Small Business Act for Europe

Yesterday the Small Business Act for Europe received approval. For a programme described by EU Industry Commissioner Günter Verheugen as "the most ambitious project the Commission has ever proposed", it seems to have received very little coverage in mainstream or business media. The act has proposals including improved access to funding, consideration of SMEs specifically in implementation of new business regulations, options for member states to reduce VAT for locally provided services and guidelines on public sector procurement, it was first proposed in June 2008.
 
There are however some notable omissions in the approved act compared with original proposals. Ministers failed to reach agreement on the implementation of the Statute for A European Private Company, a framework for SMEs to set up businesses in their home country, to run in various EU states without having to establish individual entities complying with each member states statutory requirements.
 
This change alone is disappointing, as director of a business looking to expand our presence in Europe over coming years, bureaucratic barriers to this market can be quite daunting, not to mention expensive. 70% of EU jobs and GDP are attributable to small business and as such our sector should be receiving massive support from governing bodies.
 
On a brighter note, with ambitious targets on funding, we should look out for new options from Europe specifically for small business and improved access for small business to public sector contracts. Whilst I remain sceptical of the UK governments real understanding of small business, it does seem that at least for the EU, small business is beginning to get the attention it earns.