Turks and Caicos boosts micro, small and medium businesses with new legislation

Published on November 26, 2015, GRAND TURK, Turks and Caicos Islands.- The Turks and Caicos Islands (TCI) government, in pursuing its goal of reestablishing the small and medium business sector as a national priority, last week passed a new Micro, Small and Medium Enterprise (MSME) Bill, which will encourage the establishment of new businesses as well as lend the much needed support to those currently in operation.

This move by the government is expressed to be in fulfilment of its mandate to continuously improve the economic climate of the country through expansion of services, the creation of jobs and the eventual dissipation of disparity among the social strata within the TCI.

The main objectives of the Bill, which will come into effect on its signing by the governor and through notice of its passage into law in the Gazette, are the empowerment of Turks and Caicos Islanders, the encouragement of locals to become business owners and to give new entrepreneurs a head start in the business world as they make the transition from being employees to becoming employers.

There are several main priority areas for small business development which include farming, fisheries, manufacturing and processing, industrial cleaning services, tourism attractions, arts and music and innovation and technology, and support for businesses in these areas will range from cash grants to duty concessions as well as technical support from the newly established Invest TCI and the Centre for Entrepreneurial Development (CDB).

Premier and minister of health, agriculture and human services, Dr Rufus Ewing, who led on the development of the SME initiative noted that activities to revive the SME sector has been ongoing and gave kudos to the ground work done by the former champions on the subject matter and that of the steering committee that was established under his government which brought about the guidelines for the Bill that was tabled for debate in the House of Assembly.

Ewing commented, “This piece of legislation is critical to the development and support of businesses in our country and I am pleased that it has now passed in the House of Assembly. We are extremely grateful for the contribution that our larger businesses make, but as a Government and as a country, we must support our small and medium businesses, as it is the activity and success of this critical sector that determines the success of any economy. The most economically stable countries have a thriving SME sector which in turn develops a sustainable middle class. Therefore I would encourage all hopeful entrepreneurs to pursue their dreams, make the transition from employee to employer and be the business owner that you long to be.

“The priority areas identified in the bill are also significant as we seek to diversify our economic activity from over reliance on Tourism as the bread basket of the country and to strategically develop national food security to enable a reduction on dependency on imports. But we know that tourism is currently our most lucrative market and as Turks and Caicos Islanders, we need to be positioned to benefit from the financial gains and that can be done by setting up our own businesses and offering attractions that tourists can participate in.

“Finally, as we promote the culture of these beautiful by nature Turks and Caicos Islands and foster awareness and pride in our heritage, we recognize the need to also support and showcase our arts and music while giving room for innovation and growth through technology.

“So this bill, we feel provides the framework for a holistic approach to the development of these islands and we are excited about the opportunities that it presents to our people.”