Javier Peña Meneses, owner of "Donde Javier", a restaurant, is one of the entrepreneurs who decided to formalize their business. 

"Even though we've had our business for over 15 years, only recently did we decide to formalize it, because we want to grow as entrepreneurs, we want to be socially and legally accountable; to fulfill our obligations as business owners, and because we know that formality is synonymous to legality and it will open up doors for us in many ways, including credits and loans, as well as free enterprise assistance".

Donaldo Montoya Arias, a young entrepreneur who owns a clothing and garments business, believes formalization is part of a process that all tradespeople and entrepreneurs must comply with in order to grow.

"I decided to formalize by business because that way I'll avoid getting penalized, while getting a sound reference to access financial services and expanding my opportunities to grow as an entrepreneur. If you want to grow you need to fulfill your obligations, and this is one of them".

Blanca Rubiela Peña, the owner of a business specializing in the car repairs and maintenance, also chose to formalize her business a year back, because she is convinced this proceeding will vest her business with an image of legitimacy.

"I formalized my business in order to stop operating in anonymity, and start existing legally as a merchant, gaining access to credits and loans". When you are compliant with these types of requirements, the image you project with your clients and banking institutions changes, and new doors open in your path.

Nicolás Giraldo Ramírez, owns and manages a coffee shop in La Esperanza, a residential neighborhood in Bogotá, thinks that one of the main benefits of formalization are the free enterprise training opportunities.

"The guarantees of becoming formalized are: it is easier to get credits and loans, you can get free training and enterprise assistance from the Bogotá Chamber of Commerce and, above all, you can have more channels to help you strengthen your company and grow as business owner".

Delio Roberto Rodríguez Cárdenas, a tradesman dedicated to the distribution and handling of construction materials, hardware articles and glassware products, says that his decision of becoming formalized came from the need to expand his business and generate jobs.

"I'm convinced that when a business is already consolidated and gets formalized, you have greater opportunities to generate jobs, to grow your business, to get financial support and specialized assistance by the Bogotá Chamber of Commerce in order to achieve the goals we have set for ourselves and that sometimes are beyond our reach due to lack of knowledge".

Samuel Sánchez, distributor of plastic products and owner of Bolplásticaz, believes getting formalized is a key step to exist officially as a business and to expand on business opportunities. 

"I had failed to formalize my business before, because I was in the process of setting it up, getting new customers, and was taking an entrepreneurial management course. I chose to formalize my business because I think being legal means you are a part of society, it means you will be taken into account, you will be able to work with large companies and will contribute to the growth of society as a whole".