Originally from:
Doing Business in Colombia - 2nd Edition - Hardcover
Doing Business in Colombia - 2nd Edition - Electronic
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Chapter 6
Economic Freedom and Private Sector
I. PRINCIPLE OF ECONOMIC FREEDOM
Article 333 of the Political Constitution establishes the principle of
economic freedom and considers the enterprise as the basis for the country’s
economic development.
Specifically, Article 333 states:
Economic activity and private initiative are free within the limits of
public interest.
Nobody shall be entitled to demand for exercise thereof any prior
permits or requirements, without authorization from the law.
Free economic competition is a right which involves responsibilities.
Enterprise as the basis of development is a social function implying
obligations.
The State shall strengthen cooperative organizations and shall
stimulate entrepreneurial development. The State, as provided by
law, shall prevent any obstruction or restriction of economic
freedom and shall avoid or control any abuse of their dominant
position in the national market by persons or companies.
The law shall delimit the scope of economic freedom whenever
public interest, the environment and the cultural heritage of the
Nation so require.
The right to free competition is an essential component of economic
freedom in Colombia and is composed of the following factors:
• The need for market agents to have freedom of economic activity
with those exceptions and limitations that the government—by
means of law, imposes over certain activities;
• The freedom of competing agents to offer—within the boundaries
of the law—those commercial conditions and advantages they deem
suitable; and
• The freedom of consumers or users to acquire from any of the
offering agents those goods or services they require.
About the Firm:
Cavelier Abogados, a Colombian law firm established in 1953 that combines experience and innovation and stands out as a leading advisor in Latin America in several fields of the law. Using the most modern legal infrastructure and technology, the firm offers clients a strategic partnership for business development with legal services in Colombia and overseas countries. The strength of Cavelier Abogados lies in its Intellectual Property Law and Business Law areas, but the firm is also strong in Corporate Law, Financial Law, Foreign Investment Law, Tax Law and Mining and Hydrocarbons Law. Besides occupying prominent places in the top rankings of law publishers, the firm employs several university professors and authors of books on the practice areas of the firm. Cavelier Abogados also has a network of 469 correspondents in 143 countries. It was also one of the first Colombian law firms to have its own Code of Ethics, which contains higher standards of conduct compared to local legislation. The firm uses a multidisciplinary approach to find creative, prudent and value generating business solutions that optimize clients' return on investment while minimizing risks.
Contributors Include:
Natalia Tobón-Franco; lawyer from Universidad de los Andes (Bogota, Colombia); L.L.M. in Intellectual Property Law from Franklin Pierce Law Center (New Hampshire, U.S.A.); professor and author of several books and articles on Copyright Law, Freedom of Speech and Entertainment Law; associate at Cavelier Abogados.
Eduardo Varela-Pezzano; lawyer and specialist in Intellectual Property Law from Universidad del Rosario (Bogota, Colombia); L.L.M. candidate on Technology & Intellectual Property Law from the University of Liverpool (Liverpool, U.K.); Intellectual Property Law professor at Universidad del Rosario and author of several books and articles on Freedom of Speech, Patent, Trademark, Copyright and Entertainment Law; associate at Cavelier Abogados.
