Business News
New EC business size definitions
The European Commission has adopted a new definition of micro, small and medium sized enterprise (SMEs). The new definition will be used as of 1 January 2005. It maintains the different staff thresholds which categorises micro, small and medium-sized enterprise but provides for a substantial increase of the financial ceilings (turnover or balance sheet total) as a result of inflation and productivity increases since 1996, the date of the first Community SME definition. Medium Headcount = 51 - 250 Turnover = up to 50m euros or Balance Sheet Total = up to 43m euros Small Headcount = 11 - 50 Turnover = up to 10m euros or Balance Sheet Total = up to 10m euros Micro Headcount = up to 10 Turnover = up to 2m euros or Balance Sheet Total = up to 2m euros