Government announces three measures to assist business, reduce bureaucracy

The government has announced three measures aimed to help business and reduce bureaucracy.

The measures were announced during a meeting Economy Minister Silvio Schembri had with the Enterprise Consultative Council.

One of the problems faced by businessmen, Schembri said, was access to their bank account. Schembri said that as individuals hace a right for a basic account, this will be extended to the self-employed and businesses, in conformity with the European regulations on financial supervision.

A Credit Review Office will be established to act as a mediator between commercial banks and their clients on applications for loans that are refused by the bank, Schembri said.

He said the government was aware that some of its entities required a due diligence process on businesses, and the intention is for this information to be collected once and be available to all entities.

A steering committee that will include the FIAU, the Central Bank, the MFSA, the Malta Business Registry, and the permanent secretaries of the Finance Ministry and Economy Ministry will be set up in this regard.

The committee’s first target is to work on legislative amendments and later on the implementation of the new system.