Business Classifications
Small, Micro, Large or Medium | Corporations & Other Entities | Registration
Business Classifications
Small, Micro, Large or Medium | Corporations & Other Entities | Registration
Business Classifications
Small, Micro, Large or Medium | Corporations & Other Entities | Registration
Slider

Small, Micro, Large or Medium?

Micro Enterprises
Micro Businesses

A micro business is a subset of the small business community based on the number of employees within the company. While your company can technically be considered a small business even if it has dozens of employees, your business is a micro business if you employ fewer than 10 people. If you are a sole trader, self-employed, or have no employees, you operate a micro business.

 

Challenges of Micro Businesses

A micro business faces additional challenges that other businesses, including larger small businesses, do not face. You will have a harder time hiring employees and drawing in talent because of your lack of exposure. For the same reason, micro businesses do not have the same customer reach as larger companies. Traditional financial institutions may refuse to issue loans if your business is too small. Micro businesses have a harder time developing lines of credit with vendors because of the increased risk of default.

 

Micro Businesses Taxation

The taxes you pay on the earnings of your micro business are potentially not treated too differently than any other small business. If you incorporate your business, it is taxed at corporate tax rates. If you choose to operate as a sole proprietorship, you are taxed at your personal tax rate. Most micro businesses are more likely to operate under this structure because it takes less effort to register and file paperwork, but the business structure you choose for your micro business, or any small business, changes the way your taxes are assessed.

Corporations & Other Entities

There is a wide range of legal entities present in Saint Lucia. What might be considered just a corporation can be further defined as a partnership, non-profit, joint-venture, etc. and some may be subject to certain taxes while others are not. Find all the information you need to know about the entity your business falls under and its tax implications below

Corporations, Joint Ventures & Partnerships
Corporations & Other Entities

Registration

An essential part of dealing with the IRD is Registration: getting registered for a company profile on our automated system; registering additional accounts on your profile; updating information on your company profile; closing of business accounts, etc. Take a look at the following links: