Interpretation

(1) In this Act, unless the context otherwise requires“BELTRAIDE” means the Belize Trade and Investment Development Service established under section 3; “Board” means the Board of Directors of the Belize Trade and Investment Development Service established under section 6; “Executive Director” means the Executive Director of the Belize Trade and Investment Development Service; “Chairman” means the Chairman of the Belize Trade and Investment Development Service appointed by the Minister pursuant to section 7; “Government” means Government of Belize; 6 “micro, small and medium sized enterprise” has the meaning specified in sub-section (2); CAP. 4. “Minister” means the Minister to whom the subject of investment and/or trade is assigned by the Governor-General pursuant to section 41 of the Belize Constitution. (2) A reference in this Act to a micro, small or medium-sized enterprise is a reference to an enterprise that has the following characteristics as applicable– (a) for a micro enterprise, the enterprise’s capital investment is less than $50,000.00, and the enterprise consists of, (i) four or less employees working on a full-time basis; or (ii) annual sales of less than $100,000.00; (b) for a small enterprise, the enterprise– (i) consists of, (aa) more than four but less than twenty-one employees working on a full-time basis; or (bb) not more than 372 square metres of manufacturing space; and (ii) has, (aa) annual sales of less than $500,000.00; or Belize Trade and Investment Development Service [CAP. 282 7 (bb) capital investment of less than $150,000.00; (c) for a medium enterprise, the enterprise, (i) consists of, (aa) twenty or more but less than fifty-two employees working on a full-time basis; or (bb) not more than 372 square metres of manufacturing space; and (ii) has, (aa) an annual sales of less than $1,500,000.00; or (bb) capital investment of less than $500,000.00. (3) For the purpose of paragraphs (b)(i)(bb) and (c)(i)(bb), the determination of manufacturing space shall not take account of office space and storage space. (4) Paragraphs (b) (i) (bb) and (c) (i) (bb) apply only where the enterprise is engaged in manufacturing or in industrial activities. (5) The Minister may, by Order published in the Gazette, subject to negative resolution, alter any of the characteristics of enterprises specified in sub-section (2). 8 the