The development of local entrepreneurs is key to the sustained growth of any economy. Antigua and Barbuda has sought to empower these small businesses with the passage of the Small Business Development Act No. 24 of 2007 (SBDA).
This innovative legislation encourages enterprise creation and development by providing resident entrepreneurs with the tools necessary to build a strong foundation—the platform upon sustainable foreign direct investment is created.
The Act provides valuable incentives and concessions to aid the development of small businesses in Antigua and Barbuda. The Act also provides for technical and financial assistance to qualified micro, small and medium sized businesses.
Does your business qualify as a small business under the SBDA?
Are you an Antigua & Barbuda small business owner whose business meets the following criteria?
- Has no more than 25 employees
- Is not a wholly or majority owned business or subsidiary of a larger company
- Capital investment does not exceed EC$3,000,000.00
- Total annual sales does not exceed EC$2,000,000.00
- Is majority owned by citizens of Antigua and Barbuda
Are you a non-Antiguan and Barbudan business owner whose business meets the following criteria?
- Exports over one-half of the production of the business (calculated by value of the prot)
- Has a minimum investment of EC$500,000.00
- At least 50% of the employees are citizens of Antigua and Barbuda
- At least 40% of goods and services used for the production of the business is procured from businesses located in Antigua and Barbuda
If your business meets the above outlined criteria then you are eligible for concessions, technical assistance and credit guarantee under the Small Business Development Act 2007!
Procedures for Applying Under the Act
- Obtain an Approved Small Business Application form (available at ABIA) and return the completed application to ABIA with the following:
- Business Name Registration Certificate issued under the Business Names Registration Act or
- Certificate of Incorporation issued under the Companies Act
- Business Plan which includes Financial Statement of Accounts for the year immediately preceding the application (for businesses in operation for over one year) or a Projected Financial Statement of Accounts (for potential businesses or businesses in operation for less than one year)
- Proof of Citizenship – Passport
- Upon notification by ABIA of your approved status, pay EC$100.00 to Intellectual Property Office (ABIPCO) located in the Hewlett Building on St. John’s Street. ABIPCO will inform you when you may collect your Approved Small Business Certificate.
- If you desire technical assistance or concessions, complete an Application for Technical Assistance and/or Concessions (available at ABIA) and submit same with your Approved Small Business Certificate to ABIA. ABIA will inform you if and when your request for technical assistance and/or concessions has been granted.
- If you are desirous of accessing the Loan Guarantee Scheme, submit your Approved Small Business Certificate to your financial provider. Your financial provider will inform you of the necessary documentation you should provide them, and if your request for financial assistance has been granted.
All required documents must be presented in order to be granted Approved Small Business status.
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