Business expansion scheme gets makeover

A BUSINESS expansion scheme already in operation for 26 years will be transformed into a new and better-focused system — the Business Investments Targeting Employment Scheme (BITES) — under the Government’s blueprint for economic recovery.

According to the Government document, funds raised under the scheme since 2008 have “declined significantly” and businesses complained it is too complex.

Under the new plan, a simple and efficient certification process will be introduced, the maximum amount that can be raised in a year will be increased significantly, as will the lifetime amount that can be raised per company.