Unemployment. A problem. For everyone.
The unemployed eventually do burden the employed. And, this “burdening” is on the rise. Defaulters. Con artists. Crimes. All rising.Why are so many men and women lost today? Consider the work environment. It is pretty pathetic. Limited choice. Limited works and limited vision. This is what is causing this destruction.
Flexibility in business setup processes is the key to nurturing small to medium-sized companies. Flexibility in regulation is the key to variety of services. And, a positive approach is the way to growth.
Is this how it is here? No.
Let me give one example. When it comes to money transfers, services are provided by various banks and companies. Now, the way to become an AGENT for a Money Transfer service is SO hard, so painful and so costly, that even most LARGE business groups are not thinking about applying for a license. This is not the case in any other country. Why here? Suppose getting a money exchange license was easy. Imagine how many people would have it and imagine how many outlets there would be and imagine how many people would have JOBS! The “setup” process is where government should step in and ensure that there will be compliance. Establish penalties and codes.
Why is it not so difficult to get in other countries? Are they not concerned about compliance? They are and they are compliant. In fact, I can guess and assume , rightly so, that the largest amounts of undeclared money are transferred from here simply due to the large expatriate populations!
Compliance is not a huge big deal anymore. Monitors CAN be and ARE setup and discrepancy can be spotted and action CAN be taken. So, when security and monitor is good today, why is activity restricted?
I think this is a VERY good question and it deserves an answer!
Same applies to any legal activity we call business. Making it easy for locals and expatriates to create and run a variety of businesses will get people employment and enhance society in amazing ways. Why restrict it in any way at all? It is not all about who came and did not leave. It is about who came and added what to a growing economy and country. I think Saudi Arabia is standing in that place now where the path ahead is amazing only if it becomes a little flexible.
Monopoly is good. But, not at the cost of the people.