SMALL ENTERPRISES (THRESHOLD LEVELS)  [ S.L.325.03 1
SUBSIDIARY LEGISLATION 325.03
SMALL ENTERPRISES (THRESHOLD LEVELS) 
REGULATIONS
5th August, 1997
LEGAL NOTICE 110 of 1997.
Title.
(Threshold Levels) Regulations.
Interpretation.
Cap. 325.
"balance sheet total" shall consist of the fixed assets, the current
assets, prepayments and accrued income;
"Corporation" means the Malta Development Corporation;
"employee" means a person who has entered into, or works
under, a contract of service, or who has undertaken personally to
execute any work or labour for another person, and includes a part-
time worker or an out-worker;
"Minister" means the Minister responsible for industry;
"number of employees" means the average number of employees
during the last preceding three years;
"total investment" means the capital expenditure for plant and
machinery incurred during the last preceding three years;
"turnover" shall comprise the amounts derived from the sale of
products and the provision of services falling within the ordinary
activities of the small enterprise, after deduction of sales rebates
and taxes directly linked to the turnover.
Threshold levels.
24(2)( b ) of the Act are being determined by the Minister as
follows:
( a ) an annual turnover not exceeding Lm250,000;
( b ) a number of employees not exceeding ten;
( c ) a balance sheet total not exceeding Lm130,000;
( d ) a total investment not exceeding Lm80,000.
Approval by 
Corporation.
4. A small enterprise qualifying in terms of the provisions of
article 24(2)( b ) of the Act, and of regulation 3, shall not obtain any
benefit or incentive under the Act unless its request for assistance
is approved in advance by the Corporation, and shall thereafter
only qualify for such benefit or assistance insofar as it complies
with all conditions and obligations of such approval.
Group of 
companies, etc.
5. Groups of companies, partnerships, co-operatives or
businesses, with the same ownership or control, shall be deemed to
be one entity for the purposes of these regulations.
2 [ S.L.325.03 SMALL ENTERPRISES (THRESHOLD LEVELS) 
Disqualification. 6. A small enterprise which is more than twenty-five  per
centum  owned by one or more enterprise which does not qualify in
terms of the provisions of article 24(2)( b ) of the Act, shall be
disqualified from acquiring any incentive or benefit under the Act
as a small enterprise.
Written 
authorisation.
7. In these regulations, any reference to any authorisation, or
approval by or from the Corporation shall only be valid if given in
writing by the Corporation.
