THE Singapore government is reducing the regulatory burden and lowering costs for businesses by making the application process for licences and regulatory approvals faster and better, said Minister for Transport Chee Hong Tat at an event.
Speaking at the 32nd Entrepreneur Of The Year awards on Friday (Jul 5) evening, he cited several examples of his ministry being responsive to the feedback and needs of the business community.
For instance, the registration fee for electric vehicle (EV) chargers used for up to two months will be waived after legislative amendments – by September 2024.
The exemption will help users needing such chargers for short-term events, such as trade shows or exhibitions. With each charger costing up to S$600 to register, it can mean savings of thousands of dollars for an event.
Chee, who is also the second minister for finance, said: “We have received feedback that the registration fee for EV chargers is too high for industry players who are only using a charger for short periods.”
The Electric Vehicles Charging Act took effect in December 2023, requiring all EV chargers to be approved and registered by the Land Transport Authority (LTA) – for a fee – before they are put into use in Singapore. The charge helps defray LTA’s cost of operating the regulatory regime.
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Separately, the Civil Aviation Authority of Singapore (CAAS) is also working towards waiving approvals for new cargo tracker models by August.
Before cargo is loaded onto planes, shippers typically track their shipments using these portable electronic devices. There are more than 1,000 models of cargo trackers in the market, and the number continues to increase. Local airlines are required to seek CAAS’ approval for the use of each new model of tracker, with the processing for each taking up to two weeks.
Some time-sensitive shipments utilising newer models of trackers have had to be turned away because of the time taken for approvals to be processed.
CAAS will soon use a risk-based approach instead – by first approving the airlines’ evaluation procedures, and then conducting random checks to ensure that cargo trackers meet industry standards.
“This will reduce the administrative burden, processing time and uncertainty for our businesses, and also helps to enhance Singapore’s position as an air cargo hub,” said Chee.
The Entrepreneur of the Year event he attended on Friday honoured outstanding local business owners.
It was jointly organised by the Association of Small and Medium Enterprises and the Rotary Club of Singapore.
