It is definitely a great idea, one that has taken some time to come to fruition but a concept that will give Valletta businessmen peace of mind for many years as well as act as an incentive for them to work even harder.

We are referring to the scheme that was launched a few days ago by the Fair Competition, Small Businesses and Consumer Affairs Minister Jason Azzopardi: businessmen who currently lease their shops from the government every six months can now apply to do so for a stretch of 45 years.

The scheme came into force on 1 December, and businessmen have one whole year in which to make up their mind. Actually, judging by the positive response there has been from the business community – including the Malta Chamber, the Small Businesses Chamber as well as the shop owners associations in Republic and Merchants streets – the entrepreneurs will probably not need that long to decide.

Still, the availability will remain there for them until 1 December 2013, and this will give businessmen the time to plan their future. They will no longer have to renew their agreement with the Lands Department every six months; but now can do so for nearly half a century. This is yet another plus for the reduction of bureaucracy.

Knowing that the lease now stretches for a long period of time, the businessmen involved – there are about 500 shop owners who can apply to join the scheme – can invest in their business and plan ahead. It has also become easier for them to make banking arrangements, given that certain problems used to arise when they needed to obtain loans from the banks because of the biannual renewal system that was in place.

For the first time ever, they can even lease their outlet to a third party, something that was not possible when the agreement was renewed every six months. Added to this, the shop owners can also think ahead when it comes to employing people without having to worry that their lease could be cut short six months down the line.

It is a win-win situation for both the government and the shop owners, and it is hoped that the system will be extended to cover other localities.