MSME
Helping your business to grow from seed to full bloom
What is the MSME Programme
“Unlocking the Power of Small Business: Invest TCI’s MSME Programme is a game-changer for entrepreneurs, fueling the growth and success of micro, small, and medium enterprises. With tailored funding, expert guidance, and a vibrant community, we empower aspiring visionaries to soar to new heights, transforming dreams into thriving businesses. Join our revolution and ignite the spark of innovation, because together, we’re building the future, one small business at a time.”
MSME Overview
Total of 3.6 million in benefits Awarded
Cash Grants
0
Million
Duty Concessions
0
Million
Technical Support
$
0
Awardees
0
How does the MSME programme support local businesses?
The Invest TCI’s MSME Programme provides local businesses support by providing a concession order to obtain the following benefits:
Cash Grants
Businesses 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 Enterprise) for the start-up and purchase of equipment for the project.
Customs Duty Concessions
A small business can receive a reduction of payment of customs import duties on capital equipment for the construction of a project, raw materials and spare parts for the first 90 days of operation of an approved project. The Customs Processing Fee (CPF) is not included in the duty reduction and must be paid by the small business separately.
Technical Support
Eligible small businesses can receive a Technical Assistance Grant of up to $5,000 (Micro Enterprises), up to $10,000 (Small Enterprises), and up to $15,000 (Medium Enterprise) in support to include business advisory services, market research, feasibility studies, business plans and financial management guidance (see brochure for complete list of services). Recipients of Technical Assistance grants are expected to pay 25% of the cost owing to the supplier of the service.
*During a five-year period, a maximum of two Concession Orders can be obtained, provided there were no breaches of the previous Concession Order. If a business is reapplying, consideration will only be given for a new project or for an expansion or scale up of an existing project..
*Technical assistance can also be applied for as a standalone benefit “without a concession order”
Who can apply for the MSME Programme?
Any eligible small business or start-up owned or controlled by a Turks and Caicos Islander, that
Micro Enterprise
- Has not more than five employees;
- Has not more than $500,000 in assets;
- Has not more than $250,000 in annual turnover.
Small Enterprise
- Has not less than six employees, but not more than nineteen employees;
- Has not more than $1,000,000 in net assets;
- Has not more than $1,000,000 in annual turnover.
Medium Enterprise
- Has not less than twenty employees, but not more than twenty five employees;
- Has not more than $2,500,000 in net assets;
- Has not more than $2,500,000 in annual turnover;
*Businesses such as retail and non-profit organizations will not qualify for support
What do you need to qualify for the MSME Programme?
Business license or proof of license application or letter of intent to obtain a license.
Have an appropriate legal structure, such as a sole proprietor, a TCI registered company, a partnership or business cooperative.
The business or project must meet one of the two criteria: either operate in a priority area or the project should bring socio-economic value to the islands.
Show evidence that the entity is current in the payment of NIB and NHIB Contributions (For existing businesses Only)
Employ 25 people or less, have less than 2.5 million in net assets and less than 2.5 million in annual turnover.
What are the priority business sectors?
The MSME Programme focuses on supporting business sectors that have the potential to make a substantial contribution to the local economy. These may include sectors such as agriculture, fisheries, manufacturing, technology, arts and music. The main goal of the Programme is to facilitate the growth and development of businesses operating in these sectors. By prioritizing these areas, the Programme aims to help businesses generate higher revenue and profits. Supporting these priority businesses can have a significant positive impact on the overall local economy.
Success Stories
Check out the success stories of some of the Invest Turks and Caicos MSME awardees
Why should I sign up for the MSME programme?
01
Funding opportunities to start or expand your business.
02
Business development support through training and mentorship.
03
Access to market intelligence to identify new markets and develop marketing strategies.
04
Networking opportunities to connect with other entrepreneurs and industry experts.
05
Access to Business Support Unit (BSU) to improve productivity.
06
Promotion and visibility through various channels.
BSU Service Providers
Check out our list of service providers available to support your business growth.
MSME Business Directory
Check out our list of local businesses operating throughout the Turks and Caicos Islands.
Trusted partners to support you
