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ENFORCEMENT DECREE OF THE ACT ON SPECIAL MEASURES FOR THE PROMOTION OF VENTURE BUSINESSES

Presidential Decree No. 15499, Oct. 25, 1997

Amended by Presidential Decree No. 18039, jun. 30, 2003

Presidential Decree No. 25050, Dec. 30, 2013

Presidential Decree No. 25272, Mar. 24, 2014

Presidential Decree No. 25426, jun. 30, 2014

Presidential Decree No. 25945, Dec. 30, 2014

Presidential Decree No. 26023, Jan. 6, 2015

Presidential Decree No. 26248, May 26, 2015

Presidential Decree No. 26369, jun. 30, 2015

Presidential Decree No. 26600, Oct. 23, 2015

Presidential Decree No. 26648, Nov. 18, 2015

Presidential Decree No. 26804, Dec. 30, 2015

Presidential Decree No. 27205, May 31, 2016

Presidential Decree No. 27472, Aug. 31, 2016

Presidential Decree No. 27506, Sep. 22, 2016

Presidential Decree No. 27534, Sep. 29, 2016

Presidential Decree No. 27663, Dec. 5, 2016

Presidential Decree No. 27751, Dec. 30, 2016

Presidential Decree No. 28213, Jul. 26, 2017

Presidential Decree No. 28926, May 29, 2018

Presidential Decree No. 29216, Oct. 2, 2018

Presidential Decree No. 29419, Dec. 24, 2018

Presidential Decree No. 29421, Dec. 24, 2018

Presidential Decree No. 29677, Apr. 2, 2019

Presidential Decree No. 29972, Jul. 9, 2019

Presidential Decree No. 29969, Jul. 9, 2019

Presidential Decree No. 30048, Aug. 20, 2019

Presidential Decree No. 30509, Mar. 3, 2020

Presidential Decree No. 30676, May 12, 2020

Presidential Decree No. 30934, Aug. 11, 2020

Presidential Decree No. 31429, Feb. 2, 2021

Presidential Decree No. 31611, Apr. 6, 2021

Presidential Decree No. 31741, jun. 8, 2021

 Article 1 (Purpose)
The purpose of this Decree is to provide for the matters delegated by the Act on Special Measures for the Promotion of Venture Businesses and matters necessary for enforcing said Act.
[This Article Wholly Amended on Nov. 4, 2008]
 Article 2 (Scope of Supporting Institutions)
"Supporting institutions prescribed by Presidential Decree" in Article 2 (4) of the Act on Special Measures for the Promotion of Venture Businesses (hereinafter referred to as the "Act") means facilities built and managed by any of the following persons for facilitating the activities of venture businesses: <Amended on May 6, 2009; Nov. 20, 2009; Nov. 15, 2010; Jun. 24, 2011; Mar. 24, 2014; May 31, 2016; Sep. 22, 2016; Sep. 29, 2016; Jul. 26, 2017; Apr. 2, 2019; May 12, 2020; Aug. 11, 2020; Apr. 6, 2021; Jun. 8, 2021>
1. Small or medium business start-up investment companies referred to in subparagraph 10 of Article 2 of the Venture Investment Promotion Act (hereinafter referred to as “small or medium business start-up investment company”);
2. Small and medium enterprise consulting companies referred to in subparagraph 6 of Article 2 of the Support for Small and Medium Enterprise Establishment Act;
3. Persons who establish and run business incubators referred to in Article 6 (1) of the Support for Small and Medium Enterprise Establishment Act, other than each subparagraph;
4. Banks referred to in Article 2 (1) 2 of the Banking Act (including branch offices, agents, or offices of foreign banks, which are located in Korea and authorized by the Financial Services Commission under Article 58 (1) of the same Act);
5. New technology venture capitalists referred to in the Specialized Credit Finance Business Act;
6. The Korea Credit Guarantee Fund established under the Korea Credit Guarantee Fund Act;
7. The Korea Technology Finance Corporation incorporated under the Korea Technology Finance Corporation Act (hereinafter referred to as the "Korea Technology Finance Corporation");
8. Research institutes annexed to enterprises referred to in Article 14-2 (1) of the Basic Research Promotion and Technology Development Support Act;
9. The Korea SMEs and Startups Agency referred to in Article 68 of the Small and Medium Enterprises Promotion Act (hereinafter referred to as the "Korea SMEs and Startups Agency");
10. The Korea Industrial Complex Corporation referred to in Article 45-17 of the Industrial Cluster Development and Factory Establishment Act;
