Interpretation

In this Act, unless the context otherwise requires, “Board” means the Board of Directors of the Enterprise Development Center established under section 9 of this Act; “EDC” means the Enterprise Development Center established under section 3 of this Act; “enterprise” means an incorporated or unincorporated body whether consisting of one or more persons engaged in the production of goods and services, and “industry” shall be construed accordingly; “Executive Director” means the Executive Director of the Enterprise Development Center appointed under section 17 of this Act; “Minister” means the Minister for the time being responsible for Investment; “MSMEs” means a micro, small and medium sized enterprise, whether a natural or a legal person or an unincorporated entity or association that fulfil the following criteria, 6 (a) has an annual turnover not exceeding $500,000; (b) has a net worth not exceeding $300,000; (c) has an investment in machinery and equipment not exceeding $300,000; (d) holds a valid trade licence and other permits (e) employs not more than 15 persons.