The SME Pro-Enterprise Office will be launched by the first quarter of 2025. — The Straits Times
SINGAPORE: Small and medium enterprises (SMEs) facing drawn out or complicated governmental procedures can approach a new office for help to streamline approval processes and cut red tape.
The SME Pro-Enterprise Office (SME PEO) will gather feedback from SMEs on pain points, especially those involving more than one government agency, and then pass the feedback to relevant agencies to look into possible solutions to alleviate regulatory bottlenecks.
It will also support SMEs in navigating rules and regulations, particularly in emerging areas or issues that cut across multiple agencies.
Individual regulatory agencies will continue to handle issues that are more straightforward and pertinent to only that particular agency.
The SME PEO, which will be run by EnterpriseSG under the auspices of the Trade and Industry Ministry, will be launched by the first quarter of 2025.
Its formation was announced on Sept 23 by Senior Minister of State for Trade and Industry Low Yen Ling. She said: “We need smoother, shorter regulatory processes, as well as lower regulatory barriers.
“This is even more vital with the rapid emergence of new technology and a fast-evolving business environment.”
This will help SMEs better manage their costs, thereby allowing them to channel these savings into innovating and transforming their businesses, she added.
Describing SMEs as the lifeblood of the economy as they employ some 70% of the workforce, she said that the government is committed to supporting SMEs’ growth and transformation.
The new office’s function could be summarised as three Ts: triage, track and treat, Low said.
First, feedback is sorted and prioritised. Next comes the development of a system to measure changes in service standards.
Third, cases that have been resolved are further analysed and monitored to identify whether these amounted to systemic issues.
Ultimately, the centre will enable the government to seek out areas that can benefit from improved regulatory effectiveness, such as better inter-agency coordination, and shortened processing times for regulatory approvals.
EnterpriseSG managing director Cindy Khoo said: “The business operating landscape has evolved over the years and become more complex.
“Through our engagements with SMEs, we understand that a challenge they face is in navigating multiple regulatory requirements, especially in nascent and cross-cutting areas.”
She added: “The SME PEO will be a central coordinating unit to help SMEs address this while also working with other agencies to improve regulatory effectiveness and identify potentially complex issues that may impede industry and enterprise growth.” — The Straits Times/ANN
