For the purposes of this present study, suitable definitions for a ‘small company’ must be devised for use in both
the UK and Cyprus. In the UK, according to section 382 of the Company Act 2006, a company is considered as a
small company if it meets two or more of the following requirements:
A turnover no more than £6.5 million.
A balance sheet total of assets no more than £3.26 million.
No more than 50 employees.
In Cyprus, the Ministry of Commerce Industry and Tourism in Cyprus defines a small company as one which has
no more than 10 employees (Ministry of Commerce Industry and Tourism in Cyprus, 2012).