Revised Laws of Saint Lucia (2021)

2.   Interpretation

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   (1)   In this Act—

“Committee” means the Micro and Small Scale Business Enterprises Advisory Committee appointed by the Minister under section 15;

“member State” means a member State of the Caribbean Community or the Organisation of Eastern Caribbean States listed in the Schedule;

“Minister” means the Minister responsible for commerce;

“micro business enterprise” means a small business enterprise—

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   (a)     in which not more than 5 persons are employed;

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   (b)     whose annual turnover does not exceed $100,000;

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   (c)     whose net assets do not exceed $75,000; and

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   (d)     which is locally owned;

“national” includes a company or other legal entity constituted in a member State in accordance with the laws of the member State and which the member State regards as belonging to it, if the company or other legal entity has been formed for gainful purposes and has its registered office and central administration, and carries on substantial activity within the member State and is substantially owned and effectively controlled by a person who:

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   (a)     is a citizen of a member State;

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   (b)     has a connection with a member State of a kind which entitles that person to be regarded as belonging to or, if it be so expressed, as being native or resident of that member State for the purposes of the laws of that member State relating to immigration,

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   and for the purposes of this definition, a company or other legal entity is:

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      (i)     substantially owned if more than 50% of the equity interest in the company or entity is beneficially owned by a person mentioned in para-graphs (a) and (b),

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      (ii)     effectively controlled if the persons mentioned in para-graphs (a) and (b) have the power to name a majority of its directors or are otherwise legally entitled to direct its actions;

“small scale business enterprise” or “enterprise” means a business enterprise—

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   (a)     in which not more than 50 persons are employed;

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   (b)     whose annual turnover does not exceed $1,000,000;

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   (c)     whose net assets do not exceed $500,000; and

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   (d)     which is locally owned.

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   (2)   For the purposes of subsection (1), a locally owned business enterprise means a company which is not an alien company within the meaning of the Aliens Licensing Act or which is a national of a member State.

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   (Amended by Act 21 of 2006)