The SME definition refers to the European SME definition, introduced 1 January 2005. To be classed as an SME for the purposes of Innovation Vouchers, you must:

Employ fewer than 250 full-time equivalent persons (Not to be included: apprentices or students engaged in neither vocational training with apprenticeship or vocational training contracts nor maternity or parental leave). Have an annual turnover not exceeding 50 million euro and/ or have an annual balance sheet total not exceeding 43 million euro.

Businesses with a holding of more than 25% but not exceeding 50% of the capital or voting rights (whichever is higher) in another company or another company holding more than 25% but not exceeding more than 50% of your business, must add the percentage of shares or voting rights that are held (whichever is higher) to establish the total staff headcount and financial details to determine the SME status.

If you are unsure whether you are an SME or require further information on the SME definition, please contact the Advice Centre by emailing enquiries@innovationvouchers-wm.com or calling 0121 204 3883.

Last updated on February 24, 2010 by Innovations Vouchers