Who does the programme target?
Any eligible small business or start-up (more than 50% owned by a Turks and Caicos Islander) can submit a proposal to Invest Turks and Caicos seeking a Concession Order to obtain the following benefits: Customs Import Duty Reduction, Cash Grant and Technical Assistance.
What type of business does not qualify?
Businesses outside of the priority areas such as retail and non-profit organizations will not qualify for support.
What benefits can I get?
Customs Import Duty Reduction: A small business can receive a reduction of payment of customs import duties on capital equipment and raw materials and spare parts for the construction of a project, and/or the first 90 days of operation of an approved project.
Cash Grant: Business with an approved proposal are eligible to receive a Cash Grant of up to $10,000 (Micro enterprises), up to $20,000 (Small enterprises) and up to $30,000 (Medium enterprises) to purchase capital equipment for their business.
Technical Assistance: Eligible small businesses can receive a Technical Assistance Grant of up to $10,000 for various types of Technical Assistance. Recipients of Technical Assistance Grants are expected to pay 25% of the costs owing to the supplier of the service. Technical Assistance includes:
- Development of product design
- Development of package and label design
- Development and maintenance of quality control
- Local and export marketing
- Preparation of business plans to facilitate the initial financing and management of the business
- Feasibility studies relating to the development of new businesses or products
- Managerial accounting or budgetary analysis
- General or production management
- Facilitation or arrangement of venture, angel or conventional financing.
Is there an age limit for applying to the programme?
The applicant must be 18 years old or older.
How do I apply?
- Apply online here
OR
- Complete the MSME Programme Application found on investturksandcaicos.tc and submit along with the supporting documents.
- Schedule a meeting with an MSME Team Member
How long does the application process take?
The Committee meets for approval of applications once per month. Applications received before the 15th of each month will be tabled the same month. Applications received after the 15th will be tabled the following month. You should receive notification within 7 business days after the meeting of the status of your application.
I have more than one business, can I apply more than once? 8. I have more than one business, can I apply more than once? 8. I have more than one business, can I apply more than once? I have more than one business, can I apply more than once?
Businesses can only make ONE application per fiscal year. The same business may submit a new application, but it must be for a NEW project in a subsequent year.
I have more than one business, can I apply more than once?
Businesses can only make ONE application per fiscal year. The same business may submit a new application, but it must be for a NEW project in a subsequent year.
How many times can I apply to the programme?
A small business can only be granted two Concession Orders within five years. The application will not be considered where there was a breach of the MSME Programme. Returning applicants will only be considered for new projects and the expansion or scale up of existing projects.
If I own 50% stake in a business can I apply to the programme?
Businesses must be Belonger-owned, or 51% majority owned by a Belogner to be eligible.
I don’t have a business license; can I still apply?
You can submit proof of the business license application or a letter of intent.
I don’t have a business plan; can you help me get one?
You can apply for Technical Assistance and the programme will cover 25% of the cost to have the business plan prepared
If successful, what happens next?
Successful applicants must sign the MSME Agreement. Once signed, they will receive a Concession Order and can commence utilizing their benefits.
Do I have to repay the money/ benefits?
No, however, if the business is in breach of the MSME Agreement, the Agency reserves the right to request back the funds received
Is the programme restricted to only certain islands?
The programme allows activity to be carried out within the Turks and Caicos chain of islands.
Where can I find all this information?
You may visit investturksandcaicos.tc for more information.
For Applying for a Cash Grant
Does your organization have 25 or less employees, less than $2.5 million in annual turnover, and less than $2.5 million in net assets?
