A new inter-ministerial committee has been established in Singapore to review and make business regulations more efficient, particularly for small and medium-sized enterprises (SMEs). Chaired by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, the Pro-Enterprise Rules Review Committee, set up in April 2024, will focus on reducing business costs and streamlining processes when businesses transact with the government.

Transport Minister Chee Hong Tat highlighted the importance of addressing SMEs’ concerns over rising costs and cumbersome regulatory processes. He emphasized that the committee will actively engage with businesses and trade associations to gather feedback and find ways to simplify regulations.

As an example of ongoing efforts, Minister Chee mentioned recent initiatives to cut drone licensing fees for light show operators by shifting from a per-drone to a per-show fee structure.

In addition, the Alliance for Action (AfA) on Business Competitiveness, launched in February 2024, continues its work to help local businesses remain competitive. The AfA focuses on manpower, land, and regulations, and will submit a list of recommendations to the government by the end of 2024.

Minister Chee reassured that the committee’s work would complement existing efforts like the AfA, aiming to further enhance Singapore’s business-friendly environment.