Based on the latest speech by our prime minister on SME’s, many of you might be wondering if your company qualifies as an SME. What is defined as an SME? Well according to SMECorp Malaysia, there are two criteria’s used in determining the definition of an SME, which covers all sectors, namely services, manufacturing, agriculture, construction and mining & quarrying. They are:
1. Sales Turnover
2. Number of Employees
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.
Where as, for the services and other sectors, they are defined as firms:
- With sales turnover not exceeding RM20 million;
- OR number of full-time employees not exceeding 75.
Besides that, all SMEs must also be registered with SSM or any other equivalent bodies. But this excludes entities that are public-listed on the main board and subsidiaries of:
- Public-listed companies (main board)
- Multinational corporations (MNCs)
- Government-linked companies (GLCs)
- Syarikat Menteri Kewangan Diperbadankan (MKDs)
- State-owned entreprises
And voila, now you can go find out if you’re getting that money!
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