Minister for Industry, Trade and Tourism, Premila Kumar has announced that from the 1st of next month there will only be two requirements to obtain or renew a Business License and feedback will be given within 48 hours.
The two requirements that people applying for a business license must fulfil is to have a Business Registration Certificate and Tax Identification Number.
People previously had to fulfil eight requirements in order to apply for a Business License while the process took five days.
Kumar says the previous requirements are not necessary as they have already been met when a business has been registered and for verification, Municipal Councils can refer to the Business Registration Certificate.
Kumar says businesses will now also be able to renew their license for up to three years with the required fees being paid.
She adds, however, businesses need to notify the relevant agencies if within their license period there is a change such as a change in the legal structure, the physical structure of premises or change in the number of employees.
The Minister further states there is also no need to obtain annual OHS and National Fire Authority certification if there are no changes made to the structure, number of employees or legal structure of the business.
She adds all low-risk businesses such as retail will be able to start their operations immediately and will be given six months to meet all requirements.
She says all high-risk businesses such as food or hazardous chemical handling will be issued a business license with the provision that they cannot commence operations until the respective laws are complied with.
Kumar also revealed that as of the 1st of next month all new businesses with three employees including the owner will be exempted from paying Business License fees for the first year.
She adds all micro-enterprises with up to three employees will be given a 50% discount when renewing the Business Licenses.
She says opportunity will also be given to people to start any type of business from their homes provided all the requirements are met.
The conditions for operating a home-based business include the owner of the business should be residing at the residential property the business operates from, signage for the business should not be bigger than a square meter, the business cannot use mechanical or electrical equipment that creates noise or causes a nuisance for the neighbours, no outdoor storage of material or equipment associated with the business or any display of items outside the house is allowed. Businesses also cannot change the external appearance of the residential property, business must not generate pedestrian or vehicular traffic or parking in excess of what is normal for that neighbourhood and can employ only up to three employees which includes the owner.
The Minister reveals there will be further reforms and improvements in the process for obtaining construction permits and starting a business next year.
