Ever since the government announced some assistance in term of special stimulus packages to help SMEs in Malaysia affected by Covid-19 and Movement Control Order (MC), I have been wondering who are those SMEs a.k.a. Small Medium Enterprises.
(Source: SME Corp Malaysia)
SME Definitions:
Given that there have been many developments in the economy since 2005 such as price inflation, structural changes and change in business trends, a review of the definition was undertaken in 2013 and a new SME definition was endorsed at the 14th NSDC Meeting in July 2013. The definition covers all sectors, namely services, manufacturing, agriculture, construction and mining & quarrying.
Sales turnover and number of full-time employees are the two criteria used in determining the definition with the “OR” basis as follows:
- For the manufacturing sector, SMEs are defined as firms with sales turnover not exceeding RM50 million OR number of full-time employees not exceeding 200.
- For the services and other sectors, SMEs are defined as firms with sales turnover not exceeding RM20 million OR number of full-time employees not exceeding 75.
(Source: SME Corp Malaysia)
Read also Circular on New Definition of Small and Medium Enterprises (SMEs) from Bank Negara Malaysia (BNM)
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