By issuing the Decree 2046 of 2019, the national government lays down rules for Collective Interest Societies (BIC), complying with the provisions contained in Law 1901 of 2018. The latter grants companies the status or BIC seal as long as they adopt good practices in human rights, environment and respect for workers' rights. With this, Colombia becomes the first country in Latin America legally recognizing and protecting BIC companies.
The regulation contains special provisions such as incentives related to: (i) preferential portfolio of services associated to industrial property; (ii) preferential access to lines of credit; and (iii) special tax treatment of profits distributed through shareholding to workers.
In the environmental field, companies must carry out annual audits, training on internal environmental policies and on the efficient use of energy, water and waste, among others.