🏛️ Government continues fee waivers for small businesses in 2025

The government has confirmed that fee exemptions and significant discounts for micro and small businesses will be maintained in 2025. These businesses will continue to pay either no fees or considerably reduced fees for trade and business licenses as part of the ongoing Small Business Incentive Programme (SBIP). Initiated in 2014, the SBIP has so far been utilized by approximately 8,200 micro and small enterprises. The decision to extend the SBIP was approved by the Cabinet on 11 December 2023. 🏦

The estimated revenue waiver of CI$1 million for the programme will not affect the government's projected financial results as the SBIP has already been incorporated into the 2024/2025 budget. Micro businesses are classified as those with fewer than five employees, excluding the owner, and an annual gross revenue of CI$250,000 or less. Small businesses are those employing up to 12 people, excluding the owner, with an annual gross revenue of up to CI$750,000. Notably, auditing service providers, financial services firms other than insurance agents, and exempted companies are not eligible for the SBIP. 📊

The fee reductions for small businesses are determined based on the business location. Micro-businesses in all locations and small businesses in specific locations are eligible for waivers and reductions. The business must be independently owned and operated, with the owner having significant control over operational decisions. Furthermore, the business should be profit-oriented, and owners are required to promptly inform the Trade and Business Licensing Board of any changes that could affect their eligibility. 💼