The annual Enterprise 50 (E50) awards that honour visionary local firms have returned for their 20th year.

Nominations for the awards, which were launched on Wednesday, are now open.

The awards are jointly organised by The Business Times and KPMG, a global network of professional services firm offering audit, tax and advisory services.

The E50 seeks to recognise privately-owned small and medium enterprises (SMEs) that demonstrate the spirit of enterprise in today's competitive marketplace.

The theme for this year's awards is 'Celebrating visionary leadership and entrepreneurial success'.

SME owners who are interested in taking part in the awards need to nominate their company by June 30.

Businesses will be judged on their efforts to improve productivity, and their ability to identify opportunities for innovation. Other factors also include financial performance indicators such as operating profit before tax, turnover and profit growth, as well as their management and marketing strategies.

They will be judged by a panel consisting of senior management representatives from KPMG in Singapore, The Business Times, the Infocomm Development Authority (IDA), International Enterprise (IE) Singapore, the Singapore Business Federation (SBF), Spring Singapore and OCBC Bank.

Mr Owi Kek Hean, deputy managing partner and head of enterprise services at KPMG in Singapore, said: "Faced with rising cost and manpower crunch, it is important that companies reshape their business models and focus on value creation to stay competitive. Winning the award enhances reputations, bolsters morale, and facilitates the development of strategic business relations."