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Definition of a Small Business

An Extract from Section 3(1)

For the purposes of the Small Business Development Act, a small business is an enterprise that:

i. is incorporated under the Companies Act

ii. has more than 75% of its shares locally owned;

iii. has not more than $1 000 000.00 as stated or paid up capital;

iv. has not more than $2 000 000.00 in annual sales

v. has not more than 25 employees;

vi. is not more than 25% owned or controlled by a company whose capital and annual sales exceed the share capital and annual sales mentioned in paragraphs (iii) and (iv) respectively or by a subsidiary of that company or by a subsidiary of a larger group of companies;

vii. is not controlled by a company whose share capital and annual sales exceed the share capital and annual sales mentioned in paragraphs (iii) and (iv) respectively; and

viii. has no agreement for the payment of fees on a continuing basis for managerial or other services to persons who are not nationals of Barbados or other states of the Caribbean Community and who are not resident in Barbados where those services do not form part of the normal business operations of the enterprise.