Government on Thursday tabled an amendment in the National Assembly to the Small Business Act which when passed will expand the criteria needed to qualify as a Small Business in Guyana.
According to the Explanatory memorandum of the bill, Clause 2 (a) of the Bill, which amends section 2(1) of the Principal Act, seeks to ensure that once a business employs not more than 25 persons; has a gross annual revenue of not more than $60 million , and total business assets of not more than $25 million such a business in addition to satisfying the other applicable conditions stipulated in section 2 (1) (a)-(e), will be classed a small business for all intents and purposes of the Act.
Notably the amendment mandates that a business must satisfy all three of the criteria in order to be classed a small business. Previously businesses were required to satisfy “at least two” of the criteria.
