In the context of an increasingly complex business environment and increasing burdens on enterprises, the government has established a new interdepartmental committee to review pro-business regulations to explore how to simplify cross-departmental regulatory procedures and save time and costs for enterprises.
Gan Kim Yong leads new interdepartmental committee
The committee is led by Deputy Prime Minister and Minister of Trade and Industry Gan Kim Yong and includes Law Minister Shanmugam, Manpower Minister Tan Shilong, National Development Minister Lee Chi Seng, Transport Minister Chee Hong Tat, and Senior Minister of State for Trade and Industry Liew Yin Ling.
Xu Fangda announced the news in a joint interview with the media before attending the Alliance for Action on Business Competitiveness meeting on Friday (May 24).
He said that the purpose of establishing the committee is to involve different business groups to understand their feedback, pain points and concerns about government rules, regulations and processes, and then through internal government discussions to see how to do better. "I also encourage all government agencies to review their regulatory procedures to improve Singapore's business environment."
Regarding the cost challenges commonly faced by small and medium-sized enterprises, Xu Fangda said that the government will help small and medium-sized enterprises reduce transaction costs and regulatory costs, especially when applying for licenses or conceiving new businesses.
Taking the drone light show company as an example, he said that according to current regulations, in order to complete a show consisting of 1,000 drones, each drone must spend 25 yuan to apply for a license, and a sticker will be posted after approval. on the label.
However, in the future, the government will no longer regulate individual drones, but entire performances. This will save the process of labeling each drone, and the license fee will be reduced from 25,000 yuan to a few hundred yuan.