11. Corporate restructuring companies registered under Article 14 of the Industrial Development Act (referring to the Act before the wholly amended Industrial Development Act (Act No. 9584)) (hereinafter referred to as "corporate restructuring company");
12. Regional credit guarantee foundations under the Regional Credit Guarantee Foundation Act;
13. Investment traders and investment brokers referred to in Article 8 (2) and (3) of the Financial Investment Services and Capital Markets Act;
14. Technology trading agencies referred to in Article 10 of the Technology Transfer and Commercialization Promotion Act;
15. Technology evaluation institutions referred to in Article 35 of the Technology Transfer and Commercialization Promotion Act;
16. The National Information Technology Industry Promotion Agency referred to in Article 26 of the Information and Communications Technology Industry Promotion Act (hereinafter referred to as the "National Information Technology Industry Promotion Agency");
17. The Korea Federation of Small and Medium Enterprises referred to in Article 3 (1) 4 of the Small and Medium Enterprise Cooperatives Act;
18. The Korea Standards Association referred to in Article 32 of the Industrial Standardization Act;
19. Any of the following persons:
(a) Attorneys-at-law whose practices are reported under Article 15 of the Attorney-at-Law Act;
(b) Certified public accountants whose offices are established under Article 12 of the Certified Public Accountant Act;
(c) Patent attorneys whose practices are reported under Article 6-2 (2) of the Patent Attorney Act;
(d) Business management consultants or technology consultants registered under Article 8 of the Act on Management Consultants and Technology Consultants;
(e) Certified tax accountants whose practices are reported under Article 13 of the Certified Tax Accountant Act;
20. Other persons designated by the Minister of SMEs and Startups, as persons supporting venture businesses.
[This Article Wholly Amended on Nov. 4, 2008]
 Article 2-2 Deleted. <Jun. 2, 2006>
 Article 2-3 (Requirements for Venture Businesses)
(1) "Standards prescribed by Presidential Decree" in Article 2-2 (1) 2 (a) (excluding (i) through (viii)) of the Act means that the aggregate investment made by the persons provided for in Article 2-2 (1) 2 (a) (i) through (viii) in the relevant enterprises is at least 50 million won and accounts for at least 10/100 (7/100 if the relevant enterprise is a manufacturer referred to in subparagraph 12 of Article 2 of the Framework Act on the Promotion of Cultural Industries who is a juridical person) of the capital of the enterprises.
(2) "One ... as prescribed by Presidential Decree" in Article 2-2 (1) 2 (a) (vii) of the Act means the following: <Amended on May 12, 2020>
1. A company specializing in the start-up of new technology-based businesses;
2. A private investment association under subparagraph 8 of Article 2 of the Venture Investment Promotion Act;
3. An accelerator under subparagraph 9 of Article 2 of the Venture Investment Promotion Act;
4. The Korea Development Bank established under the Korea Development Bank Act;
5. The Industrial Bank of Korea established under the Industrial Bank of Korea Act;
6. A bank under Article 2 (1) 2 of the Banking Act;
7. A private equity fund under Article 9 (19) 1 of the Financial Investment Services and Capital Markets Act (hereinafter referred to as "private equity fund");
8. One who invests in equity securities of an enterprise that conducts public offering of securities through crowdfunding brokerage under Article 117-10 of the Financial Investment Services and Capital Markets Act
9. An agriculture and food investment association under Article 13 (1) of the Act on Formation and Operation of Agricultural, Fisheries, and Food Investment Funds;
10. An industry-academia-research cooperation-based technology holding company under subparagraph 8 of Article 2 of the Industrial Education Enhancement and Industry-Academia-Research Cooperation Promotion Act;
11. A public research institute high-tech holding company under subparagraph 10 of Article 2 of the Technology Transfer and Commercialization Promotion Act;
12. The Korea Technology Finance Corporation;
13. The Korea Credit Guarantee Fund established under the Credit Guarantee Fund Act;
