Entry and Qualifying Critera for Application
To qualify for assessment under the Singapore SME 500 Award, enterprises must generally meet the following baseline conditions:
- Corporate Entity
- Entity is to be a corporate entity, registered with ACRA with a valid Unique Entity Number (UEN)
- Operations and headquarters are to be based in Singapore
- At least 30% of shareholding is held by a Singaporean or Singapore Permanent Resident*
- Annual sales turnover of not more than S$100 million as of the last financial year
- No Litigation filed against the business, its director(s) and shareholder(s) in the past three (03) years
- Meets all statutory compliances and governing regulations
- Made an impact within its industry, allowing the business to obtain its sustainable market position
- Registered entity includes sole proprietorship, partnership, limited partnership, limited liability partnership or private limited company
- Business Quality & Management
- Implements well managed policies (fiscal, trading, internal)
- Sets high and industry leading standards for self and the business
- The management team demonstrates strong leadership and corporate governance skills
- Empowering individuals that propels success
- Business Strategies & Impacts
- Creates visions and converts them into reality through the course of business
- Ability to maintain operational excellence by reviewing and optimizing operational structure and processes to be aligned with the business’s vision and goals
- Possess proven customer and quality management system within business operations
- Business and/or brand(s) possess influential presence within the local markets
- Business displays high potential for growth and expansion for both local and global markets
- Have structured business recovery plans in an event of economic changes
- Have in place structured corporate plans and procedures; possess the ability for regional and global growth
- Possess the ability to sustain, manages and implement proven risk management strategies
* Denotes exemption may be provided on case-by-case basis by the assessment unit.