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.
Do you know more about this story? Contact us anonymously through this link.