Photo via Norte Grande.

President Mauricio Macri yesterday announced a plan called Argentina Emprende (“Argentina Undertakes”) that will allow new companies to be set up within 24 hours as well as simplify the whole legal process behind launching a business.

“We understand that the purpose of governing is to make citizens’ lives easier, [making] it possible to do the tramite [legal paperwork] from home. The government recognizes the value of each citizen’s time,” said Macri.

The plan is comprised of two bills: The Entrepreneur Bill and the Collective Benefits and Interests Bill. They will be sent to Congress within the next week.

“[The idea is to] go beyond stimulation, not conforming to simplifying but to sharing efforts, which is why we are launching a set of [legislative] tools that will haul us out of our position as the 157th worst country, over 189, to create a business in. There’s a huge entrepreneurial spirit in this country, we have to take advantage of it […] to maximize it,” he continued.

Argentina ranks 157 out of 189 countries regarding company creation according to the Doing Business report by the World Bank, which classifies countries according to how easy it is to do business. The latest report, from which the number was culled, was published in June 2015. Company creation is one of the categories and Argentina ranks 121 overall.

The head of Public Policy for the Argentine Entrepreneurs Association (ASEA), Manuel Tanoira, told Infobae that the Entrepreneur Law would “eliminate bureaucratic barriers when it comes to investing and [create] incentives for innovation in Latin America. If the opposition supports the [bill] and it becomes law, ir would be very modern legislation for the region regarding startups.”

This new legislation would complement a bill approved by the Senate last month focused on boosting economic activity for small- and medium-sized businesses (PYMEs). The initiative implements different measures meant to make PYMEs’ lives easier, including slashing a tax called “presumed minimum profit” (the State taxes PYMEs a standard amount of money presuming they all make at least a certain profit).

Anyone who has ever attempted to establish a new company or enterprise in Argentina will know that bureaucratic processes and hoop jumping can be both time consuming and costly. Between that and the government’s continual search to bring in more investment, the bill could potentially reap enough support to be passed. However, it has yet to be presented and evaluated in Congress, so we’ll have to see the actual legislation before drawing conclusions.