From All Africa.
A revamped bill designed to make it easier to do business in South Africa is working its way through parliament.
New businesses in South Africa fail at a far higher rate than the international average, five out of seven compared to about 50 percent worldwide. That is the consequence, South African law makers say, of unfair competition, insufficient laws and red tape.
So South Africa has sought public input and is working on a new Licensing of Businesses Bill, now in draft form.
The Bill is designed to combat the significant illegal economy operating in South Africa which threatens small businesses in the country, South African Trade and Industry Minister Rob Davies said, according to a report in All Africa.
“This is the economy of illegal imports, this is the trade in sub-standard products, this is the economy of people who don’t pay their (value added tax) … and they then compete unfairly with people who do observe these requirements,” Davies said.
South Africa needs to remove red tape and actively support small businesses through incentives and incubation, Davies said.
Read more at All Africa.