Nearly half of all businesses registered in Namibia are owned by young entrepreneurs, the Business and Intellectual Property Authority (BIPA) has revealed.
The figures were released as the Office of the Prime Minister and BIPA announced the operationalisation of a new One Stop Centre and the continuation of a compliance waiver programme aimed at reducing barriers to business growth.
BIPA Chief Executive Officer Ainna Kaundu said the initiatives are designed to create a more enabling environment for entrepreneurs and investors.
“The initiatives demonstrate Government’s resolve to remove barriers that hinder business growth,” she said.
The authority also revealed that 52% of compliant registered businesses operate in the financial services, retail and tourism sectors, making them key contributors to economic activity and employment.
Government hopes the new One Stop Centre will make it easier for entrepreneurs to access essential services by bringing multiple government functions together under one roof.
“The integrated approach is expected to reduce administrative delays, minimise complexity and lower the cost of doing business for entrepreneurs and investors,” Kaundu said.
At the same time, BIPA announced the continuation of its waiver programme, which allows businesses to regularise their affairs at a reduced cost.
The previous programme benefited approximately 28,000 entities, while an estimated 58,000 businesses remain eligible for the latest waiver initiative.
Authorities expect the programme to encourage more informal businesses to enter the formal economy and help existing entities remain compliant.
“The initiative is expected to encourage informal businesses to enter the formal economy and support existing entities in maintaining compliance, thereby enhancing their credibility and opportunities for growth,” BIPA said.
Government views the two initiatives as critical to improving regulatory compliance, strengthening local enterprise development and increasing investor confidence.
“This is about building an economy where it is easier to start, easier to comply and easier to grow, an economy that works for businesses and is open to the world,” Kaundu said.
