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French Version

The Young Entrepreneurs Association (YEA) examines obstacles faced by entrepreneurs

The Young Entrepreneurs Association (YEA) recently conducted a survey to help determine the most common obstacles faced by entrepreneurs in Jordan.

The YEA members who replied to the survey stated that access to finance, bureaucracy and transparency of government procedures, particularly as related to the Sales Tax and Income Tax were major obstacles.

About 20 percent of the respondents stated that they understood the new Sales Tax Law. The remaining respondents felt that procedures were not clear and noted that payment of the tax be based on when clients settle their accounts instead of when invoices are issued.

Payment of the Sales Tax within two months of invoice issuance often creates cash flow problems for starting companies. Some respondents suggested the two-month tax payment cycle should be increased to three or four months to be more aligned with the payment cycle of clients. Fifty percent of the respondents expressed that import laws were too strict, as were regulations and processes related to the Ministry of Health. These complaints were related specifically to the lack of defined procedures to obtain the appropriate approvals to import and use new health-related products.

Respondents also recommended that training be developed to assist the understanding and processing of required government paperwork, with regards to the Sales Tax. They also recommended the government task on publishing easy-to-read guidelines to deal with all governmental requirements.

The replies mentioned that branding was becoming an increasingly important issue with regards to competitiveness. The respondents suggested that training on branding and corporate image building be made available to YEA members.

Additionally, about 10 percent of respondents claimed that attracting and maintaining qualified human resources was challenge to their businesses.

Finally, most of the respondents felt that obtaining bank financing was problematic for fledging and growing businesses. Respondents recommended for courses to be held by the YEA, and would help entrepreneurs on managing cash flow. One of the YEA’s main objective is to enhance the business environment in Jordan. This can be achieved through meeting with responsible persons and consultants, or by allowing these people to meet with YEA members to discuss issues of mutual concern. The association also strives to achieve its target by organizing training courses and seminars related to the matter. The YEA created recently a training program for 2003, according to its members’ preferences.

Amman,01 07 2003
The Star
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