SINGAPORE – Small and medium-sized enterprises (SMEs) 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 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 Ministry of Trade and Industry, 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 per cent 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, Ms 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