{"id":8013,"date":"2017-09-11T15:37:01","date_gmt":"2017-09-11T15:37:01","guid":{"rendered":"http:\/\/progresomicrofinanzas.org\/?p=8013\/"},"modified":"2017-11-16T12:24:32","modified_gmt":"2017-11-16T12:24:32","slug":"new-classification-of-msmes","status":"publish","type":"post","link":"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/new-classification-of-msmes\/","title":{"rendered":"New classification of MSMEs"},"content":{"rendered":"<div class=\"pdfprnt-buttons pdfprnt-buttons-post pdfprnt-top-right\"><a href=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/wp-json\/wp\/v2\/posts\/8013?print=pdf\" class=\"pdfprnt-button pdfprnt-button-pdf\" target=\"_blank\" ><img decoding=\"async\" src=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/wp-content\/plugins\/pdf-print\/images\/pdf.png\" alt=\"image_pdf\" title=\"View PDF\" \/><\/a><a href=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/wp-json\/wp\/v2\/posts\/8013?print=print\" class=\"pdfprnt-button pdfprnt-button-print\" target=\"_blank\" ><img decoding=\"async\" src=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/wp-content\/plugins\/pdf-print\/images\/print.png\" alt=\"image_print\" title=\"Print Content\" \/><\/a><\/div><p><span style=\"font-weight: 400;\">The Dominican Republic\u2019s Chamber of Deputies has passed modifications to three articles of <\/span><a href=\"https:\/\/www.dgii.gov.do\/contribuyentes\/mipymes\/Documents\/Ley-488-08.pdf\"><span style=\"font-weight: 400;\">Act 488-08<\/span><\/a><span style=\"font-weight: 400;\">, 19<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\"> December 2008, establishing a Regulatory Framework for the Development and Competitiveness of Micro, Small and Medium-sized Enterprises (MSMEs). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Act reclassifies MSMEs so that policies, programmes and public initiatives to promote, support and regulate MSMEs are better fitted to their needs, their reality and the specifics of the sector in which they operate, as provided for in the new <\/span><b>article 2-bis<\/b><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><b>Classification of MSMEs<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The amendments to <\/span><b>articles 1 and 2<\/b><span style=\"font-weight: 400;\"> of Act 488-08 alter the thresholds for employee numbers and the annual gross sales* figure, removing the reference to the asset volume previously stipulated in Act 488-08. The new classification of MSMEs is as follows: <\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Microenterprise:<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Up to 10 employees (15 in the modified Act)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Annual gross sales of up to RD 8mn (6mn in the modified Act)<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Small enterprise:<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Between 11 and 50 employees (16 to 60 in the modified Act)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Annual gross sales of up to RD 54mn (6mn \u2013 40mn in the modified Act)<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Medium-sized enterprise:<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Between 51 and 150 employees (61 to 200 in the modified Act)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Annual gross sales of up to RD 202mn (40mn \u2013 150mn in the modified Act)<\/span><\/li>\n<\/ul>\n<p><b>Business Registry<\/b><\/p>\n<p><b>Article 22<\/b><span style=\"font-weight: 400;\"> has also been amended to create the MSME Business Registry, which will be kept up by the Ministry for Industry, Trade &amp; MSMEs, free of charge and voluntary for companies, which will certify the classification by size of companies. Certificates issued will be valid for one year. <\/span><\/p>\n<p>&nbsp;<\/p>\n<div class=\"progreso-foot-notes\">*NOTE: Figure annually index-linked to the Consumer Price Index.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Dominican Republic\u2019s Chamber of Deputies has passed modifications to three articles of Act 488-08, 19th December 2008, establishing a Regulatory Framework for the Development and Competitiveness of Micro, Small and Medium-sized Enterprises (MSMEs). The Act reclassifies MSMEs so that policies, programmes and public initiatives to promote, support and regulate MSMEs are better fitted to [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":7909,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"tags":[2361,2356,2362,401,580,413,341,2360,2358,1495,2359,2357],"class_list":["post-8013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-act-488-08","tag-business-registry","tag-chamber-of-deputies","tag-competitiveness","tag-development","tag-dominican-republic","tag-industry","tag-medium-sized-enterprise","tag-micro-enterprise","tag-msmes","tag-small-enterprise","tag-trade","numero-12-en","seccion-published-and-draft-legislation-microfinance","pais-dominican-republic"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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