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Definition of a Small Business

  •  An approved Small business under Section 3(1) of the Small Business Act and registered under the Small Business Registrar with the Corporate Affairs and Intellectual Property Office (CAIPO).
  • These businesses are usually:


  1. incorporated under the Companies Act
  2. have more than 75% of its shares locally owned;
  3. have no more than $1 000 000.00 as stated or paid up capital
  4. have no more than $2 000 000.00 in annual sales
  5. no more than 25 employees


Definition of a Start-up / Entrepreneur

  • a person (sole trader ) or group of persons forming a partnership
  • a registered business operating from home, online or a brick and mortar
  • innovator of ideas and business processes
  • has less than $1,000 000.00 in stated or paid up capital
  • has less than $2,000 000.00


Definition of a Corporation (reference made to the Companies Act)


  • a registered company which has also been incorporated by Corporate Affairs and in  possession of the company’s certified copy of the corporate instruments (Articles of Incorporation)
  • structure consists of one or more directors, shareholders and officers
  • may be a for profit or not for profit organization (also known as Nonprofit Organization (NGO) )
  • a separate legal entity from its shareholders or, in the case of a non-profit company, from its members.
  • an incorporated business that has the capacity, as well as the rights, powers and privileges of an individual.
  • the liability of the owners or shareholders of the company is limited to the amount invested in the company or any amount unpaid on their shares.
  • in the case of a non-profit company having no share capital, the members of the non-profit company incur no personal liability or individual responsibility for the debts or other liabilities of the company.