In accordance with the Business Regulatory Amendment Act No.14 of 2018, the major functions of the Agency are to provide an efficient, cost-effective and accessible business licensing system. Other functions are as follows:

1. Review a matter relating to business regulation or licensing on its own initiative or on a representation formal person or business;
2. Advise Government on matters relating to business regulation and licensing;
3. Issue guidelines and standards for regulatory impact assessments and public consultations to be undertaken by regulatory agencies;
4. Manage and update the e-registry;
5. Approve regulatory frameworks submitted under this Act;
6. Promote more accessible and systematic public consultation strategies and develop a website portal for public interventions on issues of business regulation;
7. Advise regulatory agencies on the efficient and cost-effective regulation and licensing of business activities;
8. Monitor and report on the activities of regulatory agencies related to business regulation, quality control and compliance with this Act;
9. Determine requests for licensing of business activities by a regulatory agency;
10. Design an annual action plan for the implementation of regulatory services centres and a single licensing system and oversee and coordinate the implementation of the action plan; and
11. Carry out, periodically, regulatory impact assessments on business regulation and licensing.