A new office, the SME Pro-Enterprise Office (SME PEO), will be launched in Singapore by the first quarter of 2025 to help small and medium-sized enterprises (SMEs) streamline approval processes and cut red tape. The office will gather feedback from SMEs on pain points, especially those involving multiple government agencies, and work with relevant agencies to find solutions.
SINGAPORE – Small and medium-sized enterprises facing long-drawn or complicated governmental procedures can soon approach a new office for help to streamline approval processes and cut red tape .
The SME PEO, which will be run by EnterpriseSG under the auspices of the Ministry of Trade and Industry, will be launched by the first quarter of 2025. Describing SMEs as the lifeblood of the economy as they employ some 70 per cent of the workforce, she said that the Government is committed to supporting SMEs’ growth and transformation.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.
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.”As an example of how regulatory processes can be streamlined, Ms Low cited Corenet X, a digital portal soft-launched in December 2023 for the built environment sector.
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