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</TD></TR><TR><TD>Business @ AsiaOne
New SME definition is based on sales and staff strength
With effect from April 1, an SME will be defined either as an enterprise with an annual sales turnover under $100 million, or as an enterprise with an employment size below 200.
Thu, Mar 24, 2011
The Business Times
THE Ministry of Trade and Industry announced a new Small and Medium Enterprise (SME) definition based on sales turnover and employment.
With effect from April 1, an SME will be defined either as an enterprise with an annual sales turnover under $100 million, or as an enterprise with an employment size below 200.
Senior Parliamentary Secretary Sam Tan announced this at the third Enterprise Development Centre (EDC) conference yesterday.
Under the current definition, an SME is defined as an enterprise with no more than $15 million in fixed asset investment and a maximum of 200 employees.
The change in definition will better reflect the changing profile of Singapore's SMEs as quite a number today are asset-light. This ensures that small businesses can qualify for government support, regardless of their fixed assets, Mr Tan said.
'The new definition is also in line with international benchmarks in the United States and the European Union.'
Mr Tan also touched on new enhancements to existing support initiatives for SMEs. Two new e-services will be available on the EnterpriseOne website. One is an alert service on GeBIZ, the government's procurement portal, to offer business leads.
The second addition is BizMap to help businesses search for properties available for rent or lease from agencies such as the Singapore Land Authority and Housing and Development Board.
It is estimated that more than 30,000 businesses will benefit from these two e-services.
This article was first published in The Business Times.
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</TD></TR><TR><TD>
New SME definition is based on sales and staff strength
With effect from April 1, an SME will be defined either as an enterprise with an annual sales turnover under $100 million, or as an enterprise with an employment size below 200.
Thu, Mar 24, 2011
The Business Times
THE Ministry of Trade and Industry announced a new Small and Medium Enterprise (SME) definition based on sales turnover and employment.
With effect from April 1, an SME will be defined either as an enterprise with an annual sales turnover under $100 million, or as an enterprise with an employment size below 200.
Senior Parliamentary Secretary Sam Tan announced this at the third Enterprise Development Centre (EDC) conference yesterday.
Under the current definition, an SME is defined as an enterprise with no more than $15 million in fixed asset investment and a maximum of 200 employees.
The change in definition will better reflect the changing profile of Singapore's SMEs as quite a number today are asset-light. This ensures that small businesses can qualify for government support, regardless of their fixed assets, Mr Tan said.
'The new definition is also in line with international benchmarks in the United States and the European Union.'
Mr Tan also touched on new enhancements to existing support initiatives for SMEs. Two new e-services will be available on the EnterpriseOne website. One is an alert service on GeBIZ, the government's procurement portal, to offer business leads.
The second addition is BizMap to help businesses search for properties available for rent or lease from agencies such as the Singapore Land Authority and Housing and Development Board.
It is estimated that more than 30,000 businesses will benefit from these two e-services.
This article was first published in The Business Times.
</TD></TR><TR><TD> </TD></TR></TBODY></TABLE><TABLE border=0 cellSpacing=0 cellPadding=0 width=560><TBODY><TR><TD></TD></TR><TR><TD> </TD></TR></TBODY></TABLE><TABLE border=0 cellSpacing=0 cellPadding=0 width=560><TBODY><TR><TD bgColor=#666666>
</TD></TR><TR><TD align=center>Privacy Statement Conditions of Access Advertise </TD></TR></TBODY></TABLE><!-- START RedSheriff Measurement V5.1 --><!-- COPYRIGHT 2003 RedSheriff Limited --><!-- g_currChannelId: 719967c086322110VgnVCM100000bd0a0a0aRCRD --><SCRIPT language=JavaScript type=text/javascript src="http://business.asiaone.com/a1mediajs/site/a1nr/net_biz.js"></SCRIPT><SCRIPT type=text/javascript src="http://secure-sg.imrworldwide.com/v53.js"></SCRIPT>
