FAQs in General, related to START UPS, MICROS & SMES.
The information provided in the answers should serve only as guidance and does not have any legal force.
WHAT IS A START UP?
A start up is a company typically in the early stages of its development. These entrepreneurial ventures are typically started by 1-3 founders who focus on capitalizing upon a perceived market demand by developing a viable product, service, or platform.
WHAT ARE MICROS (MICRO BUSINESSES)?
The European Union (EU) defines "micro-enterprises" as those that meet two of the following three criteria and do not fail to do so for at least 10 years:
- fewer than 10 employees
- balance sheet total below EUR 2 million
- turn over below EUR 2 million.
WHAT IS AN SME?
Small and medium-sized enterprises (SMEs) represent 99% of all businesses in the EU. The definition of an SME is important for access to finance and EU support programmes targeted specifically at these enterprises.
Small and medium-sized enterprises (SMEs) are defined in the EU recommendation 2003/361.
The main factors determining whether an enterprise is an SME are:
- staff headcount
- either turnover or balance sheet total
Company category | Staff headcount | Turnover | or | Balance sheet total |
Medium-sized | < 250 | ≤ € 50 m | ≤ € 43 m |
Small | < 50 | ≤ € 10 m | ≤ € 10 m |
Micro | < 10 | ≤ € 2 m | ≤ € 2 m |
These ceilings apply to the figures for individual firms only. A firm that is part of a larger group may need to include staff headcount/turnover/balance sheet data from that group too.
Within the Malta Employer’s Association administration Structure, one can find an SME Helpdesk which takes care the day-to-day complaints, issue, and queries which props-up by SMEs.
WHAT IS THE SME HELPDESK WITHIN THE MEA?
The MEA SME Helpdesk was established on the 6 th of December 2013. It is being administrated by Mr. Anton Vella, who joined MEA in August 2013. He has been working close to the SME sector for the past twelve years.
The SME Helpdesk, within the MEA administrative office, is offering an additional service to those which were already being offered so far, but now specialising and mainly targeted to SMEs and Micros.
SME Helpdesk was responsible of the setting up of the MEA’s Facebook page, which is now online, and therefore invites everyone to give us a LIKE, to ensure that you will be kept updated with all developments, and news which concerns SMEs, in particular.
The Helpdesk, besides giving advice, and important info on how an SME will become fully compliant with all local employment legislation, and other regulatory bodies, is offering also handholding services, when entrepreneurs, decides to apply to benefit from any existing grant / assistance schemes.
The Helpdesk, believes in regular contact, and communication with employers of small businesses. We are building our own exclusive database of Micro and Small Businesses with whom we will have the opportunity to communicate, via an electronic update published on a monthly basis.
The SME Helpdesk, already was engaged in organising National Conferences, seminars, info sessions, and much more, and intend to keep on organising such events, whenever the need pop-up, to keep SMEs aware of all eventual changes in policies and regulations, and guide them accordingly.
In a nut shell the MEA’s SME Helpdesk, is another tool in the hands of small business entrepreneurs, which can be used to empower their skills to achieve success in their business.
WHAT IS THE MEAINDEX – ONLINE TOOLBOX FOR BUSINESS ENTREPRENEURS INTITIATIVE?
To cater for SMEs needs the MEA also created, is actually managing and continuously updating the MEAINDEX- online toolbox for business entrepreneurs. It’s an online platform, which incorporates a comprehensive directory of entities related to Malta’s Business Ecosystem, both Government and NGOs, together with loads of other information, such as current schemes and incentives, guidelines how to set-up new business ventures, Useful legislations related to business activities and much more.
WHAT IS THE MALTESE BUSINESS STORY INITIATIVE?
To guide SMEs handle certain HR circumstances, the SME Helpdesk within the MEA, created THE MALTESE BUSINESS STORY, which is an ongoing online initiative based on MEA television programmes. The idea of creating this typical Maltese Business Story, which in just under 4000 words incorporates 91 business topics , eaxh hyperlinked to their respective MEA television programme, was incepted after getting feedback from the Association members, that local entrepreneurs might lack knowledge about what might prop-up during a business activity, and how they should handle such circumstances.
The business story brings all aspects to life, and helps all those working in the business world, to understand how important is the fact, to adopt a pro-active approach and anticipate problems prior occurrence.
FROM WHERE I CAN GET MORE INFORMATION?
For further information related to this sector, one can touch base with MEA, either through electronic communication via [email protected] or [email protected].