micro-enterprise means an enterprise, which at the time of conclusion of the payment service contract, is an enterprise as defined in Article 1 and Article 2(1) and (3) of the Annex to Recommendation 2003/361/EC in the version of 6 May 2003;
micro-enterprise means an enterprise which employs fewer than 10 persons and has an annual balance sheet that does not exceed 2 million Euros.
micro-enterprise means any legal entities and unincorporated business organizations which – at the time the framework agreement is concluded, based on the information at the Bank’s disposal – have a total headcount of less then 10, and whose annual turnover or balance sheet total in the business year preceding the year when the agreement is concluded is not more than EUR 2 million or HUF equivalent based on the official exchange rates posted by the National Bank of Hungary on the last day of the business year preceding the year when the agreement is concluded.
More Definitions of micro-enterprise
micro-enterprise means a very small business, often involving only the owner, some family members and at the most one or two paid employees. They usually lack `formality` in terms of business licences, value-added tax (VAT) registration, formal business premises, operating permits, operating permits and accounting procedures. Most of them have a limited capital base and only rudimentary technical or business skills among their operators. However, many micro-enterprises advance into viable small businesses. Earning levels of micro-enterprises differ widely, depending on the particular sector, the growth phase of the business and access to relevant support.
micro-enterprise means an enterprise that employs fewer than 10 persons and whose annual turnover or annual balance sheet does not exceed EUR 2 million, calculated in accordance with Articles 3 to 6 of Annex I to Commission Regulation (EU) No 651/201453;
micro-enterprise means an enterprise classified as such under sub-clause (i) of clause (a) or sub-clause (i) of clause (b) of sub-section (1) of section 7;