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Qualifying enterprise.
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3.— (1) For the purposes of this Act, a person is a qualifying enterprise if—
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(a) the person is established in the State and employs fewer than 250 persons (calculated in accordance with the Commission Recommendation) whether or not in the State, and
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(b) the person’s—
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(i) annual turnover does not exceed €50 million (calculated in accordance with the Commission Recommendation) whether or not earned in, or derived from activities carried on in, the State,
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(ii) estimated annual turnover (in circumstances where the person has been carrying on business for less than 12 months) in the year concerned does not exceed €50 million (calculated in accordance with the Commission Recommendation) whether or not estimated to be earned, or derived from activities carried on, in the State, or
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(iii) annual balance sheet total does not exceed €43 million (calculated in accordance with the Commission Recommendation).
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(2) In this section “Commission Recommendation” means Commission Recommendation (2003/361/EC) of 6 May 2003 1
concerning the definition of micro, small and medium-sized enterprises.
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1 O.J. No. L124 of 20.5.2003, p.36 |
