At the 2024 National Day Rally, Prime Minister Lawrence Wong highlighted the need to minimize regulatory burdens on businesses to boost innovation and competitiveness. To support this vision and to enable SMEs to stay competitive and tap new business opportunities, the Ministry of Trade and Industry (Singapore) has announced the establishment of a Small and Medium-Sized Enterprises Pro-Enterprise Office (SME PEO) that will be housed within Enterprise Singapore set to launch in Q1 2025.
Announced by Senior Minister of State Low Yen Ling, this initiative aims to streamline government regulations for SMEs, helping them navigate complex rules. Managed by Enterprise Singapore, the SME PEO will serve as a one-stop entity for regulatory feedback, triaging issues and working with government agencies to address them. Key functions include enhancing coordination between agencies, reducing approval times and improving compliance processes.
This office complements other government efforts, addressing systemic regulatory challenges while allowing specific agencies to handle straightforward cases. The goal is to foster a more business-friendly environment, enabling SMEs to thrive amid global competition.
Deputy Prime Minister Gan Kim Yong emphasized the importance of simplifying regulations to support SME growth, while Enterprise Singapore Managing Director Cindy Khoo noted that the PEO will help SMEs navigate evolving regulatory landscapes, particularly in new and complex areas.
With the SME PEO, Singapore is reinforcing its commitment to maintaining a business-friendly ecosystem, helping local enterprises grow and stay competitive.
