For non-MIFID companies to qualify as per se professional clients, which criterion must be satisfied?

To qualify as a per se professional client under MiFID regulations, non-MiFID companies must meet certain criteria that demonstrate their capacity and resources to engage in financial activities on a professional level. Among these criteria, one significant requirement is having a balance sheet total of at least €12.5 million. This threshold indicates a level of financial stability and sophistication, which qualifies the company to be considered a professional client rather than a retail client.

A balance sheet total of €12.5 million serves as a benchmark, reflecting the company's operational scale and financial complexity. This distinction is important in regulatory contexts, as professional clients are subject to different levels of protection and have a greater capability for bearing risk compared to retail clients.

In contrast, other figures mentioned, such as a balance sheet of €10 million, a turnover of €30 million, or an average number of 200 employees, do not align with the specific criteria set forth for per se professional clients. Only the €12.5 million balance sheet total directly meets the requirement necessary for non-MiFID companies to qualify for this classification.