The awards will be presented on March 10 and have been launched by organisers the Milton Keynes Business Leaders Partnership, in partnership with full service marketing agency Interdirect and event management experts Evolution Live.
More than 50 guests attended the launch event at Holiday Inn Milton Keynes, including sponsors and previous MK BAA winners.
The 2016 awards ceremony will be compered by actress and comedienne Deborah Stephenson.
The awards, established in 2014, recognise the achievements of Milton Keynes businesses of a variety of sizes and sectors. Entries are now open, with 12 categories including innovation and technology, logistics and distribution, and new business available to enter at www.mkbaa.co.uk.
The prestigious Business of the Year and coveted Lifetime Achievement Award will also be presented on the night at DoubleTree by Hilton, Milton Keynes.
Previous winners of the latter are Red Bull Racing team principal Christian Horner and Pete Winkelman, chairmanof MK Dons FC.
MKBLP chairman Dr Philip Smith said: “We are delighted to see the return of the MK BAA for a third consecutive year.
“With a refined entry process, an engaging and hilarious compère and a few surprises up our sleeve, it’s sure to be a fantastic occasion for the Milton Keynes business community.”
The launch event also provided an opportunity for previous winners to share their MK BAA experience. Creative agency White Leopard, winner of the design and creativity award in 2015, spoke of what winning a Business Achievement Award has led to.
“We entered the awards to gain valuable insight into the Milton Keynes business community and ultimately raise awareness of the work that we do as a creative design agency,” said senior designer George Lah-Anyane.
“Since winning, and continuing to share our success with clients and suppliers, we have been recognised as one of the great success stories in our region and have gone on to win new business.”
Headline sponsors of the 2016 awards are the Open University and University Campus Milton Keynes, part of the University of Bedfordshire.
OU commercial director Steve Hill said: “Milton Keynes has a thriving local economy and we are proud of our continued collaboration with MKBLP, as well as other local organisations, to ensure economic growth and sustainability in the area.
“Sponsoring the MK Business Achievement Awards and celebrating the accomplishments of local businesses is something that we are passionate about at the OU.”
Net proceeds from the awards ceremony will go towards the trust fund established by MKBLP with the MK Community Foundation for start up businesses in deprived areas of the city.
To enter the MK BAA, or nominate a company that you think is worthy of recognition, visit www.mkbaa.co.uk. To find out more follow @MK_BAA on Twitter, and join the discussion on LinkedIn.