The European Commission vice-president Antonio Tajani has released an action plan that will offer finance and support to entrepreneurs in a bid to kick-start more businesses and revolutionise the entrepreneurial culture in Europe.

The plan of action stresses the importance of education and training initiatives that will promote the growth and development of new-generation entrepreneurs. This plan also includes specific measures that support and stimulate entrepreneurship among young people, women, seniors, migrants, and the unemployed.

The plan of action, which covers six focus areas, addresses the need for the EU to create an environment in which entrepreneurs can flourish and grow.

It aims to facilitate access to finance. In addition to strengthening the EU’s existing financial instruments, the Commission proposes to simplify tax structures and establish a European market for microfinance. It will support businesses in critical periods. The European Commission argues that member states ought to offer more resources that support new businesses to get through critical periods. This includes management training, research and development coaching, and networking with peers, potential suppliers and clients.

The action plan will encourage businesses to take on new business opportunities of the digital age. The Commission proposes reinforced support to web-based start-ups while investing in the necessary skills that will help web entrepreneurs and more traditional businesses to grow. It will also facilitate the transfer of business ownership. This initiative will expand the markets for enterprises and eliminate barriers to cross-border business transfers. It will also give a second chance to honest entrepreneurs after bankruptcy. The Commission has proposed a shift focus away from liquidation to help businesses overcome financial difficulties.

Under a drive for administrative simplification, the Commission proposes to reduce the administrative burden through the cutting of unnecessary bureaucracy and red tape.

The European Commission will now work closely with member states, business organisations and stakeholders to see that the action plan is implemented.

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This information is supplied by Impetus Europe Consulting Group Ltd.

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