Govt sets new parameters to define SMEs
The Government of Singapore declared new parameters for what defines a Small and Medium Enterprise.
According to the Ministry of Trade and Industry, an SME will be defined as an enterprise with an annual sales turnover of under S$100 million, or that employs less than 200 workers. This will supersede the current definition of an SME as an enterprise with no more than S$15 million in fixed asset investment and no more than 200 employees.
The re-definition will take effect across all sectors from 1 April 2011.
The revised definition better reflects the changing profile of SMEs and allow small businesses to qualify for support, regardless of their fixed assets.