Special dispensation for small businesses

Not many employers are aware of the Ministerial Determination that was issued in respect of small businesses as long ago as 1999 (“the Small Business Determination”). While the provisions are not all that far-reaching, some provisions could be quite useful to the small employer. These include that the weekly overtime hours, i.e. hours in excess of 45 hours per week, are limited to 15 hours per week (as opposed to 10 hours) and that for the first ten hours of overtime worked in a week the employer has to pay the employee only one and one third of the employee’s normal rate.

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Simple steps to creating an SME budget

If you are planning on starting your own business, or if you are an SME business owner who is interested in small business asset funding, you will need to draw up a budget at some point. This budget might be for small business funding to improve your product offerings or even small business finance for finding better premises.

 If you are looking into funding for your small business or want to start a business, it is vital to know exactly how to draw up a budget. Here are some simple tips on how to create an SME budget.