President Joko “Jokowi” Widodo said the latest deregulation package aimed to achieve the goal of boosting Indonesia’s place in the World Bank’s Ease of Doing Business rankings from 109th at present to 40th. In the 10 policies, the government has condensed 94 procedures into 49.

“This will help the entire business world, especially SMEs, to start businesses,” Jokowi said in Jakarta on Thursday, adding that the time required to start a business had been cut to 132 days from 1,566 days, while the required permits had been cut from nine to six.

Jokowi explained that it had previously taken 13 procedures, 47 days and Rp 6.8 million to Rp 7.8 million to start a business; the government has slashed that to seven procedures, 10 days and Rp 2.7 million.

For construction permits, the government has slashed the process to 14 procedures and 52 days from a previous 17 procedures and 210 days. To register property, investors only need seven days and three procedures, compared with five procedures and 25 days before.

The fourth point concerns tax payments. Currently, taxes are paid manually, in 54 installments. In the latest package, tax payments are brought online, with installments cut to 10.

Regarding contract enforcement, Jokowi said lawsuit settlements had been simplified, with resolution simplified to eight procedures with 28 days.

On electricity, meanwhile, the President said it would take four procedures to subscribe to a new grid for 25 days from a previous five procedures within a period of 80 days.

The government has also cut export-processing time from four and half days to a maximum of three. In addition, the cost of exports, which was previously US$424, will be slashed to $83, Jokowi said.

In terms of resolving insolvency, Jokowi said the cost, previously calculated based on the value of the debtor’s assets, would be calculated based on the value of debt ( through a negotiation scheme ) or on the value of settlement ( through a settlement scheme ).