New Year package for SMEs

New Year package for SMEs

The Industry Ministry has committed to issuing a New Year's package for small and medium-sized enterprises (SMEs) and startups in December.

"We are working on the package and expect to complete it very soon," said Industry Minister Uttama Savanayana.

As part of the package, the Industrial Promotion Department will offer a budget of 100 million baht to support financial tools, administered by the Industry Transformation Centre (ITC) in upcountry provinces.

"The ministry aims to improve the country's business sentiment to facilitate SMEs and startups, so the full package will include financial loans and regular measures such as revising and revoking any obstacle regulations to ease doing business," he said.

Mr Uttama said the circular economy framework will be proposed to the cabinet next month to offer investment incentives and promote targeted industries.

Earlier the ministry scrapped the factory licence renewal requirement under the Section 15 of the Factory Act of 1992, which requires that factories renew the licence, also known as Ror Ngor 4, every five years.

Category 3 factory operators must obtain the Ror Ngor 4 permit from the Industrial Works Department before starting operations and renew the licence before expiry.

The ministry will unlock Section 15 in the act, meaning business operators will hold permanent Ror Ngor 4 permits that will be granted once and pay an annual maintenance fee. Roughly 60,000 factories will benefit from this change.

The Section 15 abolition is expected to be effective from early next year, meaning that operators will not need renewals during 2019-23.

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