The Small Business Development Act, 2007
In 2007, government enacted the Small Business Development Act, which introduced a new regime designed to facilitate the growth of the small business sector in Antigua and Barbuda.
The Act is an important instrument which is deliberately designed to elevate the concept of "small business" Antigua and Barbuda.
The Act provides a variety of incentives, technical assistance and concessions to qualified small business persons willing to undertake the challenge as well as the discipline of running their affairs through the vehicle of a business name and/or company incorporated under the Companies Act 1995.
At present, the Act is jointly administered between the Ministry of Legal Affairs, Antigua and Barbuda Intellectual Property Commerce Office and the Antigua and Barbuda Investment Authority.
Procedures for Applying Under the Small Business Development Act 2007
1. Obtain an Approved Small Business Application form (available at ABIA) and return the completed application to ABIA with the following:
(a) Business Name Registration Certificate issued under the Business Names Registration Act or Certificate of Incorporation issued under the Companies Act;
(b) Business Plan which includes Financial Statement of Accounts for the year immediately preceding the application (for businesses in operation for over one year) or a Projected Financial Statement of Accounts (for potential businesses or businesses in operation for less than one year);
(c) Proof of Citizenship – Passport.
Upon notification by ABIA of your approved status, pay EC$100.00 to Antigua and Barbuda Intellectual Property Commerce Office (ABIPO) located in the Hewlett Building on St. John’s Street. ABIPCO will inform you when you may collect your Approved Small Business Certificate.
3. If you desire technical assistance or concessions, complete an Application for Technical Assistance and/or Application for Concessions (available at ABIA) and submit same with your Approved Small Business Certificate to ABIA. ABIA will inform you if and when your request for technical assistance and/or concessions has been granted.
4. If you are desirous of accessing the Credit Guarantee Scheme, please contact the Antigua and Barbuda Development Bank at 462-0838.
Incentives and Concessions under the Small Business Development Act 2007
· Exemption from or reduction of payment of duty on the importation or purchase of raw materials, building materials, furniture, furnishings, fixtures, fittings, appliances, tools, spare parts, plant, machinery and equipment for use in the construction and operation of the business;
· Exemption from or reduction of payment of duty on the importation or purchase of vehicles for use in the operation of the business;
· Reduction of property tax of up to 75% in respect of land and buildings used in the operation of the business;
· Exemption from or reduction of payment of income tax on the income of the business for a period not exceeding five years. After the end of the mentioned five-year period, a reduction of up to 10% of income tax payable on the income of the business for a specified period;
· Exemption from or reduction of payment of withholding tax for a period of up to three years from the grant of the concession;
· Exemption from or reduction of stamp duty on documents required for loans for the business or security for those loans;
· Reduction of stamp duty payable under the Non-Citizens Land Holdings Regulation Act, and of stamp duty payable by the purchaser/transferee, and by the vendor/transferor of up to 75% in respect of land and buildings other than residential premises used in the operation of the business.
http://www.investantiguabarbuda.org/ is the Website for the Antigua and Barbuda Investment Authority
The Antigua and Barbuda Investment Authority can be found at:
P.O. Box 80, Sagicor Financial Center,
#9 Factory Road, St John’s, Antigua, W.I.