Small Business Act for EuropeThe EU Small Business Act for small and medium-sized enterprises in Europe has been adopted since June 2008 by the European Commission. Its goal is to recognize the important role small and medium enterprises (SME) play in the economy of the EU. The Small Business Act puts in place, for the first time, a legal and comprehensive framework for the activity of small business all over Europe.
The Small Business Act works on the basis of a very simple principle that is at the core of European Enterprises: think small first. Small and medium entities are given some benefits like co-financing and business grants in order to achieve their financial stability. The SMA applies to all companies that are independent and have less than 250 employees. From the overall of European businesses, almost 99% are not big companies.
The SBA contains 10 theoretical principles which should help active entrepreneurs to design and implement their business ideas in the EU environment successfully. Overseas enthusiasts can implement their commercial ideas at both a national and EU level, keeping in mind that they could activate in either the public sector or privately. The goal of SBA is to improve the administrative and legal challenges that one entrepreneur may encounter while trying to set up his business. The main idea is that SBA is trying to facilitate the access of people from all over the world that have good ideas into the EU environment. The good thing about this is that it creates work places and boosts the EU economy. The SBA is strongly sponsored by the European Commission and the EU’s Council of Ministers. By sponsoring young entrepreneurs with visionary ideas from all over the world, these European institutions want to make a more friendly business environment that will help people prosper and work freely.
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