Ministerial decision amends classification of Oman’s SMEs per workforce, revenues – ZAWYA

Ministerial decision amends classification of Oman’s SMEs per workforce, revenues – ZAWYA

Ministerial decision amends classification of Oman's SMEs per workforce, revenues Ministerial decision amends classification of Oman's SMEs per workforce, revenues | ZAWYA MENA Edition HomeLegalCommercialArticleMinisterial decision amends classification of Oman's SMEs per workforce, revenues Micro establishment shall have 1-10 workers and its annual revenues stand at less than $389,625    Muscat: Dr. Ali bin Masoud al-Sunaidi, Minister of Commerce and Industry, Board Chairman of Riyada, issued a ministerial decision, on Wednesday, amending the classification of small and medium enterprises (SMEs) in accordance with their workforce and revenue.According to the new classification, a micro establishment shall have 1-10 workers and its annual revenues stand at less than OMR 150,000; a small establishment shall have 11-50 workers and an annual revenue ranging between OMR 150,000 and OMR 1,250,000; a medium establishment shall have 51-150 workers and annual revenue ranging between OMR 1,250,000 and OMR 5 million.Earlier, the classification was as follows: Micro-establishment 1-5 workers, less than RO 100,000 of revenue; Small establishment had 6-25 workers, OMR 100,000 - OMR 500,000 of revenue; Medium establishment had 26-99 workers, OMR 500,000 to less than OMR 3 million. The amendment of classification takes into account the classification of such establishments in other GCC states and