Optimising the Regulatory Environment and Access to Finance

The six strategies adopted to create an environment with agile and facilitative governance and market-friendly regulations and financing are:

 

 

B1: Promote good governance

• Enhance ICT-based procedures for business registration, reporting and monitoring
• Ensure procedures are applied in a uniform manner to avoid corrupt behavior, favouritism and nepotism
• Promote understanding and increase access of information on business procedures, laws and regulation to improve compliance

 

 

B2: Rationalise roles and functions of Entrepreneurship Development Organisations (EDOs)

• Streamline roles and functions of different EDOs for effective and optimum utilisation of resources
• Review various entrepreneurship programmes implemented by different EDOs

 

 

B3: Enhance monitoring and assessment of outcome and impact

• Establish a National Council entrepreneurship to evaluate and monitor result, impact and outcome as well as recommend action and policy enhancement
• Establish entrepreneurship big data and data analytics centre that can generate information on matters pertaining to entrepreneurship, such as programmes implemented, quantity and quality of entrepreneurs, gaps or opportunities, as well
  as existing trends of entrepreneurship activities in the country

 

B4: Enhance and improve regulatory requirement for businesses

• Review and where appropriate, reduce existing regulatory requirement that negatively impact efficiency and ease of doing business
• Formulate facilitative regulations to unlock the economic values of new business sectors, such as air mobility, transportation and healthcare
• Balance regulations and standards with sustainable development objectives
• Lower the administrative overhead of incorporating and managing a business
• Encourage healthy competition by reducing barriers to entry for new business

 

B5: Reduce the bankruptcy stigma

• Introduce intervention programme to mitigate the risk of bankruptcy
• Facilitate re-starts by creating simple process to uplift status of the bankrupt

 

 

B6: Improve access to finance and financial inclusion for entrepreneurs and enterprises

• Provide easy access to alternative source of financing including venture capitals, angels investors and crowdfunding
• Improve access to relevant financial services including collateral-free loan
• Revitalise the role of Development Financial Institutions (DFIs)
• Facilitate access to information about holistic financing ecosystem for different target groups and business life cycle