Essay - Small and Medium Sized Enterprises Small and Medium-sized Enterprises (Smes)...

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Small and Medium Sized Enterprises

Small ***** Medium-Sized Enterprises (SMEs)

***** is the abbreviation of Small and ***** Enterprises. The exact definition of an SME differs from region to *****. In Europe, the European Commission has adopted a ***** of SMEs which now provides ***** clear global framework for funding directed towards micro, small and medium-sized enterprises. ***** adopted definition is as follows:

***** enterprises employ fewer than 250 occupied persons and ***** have either an annual turnover not exceeding 50 million euro (in 1996: 40 million euro), or an *****nual balance-sheet total not exceed*****g 43 million euro (in 1996: 27 million euro).

***** enterprises ***** fewer ***** 50 occupied persons. Their annual turnover must ***** exceed to 10 million (in 1996: 7 million) or an *****nual balance-sheet total not exceeding to10 ***** (in *****: 5 million).

***** employ fewer than 10 ***** persons. ***** annual turnover must not exceed to 2 million (previously not defined) or an *****nual balance-sheet total not *****ing to ***** million (previously ***** *****).

In a smaller economy like New Zeal*****, SMEs are defined ***** companies with no more than 20 employees. However one defines SMEs, they tend ***** share some characteristics. You won't find them in the top 10 percent of companies ***** terms of size. They're often run by an owner-operator and are privately held. Many of them target a niche industry sector. And SMEs ***** traditionally confined their operations to a regional or country basis.

The definition ***** an SME distinguished three types of enterprise, according ***** their relationship with other enterprise in terms ***** holdings of capital or voting rights or the right to exercise a dominant influence.

Autonomous Enterprises - This is by far the most common type of enterprise. It applies to all *****s which are not one of the two other *****s of enterprise (partner or linked). An ***** is autonomous if it: 1) does not have a holding of 2*****% or more in *****nother enterprise; 2) is not owned 25% or more by an enterprise or public body or jointly by several linked *****s ***** ***** bodies, with a few exceptions; 3) does not dr*****w up consolidated accounts and is not included in the accounts ***** an enterprise ***** draws up ***** ***** *****d is thus not a l*****ked enterpr*****e.

***** Enterprises ***** This type represents the situation of enterprises which establish major financial partnerships with o*****r enterprises, without the one exercising effective direct ***** indirect control over the o*****r. Partners are enterprises ***** are not independent but which ***** not linked to ***** a*****her. ***** enterprise is a p*****rtner ***** another ***** *****: 1) it ***** a holding of between 25% and less than 50% in the other ***** 2) the ***** enterprise has a ***** of ***** *****5% ***** less ***** 50% ***** the applicant enterprise; 3) the ***** enterprise ***** not draw ***** consolidated accounts which include the o*****r enterprise, and is not included by consolidation in the accounts of ***** other enterprise or


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