minister Fontaine, in addition, states: “this is a key project that will impulse the increase of new businesses.  It is only the first step in the battle against cumbersome processes that we are taking on as a government.”