Small and Medium Enterprises (SMEs) are the backbone and economic drivers of Mauritius. Through their nimble, innovative, diversified and competitive modi operandi, they allow the birth of unique breakthrough ideas, the development of unconventional work methods and act as the engine of economic growth and opportunity. To that effect, the Organisation for Economic Cooperation and Development recognises entrepreneurship as being the heart of local and national economic growth.

According to a handbook published by the Ministry of Industrial Development, SMEs and Cooperatives for Mauritius in 2019, SMEs represented 99% of all enterprises, 50% of employment, 35.7% of Gross Value Added and around 12% of total exports.

Although there can be no doubt as to SMEs being an essential pillar of the Mauritian economy, the last three years have been extremely trying for this sector. The multiple waves of COVID-19 and the war in Ukraine have shaken our economy like never before, and the tremors show no sign of stopping. Amidst all the unrest, challenge and difficulty, SMEs have been putting their shoulders to the wheel to survive.

Several schemes are currently in place to assist and support SMEs. It can be expected, however, that the challenging times are here to stay, with indicators showing a continuous increase in inflation, aggravated supply chain issues and growing uncertainty in global markets. Therefore, it is critical for SMEs to make the right choices now to survive and thrive.

New SMEs should note that they may register with the Registrar of SMEs at the Ministry of Industrial Development, SMEs and Cooperatives, to receive support and information to facilitate the acquisition of any registration, permit, licence, authorisation or clearance which the enterprise may require. For existing SMEs, registration with SME Mauritius Ltd allows access to training and events, along with the possibility of receiving grants.

The Development Bank of Mauritius offers various facilities and schemes specifically tailored for SMEs. SMEs can also contact Investment Support Programme Ltd for financial solutions, SME Equity Fund for equity financing or the Mauritius Revenue Authority regarding assistance schemes. The Economic Development Board implements the SME Refund Scheme, which concerns the international promotion of SMEs. As an additional option for financing, the introduction of peer-to-peer lending has allowed SMEs to look for crowdfunding opportunities from crowdlending platforms.

Our aim at Dentons Mauritius is to provide the conducive environment SMEs require to thrive. We recognise the crucial and essential role that SMEs play in the economic chain and regularly guide and assist our SME partners in the conduct of their businesses. We have expertise in and keep a close eye on the legal framework surrounding SMEs as well as the various schemes and opportunities available to our partners. We are always very keen and pleased to collaborate with and assist SMEs in all their endeavours and look forward to tackling and facing the challenges to come in 2022.