Micro Small and Medium Enterprise (MSME) Programme
April 2016 saw the commencement of the Government’s Micro Small and Medium Enterprise (MSME) programme which is managed by Invest Turks and Caicos with support from the Centre for Entrepreneurial Development (CED) and Ministry of Finance, Investment and Trade. Governed by the MSME Development Ordinance 2015, the programme makes provision for the Government to provide Concession Orders to qualifying locally-owned businesses operating in an identified priority business sectors. The Concession Orders allow the company or start-up access to specific benefits, namely: Cash Grant, Customs Duty Reduction and/or Technical Assistance depending on the size of the business.
The MSME Ordinance is managed by Invest Turks and Caicos who is responsible for determining eligibility to receive concessions or grants, as well as paying out the funds. The Center for Entrepreneurial Development (CED) is responsible for assisting small businesses with their requests for technical assistance and evaluating technical assistance proposals.
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The objectives of the MSME programme are:
To encourage the establishment, growth and retention of sustainable businesses, including micro businesses, which enhance the Turks and Caicos Islands through innovation, creativity, business vitality, diversity, inclusiveness and environmental sustainability;
- To create employment opportunities and increase the level of business investment by Turks Islanders in the country;
- To support innovative businesses that demonstrate solid market potential and a sound business model, including long-term financial viability;
- To increase the overall value and volume of exports from the Turks and Caicos Islands;
- To foster new partnerships and collaboration between businesses and business support groups.