Applying for Concessions and Incentives

The Small Business Development Act No. 24 of 2007 was passed to provide incentives and concessions to aid the development of the small businesses in Antigua and Barbuda. The Act goes beyond the traditional concept of concessions and provides for technical and financial assistance to micro, small and medium sized businesses. The Act applies to businesses that meet the following criteria:

1. has no more than 25 employees
2. is not wholly — or majority owned business or a subsidiary of a larger company
3. capital investment does not exceed EC$3,000,000.00
4. total annual sales does not exceed EC$2,000,000.00
5. that is majority owned by citizens of Antigua and Barbuda or persons who are not citizens of Antigua and Barbuda

A small business that is majority-owned by persons who are not citizens of Antigua and Barbuda must meet the following criteria to access concessions and incentives under the Act:

1. over one-half of the production of the business, calculate by value of the profit, is exported
2. there is a minimum investment in the business of EC$500,000.00
3. at least 50% of the employees of the business are citizens of Antigua and Barbuda
4. at least 40% of goods and services used for the production of the business is procured from businesses located in Antigua and Barbuda.

Here are the steps to access the incentives and concessions under the Small Business Development Act (SBDA) under the Act:

1. All business applying for access under the SBDA must have a certificate of registration issued under the Business names registration Act or a certificate of incorporation issued under the Companies Act of Antigua and Barbuda.
   
   The cost of obtaining the certificate under the Business Names registration Act is EC$100.00 and the process takes from 2 to 5 days.
   
   The Cost of obtaining a certificate of incorporation under the Companies Act is EC$2,500 - $3,500.00 and takes 12 to 14 days.
   
   
2. Applicants must then apply for approved small business status and the following must be submitted:
   1. completed application form for approved small business status
   2. Certificate of registration issued under the Business Names Registration Act or
   3. Certificate of incorporation issued under the Companies Act
   4. an audited financial statement of accounts for year immediately proceeding.
      application for approved small business status once the business was in operation
      before the Act was passed.
      
      
3. On completion and submission of the application and relevant documentation the application will be processed and a recommendation by the Authority is made to the Minister of Finance as to the granting of approved small business status.
4. On declaration of approved small business status by the Minister of Finance, the declaration to be to be published in the Gazette.
   
   
5. To be registered under the SBDA the small business owner shall send to the Registrar the following:
   1. a copy of the application to the Authority
   2. a copy of the declaration published in the gazette
   3. prescribed fee — EC$100.00
      
      
6. On issuance of certificate of registration that certifies the business as a registered small business under the SBDA, the small business now applies to the Authority for concessions utilizing the prescribed application for concession form to be accompanied by the required documentation as stipulated.