CO-M1059 : Development of a Business Formalization Program in Colombia

The objective of the project is to help increase local economic development and competitiveness of Colombian regions, by supporting the formalization of informal business units and strengthening the micro and small businesses that become formal. The purpose is to support the design and implementation of an integral and replicable model of business formalization and development, that can be adapted to the needs of micro and small businesses by having different modules. Central to the project are reforms that promote the mainstreaming of micro-businesses that are currently in the informal sector, by simplifying sector-specific procedures, overcoming bottlenecks to doing business and providing advice and guidance during the process of formalization.