Micro, Small & Medium Enterprise Development in the Caribbean: Towards A New Frontier - | 66
Table 3.1: The Policy, Legislative & Regulatory Framework for MSMEs and Supporting Lead Institutions in 8 CDB Borrowing Member Countries cont’d. COUNTRY
POLICY
STRATEGY
SECTOR ACT
Lead TA AGENCY & FI
BELIZE
MSME Policy and Strategy, (March 2012 Report)
Entrepreneurship Strategy, July 2014
Belize Trade and Investment Development (BELTRAIDE) Services Act - Cap 282, 2000. [Draft MSME Development Act, March 2012].
BELTRAIDE/SBDC Finance: DFC, BEST.
GUYANA
None
None
Small Business Act, No. 2 of 2004
JAMAICA
MSME & Entrepreneur-ship Policy, February 2013 [14th Draft]
MSME & Entrepreneurship Policy, February 2013
Business Names Act (1934)
Small Business Bureau, Ministry of Business Finance: Development Bank Jamaica Business Development Corporation (JBDC) & HEART Trust / NTA. Finance: Development Bank of Jamaica (DBJ).
ST. LUCIA
None Industrial Policy January 30, 2001: focus onmanufacturing
None
Trade and Export Promotion Act (TEPA) Act, No 16 of 2013. Micro and Small Scale Business Enterprises (Amendment) Act No. 6 of 2009. Micro and Small Scale Business Enterprises Act, Cap. 13.19 (1998).
Small Business Development Centre (former SEDU) launched 2014: MSEs. Commerce & Industry Department: Medium size. TEPA: Export-oriented. Finance: Development Bank (SLDB)
SURINAME
None A Private Sector Policy only
None
None
Suriname Business Centre (SBC) and KKF: MSMEs. Microenterprise Finance: Suri-Trust
TRINIDAD & TOBAGO
Enterprise Development Policy, September 2014.
Ministry of Labour & Small Microenterprise Strategic Plan 20112015.
None
NEDCO: MSME development. EXIM Bank finances Exports, ADB supports Agri-finance, NEDCO for Microfinance.
Source: BMC Ministries and other Public and Private Sector Institutions dealing with MSMEs.
3.1.2 Gaps in the Policy Framework The following gaps have been identified: 1. The Companies Acts are largely silent on the needs of MSMEs for developmental support. 2. Registration and de-registration of businesses (names and companies) are deemed voluntary, at the discretion of the entrepreneur, in contrast to the French and Dutch-Speaking Caribbean, e.g. Suriname, Martinique, Guadeloupe, Sint Maarten, Aruba or Curacao, where formal registration is compulsory and membership of the Chamber of Commerce is automatic.
3. The Fiscal Incentives and Hotel Aid Ordinances provide substantial incentives and concessions to businesses; however, micro and small enterprises (MSEs) are generally ineligible, because they either do not satisfy the valueadded criteria or lack the resources to present satisfactory investment plans. 4. Customs laws provide for the conditional exemption of duties. However, whereas farmers and Fisher folk generally enjoy such relief on imported inputs, benefits to MSEs −particularly in the manufacturing and services sectors− are usually extended on a discretionary and ad-hoc basis, with Cabinet approval given only after long delays and complicated procedures.