One–stop shops redefine small businesses in SL
As a major effort to enhance the ease of doing business in the country, the government has launched the creation of one- stop shops for micro, small and medium enterprises (MSMEs).
These one stop service centres will assist MSMEs for the registration, administration, providing access to credit, market and other facilities under one roof, Finance Ministry sources said.
A sum of Rs. 150 million has been allocated to set up these centres countrywide this year but it would be ready for business registration only by next year,
"The Confederation of MSME ( C O S M I ) we l c o m e s the Government’s move to set up one stop service centres in collaboration with regional and district chambers and business associations. These centres could play a positive role in improving the country’s economy without depending solely on the public sector for its success,” Founder President, COSMI Nawaz Rajabeen told the Business Times.
It would introduce e-business registration with online application facilities and also facilitate approval from environmental authorities, Ministry of Health offices, and licenses from local authorities and other government agencies.
The initiative, which will make it possible for local entrepreneurs to interact with relevant regulatory agencies in one location, will also provide opportunities for them to update their knowledge on current practices in business.
It should also ensure seamless collaboration of the agencies on improving the ease of doing business in the country
In addition to this, MSMEs would be connected with quality certification agencies such as the Sri Lanka Standards Institution (SLSI) and facilitate the process.
These enterprises would also be provided with technology and innovation assistance, entrepreneurship and management development facilities, and access to finance.
Banks and financial institutes will be linked with these one-stop shops and information and guidance on various loan schemes will be provided to it, a senior Treasury official said.
These centres will establish market linkages with the corporate sector and guide them on exploring international markets and organise promotional activities.
It is expected to streamline the assistance provided by the business development service ( BDS) providers of the country and help them effectively focus on the needs of the MSMEs.
A governing body will function under the district secretary to manage the centres and this governing body will consist of members from the public and private sectors.
The governing body will be headed by the district secretary or his/ her nominee and co- chaired by a representative from the provincial council and the private sector.
MSMEs numbering one million contribute about 52 per cent to the country’s GDP and provide livelihood to more than three million people, which is 45 per cent of the country’s total employment.