{"id":305592,"date":"2019-03-24T09:00:30","date_gmt":"2019-03-24T07:00:30","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=305592"},"modified":"2019-03-22T17:02:03","modified_gmt":"2019-03-22T15:02:03","slug":"these-are-the-new-definitions-for-micro-small-and-medium-enterprises-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/305592\/these-are-the-new-definitions-for-micro-small-and-medium-enterprises-in-south-africa\/","title":{"rendered":"These are the new definitions for micro, small and medium enterprises in South Africa"},"content":{"rendered":"

Minister of Small Business Development, Lindiwe Zulu, has published<\/a> <\/strong>a new government gazette amending the definitions of micro, small and medium enterprises in South Africa.<\/p>\n

The gazette states that the new turnover threshold values have been established to account for inflation since they were last revised in 2003.<\/p>\n

The new schedule also defines small enterprise using two proxies – ‘total full -time equivalent of paid employees’ and ‘total annual turnover’ – removing the third proxy of ‘total gross asset value’ which was previously considered when establishing the size of South African businesses.<\/p>\n

The final change is the collapsing of `very small enterprise’ into the ‘micro enterprise’ category.<\/p>\n

This is because many users found this size or class category unhelpful and inconsistent with international practice, the gazette states.<\/p>\n

\"\"<\/a><\/p>\n

Help for small businesses<\/strong><\/p>\n

In his February state of the nation address, president Cyril Ramaphosa announced that government will focus on significantly expanding the small business incubation programme in 2019.<\/p>\n

The incubation programme provides budding entrepreneurs with physical space, infrastructure and shared services, access to specialised knowledge, market linkages, training in the use of new technologies and access to finance.<\/p>\n

“The incubation programme currently consists of a network of 51 technology business incubators, 10 enterprise supplier development incubators and 14 rapid youth incubators,”he said.<\/p>\n

\u201cAs part of the expansion of this programme, township digital hubs will be established, initially in four provinces, with more to follow.”<\/p>\n

The president said it was expected that the hubs will provide most-needed entrepreneurial service to small and medium enterprises in the rural areas and townships \u2013 but more especially to young people who want to start their businesses.<\/p>\n

\n

Read: These are the best-earning professions in South Africa<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Minister of Small Business Development, Lindiwe Zulu, has published a new government gazette amending the definitions of micro, small and medium enterprises in South Africa.<\/p>\n","protected":false},"author":10,"featured_media":276017,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26],"class_list":["post-305592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/305592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=305592"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/305592\/revisions"}],"predecessor-version":[{"id":306610,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/305592\/revisions\/306610"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/276017"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=305592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=305592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=305592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}