efe-epaBuenos Aires

President Mauricio Macri said Thursday that a new entrepreneurship law passed by the Senate ends the excessive requirements that made it difficult to start companies in Argentina and opens opportunities.

"We are calling on big companies around the world to come and invest in Argentina, but we also know that more than half of new jobs are created by small businesses," Macri said during a visit to the Guapaletas artisan ice cream plant in Malvinas Argentinas, a city on the outskirts of Buenos Aires.

The Senate voted unanimously Wednesday to approve legislation supporting entrepreneurial activity, aiming to create 47,000 jobs and ease the bureaucratic burden small-business owners must shoulder.

"When we have someone willing to risk whatever small capital they have, spend the time and effort to start up a small business like this (Guapaletas), and then on top of that the government puts up more and more obstacles," Macri said.

The new legislation replaces the old application, approval and financing procedures for ventures that could take a year and had to be navigated by entrepreneurs like the owners of Guapaletas.

The law creates a 24-hour online registration process for start-ups and introduces zero-interest loans for new ventures and long-term, low interest loans for businesses seeking to expand.

"This is about democratizing opportunity so there is no longer a hurdles race," Macri said.