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Competition for public office is an essential feature of democracy but having many candidates competing for the same position might lead to voter confusion and be counterproductive. In current democracies, ballot access regulations limit citizens' right to become candidates, seeking to balance this trade-off by discouraging frivolous contenders. This paper examines the causal effect of signature requirements -- a widespread ballot access regulation -- and finds that their impact goes beyond this goal. I use data on Italian local elections and apply a regression discontinuity (RD) design to estimate the effects of these requirements on electoral competition, candidates' selection, and voter participation. I find that signature requirements reduce the number of candidates running for office, decrease electoral competition, lead to a more experienced pool of candidates, and reduce voter turnout. The positive effects of this policy are observed in municipalities with fragmented political systems, where signature requirements lead to fewer wasted votes and fewer spoiler candidates. The downside is observed in municipalities with concentrated councils: signature requirements increase the frequency of uncontested races and reduce voter participation. Findings reveal how this barrier to entry impacts key dimensions of democracy and indicate that designing efficient electoral institutions requires a clear understanding of local political contexts.