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Breakdown of the Framework act on Small and Medium Enterprises

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Breakdown of the Framework act on Small and Medium Enterprises06



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Title Breakdown of the Framework act on Small and Medium Enterprises
Similar Titles
Material Type Report
Date 2015
Language Korean
File Type Theme
Subject Industry and Technology < Entrepreneurship
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Abstract

Sub-Theme 3 | Breakdown of the Framework act on Small and Medium Enterprises





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##

 
[Article of the SMEs Act for the purpose of aiding the SMEs]

 







































































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


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