The Framework Act on Small and Medium Enterprises of 1966 (‘SMEs Act of 1966’ or ‘Act’) ##MORE_LAYER_BOX##
1) Defining the SMEs.
2) Requiring the government to file the SME policies in writing for the Congressional budget allocation.
3) Requiring the government to establish the needed policies for a firm hiring more than five full-time employees.
4) Requiring the government to establish the needed policies to facilitate mergers and acquisitions; and joint ventures.
5) Setting up criteria for funds for the SMEs and requiring the related financial institutions to supervise it.
6) Requiring the Committee for the SMEs Policies to be supervised by the President. ##MORE_LAYER_BOX_END## provides for the basic principles for the economic policies for the SMEs. Prior to the Act, the government policies for the SMEs had been no more than the administrative orders, not legislations.
The SMEs Act consists of 28 Articles. The main contents of the SMEs Act with respect to how to aid the SMEs begin from Article 5. ##MORE_LAYER_BOX##
|Aiding Policies||Modernization of the SMEs||Article 5 Support for Starting Businesses and Promotion of Entrepreneurship|
|Article 6 Rationalization of Management and Technology Enhancement|
|Article 9 Restructuring of Businesses|
|Article 10 Fair Competition and Collaborative Growth|
|Article 14 Globalization|
|Article 25 Authorization of Expert Institutes|
|Managerial Stabilization||Article 7 Securing Distribution Channels|
|Article 15 Aid for the SMEs Employment|
|Article 18 Legislative and Financial Support|
|Article 19 Financing and Taxation|
|Protection against Competitive Disadvantages of the SMEs||Article 8 Collaboration among the SMEs|
|Article 11 Protecting Business Sectors for the SMEs|
|Article 12 Exemption|
|Article 13 Organizing of the SMEs|
|Support according to the Subjects||Article 16 Policies for the Small Businesses|
|Article 17 Aids for Growth of the SMEs in local Provinces|
|Improving Economic Treatment for the SMEs||Article 22 Ombudsman for the SMEs.|
|Article 23 Filing Comments or Opinions|
|Article 24 Administrative Support|
|Article 27 Filing Requirement for the SMEs|