Small Business Development Act No. 11 of 2021.

The Small Business Development Act No. 11 of 2021 in Vanuatu aims to promote, encourage, and support small businesses in the country. The Act defines small businesses as those employing not more than 5 individuals with a gross annual revenue ranging from VT1,000,000 to VT10,000,000. The Act establishes the Small Business Register and outlines the registration process for small businesses, emphasizing the need for a valid business license, a viable business plan, and payment of prescribed fees. The Act also sets up the Small Business Development Council and Fund to provide incentives, training, and assistance to small businesses. It aims to modernize and strengthen the small business sector, increase their contribution to Vanuatu's economic growth, and enhance public understanding of their importance. The Act includes provisions for monitoring, inspection, penalty notices, and annual reporting by the Council to the Minister. Overall, the Act seeks to create a supportive framework for small businesses, foster partnerships between the government and private sector agencies, and ensure compliance with the regulations. It emphasizes the role of small businesses in driving economic growth and aims to facilitate their establishment and success in Vanuatu.