Entrepreneurship programs promote business formalization in Ecuador and Mexico

Efforts to support small business formalization are underway in Guayaquil, Ecuador, and Quintana Roo, Mexico, to help entrepreneurs transition from informal ideas to legally compliant companies.

In Guayaquil, the municipal agency ÉPICO is providing guidance on tax procedures, brand registration, and technical requirements. This initiative aims to address a low formalization rate, where only 1 in 100 entrepreneurs in the city currently operates formally. Through partnerships with the Guayaquil Chamber of Commerce and the Escuela de los Chefs, the program offers training and legal advice to help businesses access international markets and formal commercial channels.

In Quintana Roo, Mexico, the National Youth Council (Conajo Mx) is working to provide similar advisory services to young entrepreneurs. The organization emphasizes that formalization contributes to local economic development and helps businesses utilize tools like the ‘Hecho en México’ seal to build consumer trust. The council aims to reduce the barriers young creators face when attempting to navigate the complexities of starting a formal enterprise.