SPECIAL ACT ON THE PROMOTION OF GROWTH AND THE STRENGTHENING OF COMPETITIVENESS OF MIDDLE-STANDING ENTERPRISES

CHAPTER I GENERAL PROVISIONS

Article 1(Purpose) #

The purpose of this Act is to form a virtuous circle for the enterprise ecosystem under which small and medium enterprises can smoothly grow into middle-standing enterprises; and middle-standing enterprises into specialized global enterprises, and to contribute to creating employment and the balanced development of the national economy, by prescribing matters necessary to promote the growth and enhance the competitiveness of middle-standing enterprises.

Article 2(Definitions) #

The terms used in this Act are defined as follows: <Amended on May 29, 2016; Jun. 15, 2021>

1. The term "middle-standing enterprise" means an enterprise that meets the following requirements and engages in business for profit:

a. It shall not be a small or medium enterprise referred to in Article 2 of the Framework Act on Small and Medium Enterprises;

b. It shall not be an institution prescribed by Presidential Decree, such as a public institution referred to in Article 4 of the Act on the Management of Public Institutions, or a local public enterprise referred to in the Local Public Enterprises Act;

c. Any other enterprise, the ownership of shares, investment relationship, etc., of which meet the standards prescribed by Presidential Decree;

2. The term "prospective middle-standing enterprise" means a small or medium enterprise prescribed by Presidential Decree that has a high probability of growing into a middle-standing enterprise and has innovative capacity;

3. The term "middle-standing business entrepreneur" means a person who runs a middle-standing enterprise.

Article 3(Responsibilities of the Government and local governments) #

(1) The Government and local governments shall formulate and implement policy measures for creating a social and economic environment in which small and medium enterprises can grow smoothly into middle-standing enterprises and then into specialized enterprises having international competitiveness (hereinafter referred to as "policy measures for middle-standing enterprises").

SPECIAL ACT ON THE PROMOTION OF GROWTH AND THE STRENGTHENING OF COMPETITIVENESS OF MIDDLE-STANDING ENTERPRISES

Article 1(Purpose) #

Article 2(Definitions) #

Article 3(Responsibilities of the Government and local governments) #

Article 4(Responsibilities of middle-standing business entrepreneurs) #

Article 5(Master plans for promotion of growth of middle-standing enterprises) #

Article 6(Implementation plans for promotion of growth of middle-standing enterprises) #

Article 6-2(Middle-Standing Enterprise Policy Committee) #

Article 7(Strengthening of support to promote growth of small and medium enterprises) #

Article 8(Mitigation of burden on growth in early stage of middle-standing enterprises) #

Article 9(Policy measures for middle-standing enterprises by category of business) #

Article 10(Policy measures for middle-standing enterprises by region) #

Article 11(Financial support for middle-standing enterprises) #

Article 12(Special cases concerning tax reduction and exemption) #

Article 13(Special cases concerning fairness of transactions effected on consignment and commission) #

Article 14(Special cases concerning restriction on participation of e-learning business entities which are large enterprises) #

Article 15(Special cases concerning family business succession support) #

Article 15-2(Special cases concerning prestigious long-lived enterprises) #

Article 16(Special cases concerning Ombudsman for small and medium enterprises) #

Article 17(Special cases concerning small and medium venture business M&A support center) #

Article 17-2(Special cases concerning technology protection support) #

Article 17-3(Special cases concerning human resources support) #

Article 17-4(Special cases concerning projects for supporting development of overseas market) #

Article 17-5(Special cases concerning insurance for trade receivables) #

Article 17-6(Special cases concerning use of funds) #

Article 17-7(Special cases concerning business conversion) #

Article 17-8(Special cases concerning support for employment of unemployed youth) #

Article 18(Nurturing world-class prospective enterprises) #

Article 19(Support for technology innovation of middle-standing enterprises) #

Article 20(Support for securing human resources of middle-standing enterprises) #

Article 21(Promotion of internationalization of middle-standing enterprises) #

Article 22(Support for management innovation of middle-standing enterprises) #

Article 23(Specialized institutions) #

Article 24(Fact-finding surveys and statistical research on middle-standing enterprises) #

Article 25(Verification of middle-standing enterprises and issuance of certificates thereof) #

Article 25-2(Revocation of verification of middle-standing enterprises) #

Article 26(Establishment and operation of integrated middle-standing enterprise information system) #

Article 27(Establishment of Association of High Potential Enterprises of Korea) #

Article 28(Improvement of awareness) #

Article 28-2(Middle-standing enterprise week) #

Article 29(Delegation or entrustment of authority or business affairs) #

Article 30(Legal fiction as public official in application of penalty provisions) #

Article 31(Administrative fines) #