Part 1: The Small Business Commissioner Section 2: Small businesses in relation to which the Commissioner has functions
This section provides the definition of small businesses. In all cases, a small business must have a staff headcount of fewer than 50 people. Financial thresholds may also be applied, under secondary legislation. Further details of how ‘small business’ is defined and the relevant thresholds are calculated may be provided in secondary legislation. Regulations made under this section, related to the definition of small business, must be approved by both Houses of Parliament. The intention is that the thresholds to be a small business under this Part will be broadly consistent with those under sections 33-34 of the Small Business, Enterprise and Employment Act 2015.