Sme Definition New Zealand

Government bodies and official statistics most commonly define smes as those having fewer than 20 full time equivalent employees ministry of economic development 2011.

Sme definition new zealand. 2 1 brief introduction to new zealand small and medium sized enterprises small and medium sized enterprises smes are a key source of innovation and make a significant contribution to the economy of new zealand in terms of employment output and growth. There is no universally definition of an sme in new zealand. Business products sme the definition for sme aligns primarily with the definition your bank has applied. In this study the definition of a sme was based on turnover of 20 million dollars or less.

3 0 background to corporate governance in new zealand new zealand s corporate governance regime is a combination of statutes codes and common law principles. There are material changes. Small and medium sized enterprises or small and medium sized businesses are businesses whose personnel numbers fall below certain limits. These may not be major companies but these businesses many of them self starters and a growing number of them created by women.

Smes outnumber large companies by a wide margin and also employ many more people. Smes in new zealand the small size of new zealand means that definitions of sme may be quite different from those of larger economies. One of the key statutes is the companies act 1993. The abbreviation sme is used by international organizations such as the world bank the european union the united nations and the world trade organization.

If one thing can be said about the present economy in new zealand it s that small and medium enterprises smes have become a very large part of it. Defined by employing 20 or fewer people these firms account for around 80 6 billion or 28 per cent of our gross domestic product. But their size and structure could leave them susceptible to any downturn or volatility in the market.