The Korean government finalized a measure to lift regulations as much as possible to ensure companies free business activities and increase investment at a national policy coordination meeting earlier this month.
The Office for Government Policy Coordination reviewed 1,845 regulations on business activities with the cooperation of related agencies to lift or deregulate laws.
Out of 1,845 regulations, 1,650 were adjusted. The number of lifted regulations reached 597 (32 percent), 228 regulations (12 percent) were deregulated and 825 will be regularly reviewed for maintenance and improvement.
The Korean government will revise related legislations in association with 978 improvement initiatives this year, and the other 176 pieces of legislation will be revised by 2014 to lift unnecessary regulations.
The Korean government’s deregulation can be divided into seven types – improvement of site conditions, enhancement of service industry regulations, advancement of regulations regarding the convergence of broadcasting and communications, rationalization of regulations for agriculture and livestock industries, improvement of administrative regulations and upgrading of regulations regarding citizens’ lives.
Some site condition regulations were deregulated and requirements for companies to move into free trade zones were also eased. The acquisition of knowledge industry centers to lease will be allowed and regulations that prohibit the lease of centers will be eliminated.
To facilitate start-ups, small- and medium-sized companies will be allowed to rent production facilities, and exemption of charges on the founders of small- and medium-sized companies in the manufacturing industry will also be given to some in the service industry.
To facilitate the medical tourism industry, some medical businesses are now allowed in the tourism industry as a subsidiary enterprise in free economic zones. In addition, to promote the convergence of broadcasting and communications, a business can be a network operator if it meets certain requirements.
IPTV businesses are not required to receive approval, be registered nor notify according to the law on IPTV.
Requirements for the establishment of a kindergarten by a parents association were also eased. Employees of subcontract companies and cooperative firms can now enter lifelong education schools. Individuals who run accommodation businesses and cleaners are not required to receive education and training related to hygiene.
The Office for Government Policy Coordination noted that the follow-up measures will be promoted and that the implementation of revisions will be reviewed continuously, adding that current regulations will also be examined, to be lifted or revised when new regulations are evaluated.
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Source: Yonhap News (Aug. 22, 2013)
** This article was translated from the Korean.