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Europe to cut SME red tape

Jun 26 2008

European Union to cut small & medium sized businesses red tape

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EU legislators have promised to reduce red tape for small and medium-sized enterprises (SMEs) in member states with the publication of the Small Business Act.

Industry commissioner for the union Guenter Verheugen revealed plans to make it easier for small firms to trade across the borders of the 27 states. Measures include allowing companies to be set up with nominal funds of one euro, reducing legal costs for start-ups and enabling firms to register in one state and operate in another.

Says Verheugen: ‘SMEs are the job creation machine in Europe but policymakers at all levels don't sufficiently grasp this.’

However, a spokesperson for the British Chambers of Commerce comments that the act does not go far enough, calling it 'a mish-mash of watered-down proposals'.

The European Commission has described its plans as 'ambitious' and 'a major step' in encouraging entrepreneurship in the EU.

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