"To Ensure No One is Left Out of Government Support" Expansion of Entrepreneur Recognition Scope

[Financial News] Even if you restart the same business, you will be recognized as an entrepreneur regardless of the closure period.
Korea SMEs and Startups Agency announced on the 18th that it will introduce a system to grant entrepreneur status to those who restart the same business and are excluded from government support due to not being recognized as a startup.
Until now, only companies that restarted the same business after 3 years (2 years in case of bankruptcy) of closure were recognized as startups. Companies that restarted within 3 years were excluded from government startup support programs.
Accordingly, the Ministry of SMEs and Startups revised the 'Enforcement Decree of the Small and Medium Business Startup Support Act' and implemented it from June 12. Those who restart within 3 years will also be exceptionally recognized as entrepreneurs.
Under the same industry entrepreneur recognition system introduced with the revision of the enforcement decree, re-entrepreneurs can apply for the sincere management in-depth evaluation (Startup Certification Track). If they pass the evaluation, a certificate of passing the sincere management in-depth evaluation (same industry) is issued. The closure period is excluded from the judgment criteria when confirming the startup status at the startup confirmation institution.
This in-depth evaluation can be applied for year-round at the KOSME Re-challenge Comprehensive Support Center website.
Kim Il-ho, Director of Corporate Finance at KOSME, said, "With the introduction of the system, those who re-challenge within 3 years after closure can now be recognized as entrepreneurs," and "we will actively support re-entrepreneurs who were in the blind spot of government support to receive the benefits of startup support projects and successfully restart."

kaya@fnnews.com Choi Hye-rim Reporter