Analysis of The Regulatory Framework for BICs in Europe and Latin America: Differences, Similarities, Challenges and Opportunities

Abstract

This article analyzes the regulatory framework for Benefit and Collective Interest Societies (BICs) in Europe and Latin America, highlighting their differences, similarities, challenges, and opportunities. Using a qualitative-documentary approach, it explores how BICs represent an evolution of the traditional business model by integrating social and environmental goals alongside economic ones. In Europe, countries such as Italy, France, and the UK have established solid legal frameworks, while Colombia leads regulation in Latin America with Law 1901 of 2018. Despite this, both regions face regulatory, financial, cultural, and operational barriers, including a lack of tax incentives and limited business awareness. Nevertheless, there is notable growth in the B Corps, especially in Europe. In Colombia, BICs have had positive effects by promoting decent employment and sustainable development, although regulatory gaps remain. The study concludes that consolidating BICs requires clear legal frameworks, incentives, strategic alliances, and a cultural shift toward a business vision focused on the common good.