Revised Laws of Saint Lucia (2023)

2.   Interpretation

In this Act —

“activity” means an activity specified in Schedule 1;

“Agency” means the Youth Economy Agency established under section 3;

“approved youth economy project” means a youth economy project that is granted tax reliefs and exemptions under this Act;

“Board” means the Board of the Agency appointed under section 9;

“Chairperson” means the Chairperson of the Board designated under section 10;

“Chief Executive Officer” means the Chief Executive Officer appointed under section 33;

“Deputy Chairperson” means the Deputy Chairperson elected under section 10;

“Evaluation Committee” means the Evaluation Committee appointed under section 15;

“finance” means the provision of loans or grants —

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   (a)     for the purchase of equipment, for an existing and a viable micro business enterprise;

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   (b)     for the refurbishment of equipment and smart technologies;

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   (c)     for the provision of working capital;

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   (d)     to provide support for new and emerging economic sectors in the blue, orange and green economies;

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   (e)     for participating in a sports activity;

“financial year” has the meaning assigned under the Public Finance Management Act;

“marketing” includes —

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   (a)     market research;

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   (b)     branding and packaging;

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   (c)     the use of e-commerce, website design development and monetizing social media platforms;

“mentorship” means a period of time during which a young person receives guidance from a mentor relating to —

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   (a)     exposure and appreciation of best business practices;

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   (b)     the development of discipline;

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   (c)     the need to be accountable; and

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   (d)     the value of persistence;

“micro business enterprise” means a micro business enterprise under the Micro and Small Scale Business Enterprises Act, that has an activity as its purpose;

“Minister” means the Minister responsible for the youth economy unless stated otherwise;

“national” means a person who —

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   (a)     is a citizen of Saint Lucia;

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   (b)     has a connection with Saint Lucia of a kind which entitles that person to be regarded as belonging to or, if it be so expressed, as being native or resident of Saint Lucia for the purposes of the laws of Saint Lucia relating to immigration;

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   (c)     is a company or other legal entity constituted in Saint Lucia in accordance with the laws of Saint Lucia and which Saint Lucia regards as belonging to it, if that company or other legal entity has been formed for gainful purposes and has its registered office and central administration and carries on substantial activity within Saint Lucia and is substantially owned and effectively controlled by persons mentioned in paragraphs (a) and (b);

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           and for the purposes of this definition, a company or other legal entity is —

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      (i)     substantially owned if more than 50% of the equity interest in the company or entity is beneficially owned by a person mentioned in paragraphs (a) and (b),

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      (ii)     effectively controlled if the persons mentioned in paragraphs (a) and (b) have the power to name a majority of its directors or are otherwise legally entitled to direct its actions;

“smart technologies” means technologies that allow sensors, databases and wireless access to collaboratively sense, adapt and provide for users within the environment;

“training” means —

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   (a)     the strengthening of an individual or an existing and a viable micro business enterprise;

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   (b)     identification of workable new business ideas and opportunities;

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   (c)     research and development, innovation and technology upgrade;

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   (d)     certification and capacity building in strategic planning, skill and talent development, emotional intelligence and the implementation of international standards and best practices;

“young person” means an individual within the age of 15 to 35 years;

“Youth Economy Programme” means the arrangement under this Act that allows a young person to obtain financing, training, mentorship and marketing support for an activity;

“youth economy project” includes —

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   (a)     a proposed micro business enterprise;

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   (b)     an existing micro business enterprise.