RSS

Development of small and medium-sized enterprises (hereinafter referred to as “SMEs”) is a major decisive factor determining competitiveness and growth of the market economy in Europe and other countries of the world.

The definition of the concept of small and medium-sized business (SMB) entities is provided by the Republic of Lithuania Law on Small and Medium-sized Business Development (hereinafter referred to as the “Law”), the new version of which came into force on 1 January 2008. The Law defines SMB entities, state aid forms applied to these entities and other provisions relevant to SMB. Pursuant to the said Law, the SMB entity shall be a micro, small or medium-sized enterprise within the meaning of the provisions laid down in Article 3 of the Law or a businessman meeting the provision laid down in Article 4 of the Law.

Concept of SMEs

 The provision that prohibits restricting or limiting possibilities of SMB entities to get state aid based on the activity character of an entity was eliminated from the Law. A new body, the Small and Medium-sized Business Council, that is comprised of representatives of associations, members of which are business entities, has been made statutory with a view to ensure cooperation between SMB representatives and state authorities. You can find more about the Republic of Lithuania Law on Small and Medium-sized Business Development and other legal acts under the heading Legal environment.