EU redefines SME benchmark

The European Commission has proposed new definitions for small- and medium-sized enterprises (SME) which see raised financial benchmarks from 2005 onwards. The commission argued that inflation and increased productivity since 1996, the last time the SME definitions were set, would make this step necessary. Medium-sized enterprises are defined as firms with a yearly turnover of less than EUR 50m, previously EUR 40m, while small-sized enterprises are defined as firms with a yearly turnover of less than EUR 10m, previously EUR 7m. For the first time a benchmark for companies with a yearly turnover of less of EUR 2m has been introduced. Definitions regarding employee numbers remain unchanged with 250, 50 and 10 members of staff as respective benchmarks.

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• DACH