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Korean Government to Facilitate Venture Companies

The Korean government finalized and announced 21 improvement projects in five sectors Monday to facilitate ventures.

The Office for Government Policy Coordination held a briefing Monday afternoon to announce that 21 out of 34 venture-related legislation improvement projects were selected to build a start-up friendly environment.

The five sectors are start-up support, site improvement, investment promotion, operation support and administrative regulation enhancement. The Korean government plans to identify additional industries for start-up support.

In addition, to encourage the start-up of venture companies overseas, the government will establish a KRW 150 billion fund to support venture companies to expand globally.

Venture confirmation procedures for innovative small- and medium-sized enterprises (SMEs) will also be improved. The Korean government set the exemption period for technology evaluation for within a year, expecting the number of recipients to rise to 2,800 a year.

Regarding site improvements, the Korean government decided to allow companies with owners who have graduated from business incubator centers, venture and start-up related organizations and research institutes to move in to facilities for venture companies. Related legislation will also be revised so that founders of venture companies can establish research labs and plants in universities and research institutes.

The enactment of an angel investor system, downward adjustment of investment in capital of partnership and more will be implemented to facilitate investment.

The Korean government will deregulate requirements for employing foreign workers so that venture companies that plan to expand overseas can hire foreign employees more easily.

Administrative regulations will also be improved. The Korean government decided to grant an exemption for technology evaluation for those who have received venture confirmation in advance if he or she establishes a start-up within a year.

The Korean government will also allow exceptions for registration cancellations for start-up investment companies without investment.

A government official noted that revisions and an announcement will be made this year accordingly and revisions of legislations and adjustments that require cooperation from research institutes or the National Assembly will be supported so that they proceed on schedule.

He added that a private-government team for regulatory reform will continuously check on implementations on-site.

Source Text

Source: Newsis (Sep. 30, 2013)

** This article was translated from the Korean.

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