Small and Medium-Sized Business

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 concept of SME‘s is provided by the Republic of Lithuania Law on Small and Medium-sized Business Development (Law), the new version of which came into force on 1 May 2017. The Law defines SME‘s, state aid forms applied to these SME‘s and other provisions relevant to SME‘s. The Law is in the line with Commission Recommendation of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (2003/361/EC).

Pursuant to the Law, the SME shall be a micro, small or medium-sized enterprise within the meaning of the provisions laid down in Article 3 of the Law or an enterpreneur meeting the provision laid down in Article 4 of the Law: