SME Act Updated

The second amendment to the Small and Medium Enterprises (SME) Act (Act no. 06/2013) was ratified on 10 May 2022.

The amendment redefined the classification of the three categories of enterprises for the law. It also mandated the Registrar of Companies to re-categorise all enterprises into the newly classified categories: micro, small, and medium enterprises; and announce the types before July 30, 2022.

Upon ratification, the law was ‎published in the Government Gazette and is in effect from 10 May 2022.