Small And Medium Enterprise Corporation - 3141 Words

INTRODUCTION The Small and Medium Enterprise Corporation Malaysia (SME Corp. Malaysia) was formerly known as Small and Medium Industries Development Corporation (SMIDEC). It is an agency under the Ministry of International Trade and Industry (MITI). A business will be deemed as an SME if it meets either one of the two specified qualifying criteria, namely sales turnover or full-time employees, whichever is lower. Details of the new definition are as follows: 2.1 Definition by Size of Operation Microenterprises across all sectors: Sales turnover of less than RM300,000 OR less than 5 full-time employees. Category Small Medium Manufacturing Sales turnover from RM300,000 to less than RM15 million OR full-time employees from 5 to less†¦show more content†¦Ã¢â‚¬ ¢ ‘Services’ refer to all services including distributive trade; hotels and restaurants; business, professional and ICT services; private education and health; entertainment; financial intermediation; and manufacturing-related services such as research and development (RD), logistics, warehouse, engineering etc. †¢ ‘Others’ refer to the remaining 3 key economic activities, namely: (i) Primary Agriculture – Perennial crops (e.g. rubber, oil palm, cocoa, pepper etc.) and cash crops (e.g. vegetables, fruits etc.) – Livestock,Forestry logging,Marine fishing, Aquaculture (ii) Construction – Infrastructure, Residential non-residential, Special trade (iii) Mining quarrying Classification of economic activities for purposes of definition will be based on the Malaysian Standard Industrial Classification (MSIC) 2008 codes as per Annex 1. This is to ensure comparability of data from various sources and to facilitate data harmonisation across the various providers of SME statistics. However, the list of activities is not exhaustive and may be subject to amendments from time to time. A business will be deemed as an SME if it meets either one of the two specified criteria, namely sales turnover or full-time employees whichever is lower. SME Corporation Malaysia was established under the Small and Medium Enterprises Corporation Malaysia Act 1995 [ACT 539] on the 2nd October 2009. It was formerly known as the Small and Medium Industries Development