Laos streamlines business registration
Laos streamlines business registration
Private enterprise registration has become easier, faster and less expensive, Minister of Industry and Commerce Ms Khemmani Pholsena reported at last week's National Assembly debate session.
Previously, it cost 100,000-200,000 kip to register a private business, but the current fee is only 50,000-150,000 kip depending on the type of business, she noted.
The time taken for registration has also been reduced from 50-60 days to 3-10 days and authorities at provincial and district level are now able to approve operations.
This shows Laos has taken steps to improve the situation and the management of commercial and business operations has become more streamlined.
Out of the 193 countries in the world, Laos was this year rated 148th in terms of business investment and operation facilitation after having been rated 155th the previous year.
To further improve the industry and commerce sector so that it can maintain its 30 percent contribution to GDP, the ministry will try to supply consultancy services for business development, Ms Khemmani said.
The ministry will also work to improve product quality, and improve standards of production and service to satisfy customer demand.
The ministry will also provide support for SMEs so they can get easier access to the services provided by financial institutions, access more markets, and grow their operations.
SMEs are important for socio-economic development and vital for driving the national economy, especially in terms of production, services and trading.
SMEs create jobs and generate income to improve people's living conditions, she said.
SME development promotes creativity, domestic production and opportunities for adding value to products.
The Small and Medium Enterprise Development and Promotion Fund next year plans to supply 112 billion kip in credit for SME development around Laos.
The government will contribute 16 billion kip while the fund will issue a 96 billion kip line of credit to commercial banks for SME loans, according to the Department of SME Promotion.
The ministry will also promote the products of local producers who shift from farming to commerce by offering training and providing new technology and modern operating methods.
Laos will become part of the Asean Economic Community next year so every business needs to develop its operations and products to match international standards.
