The government is amending rules to make it cheaper and easier for small and medium
businesses (SMEs) to start bidding for government projects.
Since June 2018, companies with yearly revenues below $5 million no longer have to
produce audited financial statements to take part in government tenders. This makes the
process of bidding easier for SMEs.
Come October 2018, businesses will also not have to affix company stamps on government
forms, including on tender-related documents submitted through government procurement
portal GeBiz. This is unless the stamps are required by legislation.
Stamps were previously needed for identity verification, but the digitalisation of services has
meant that other forms of checks such as digital platforms and signatures are available.
The change follows a review by the Ministry of Trade and Industry (MTI)’s Pro-Enterprise Panel, which found that it is cumbersome and time-consuming for companies to download,
print, physically stamp, then scan and send documents back to agencies via e-mail.
The change is expected to benefit some 3,900 suppliers here, based on the number of
registered suppliers who have participated in past government tenders.