14. A foreign investment company that meets the standards determined and publicly notified by the Minister of SMEs and Startups with respect to expertise, international credibility, etc.
(3) "Individual who meets the standards prescribed by Presidential Decree, such as investment performance, career, qualification requirements, etc." in Article 2-2 (1) 2 (a) (viii) of the Act means an individual professional investor under subparagraph 7 of Article 2 of the Venture Investment Promotion Act: <Amended on Aug. 11, 2020>
(4) Deleted. <Apr. 11, 2020>
(5) "Standards prescribed by Presidential Decree" in Article 2-2 (1) 2 (b) of the Act means the following standards:
1. Annual research and development expenses shall be at least 50 million won;
2. The ratio of the total research and development expenses to the annual sales amount is at least 5/100 and at least the ratio determined and publicly notified by the Minister of SMEs and Startups, for each industry.
(6) Standards for annual research and development expenses and annual sales amounts referred to in paragraph (5) shall be as follows: <Amended on Jun. 30, 2014>
1. Where any request to confirm whether it is a venture business under Article 25 (1) of the Act is made, the research and development expenses and total sales amounts of the four quarters immediately preceding the quarter in which such request is made;
2. Where a confirmation of venture businesses is revoked pursuant to Article 25-2 (1) 2 of the Act, the research and development expenses and total sales amounts of the four quarters immediately preceding the quarter in which the head of the institution in charge of confirming venture businesses has the venture businesses submit data.
(7) Deleted. <May 12, 2020>
(8) The evaluation criteria for business performance under Article 2-2 (1) 2 (b) of the Act shall be the competitiveness of products and services, market size and prospect, etc., but specific evaluation criteria and method shall be determined and publicly notified by the Minister of SMEs and Startups. <Amended on Jun. 30, 2014; Jul. 26, 2017; May 12, 2020>
(9) Deleted. <May 12, 2020>
(10) Deleted. <May 12, 2020>
(11) The evaluation criteria for innovative technology and business growth potential under Article 2-2 (1) 2 (c) of the Act shall be technological excellence, competitiveness of products and services, market size and prospect, etc., but specific evaluation criteria and method shall be determined and publicly notified by the Minister of SMEs and Startups. <Amended on Jun. 30, 2014; Jul. 26, 2017; May 12, 2020>
[This Article Wholly Amended on Nov. 4, 2008]
 Article 2-4 (Business Types Excluded from Venture Business)
"Businesses prescribed by Presidential Decree" in Article 3 of the Act means business types specified in attached Table 1.
[This Article Newly Inserted on Nov. 18, 2015]
 Article 3 Deleted. <Aug. 11, 2020>
 Article 3-2 Deleted. <Aug. 11, 2020>
 Article 3-3 Deleted. <Apr. 30, 2009>
 Article 3-4 Deleted. <Aug. 11, 2020>
 Article 3-5 Deleted. <Aug. 11, 2020>
 Article 3-6 Deleted. <Aug. 11, 2020>
 Article 3-7 Deleted. <Apr. 26, 2007>
 Article 3-8 Deleted. <Aug. 11, 2020>
 Article 3-9 Deleted. <Aug. 11, 2020>
 Article 3-10 Deleted. <Aug. 11, 2020>
 Article 4 (Technology Appraisal Institutions)
"Technology appraisal institutions as described by Presidential Decree" in Article 6 (2) of the Act means the following institutions: <Amended on Apr. 30, 2009; Aug. 18, 2009; Dec. 24, 2009; Oct. 28, 2011; Dec. 11, 2013; May 31, 2016; Jul. 9, 2019; May 12, 2020>
1. The Korea Institute for Advancement of Technology under Article 38 of the Industrial Technology Innovation Promotion Act (hereinafter referred to as the "Korea Institute for Advancement of Technology");
2. The Korea Technology Finance Corporation;
3. The Korea Evaluation Institute of Industrial Technology referred to in Article 39 of the Industrial Technology Innovation Promotion Act;
4. The Korea Environment Corporation prescribed in the Korea Environment Corporation Act (limited to evaluation of technology related to environmental technology referred to in subparagraph 1 of Article 2 of the Environmental Technology and Industry Support Act);
5. The Korea Agency for Technology and Standards;
6. The Korea Institute of Science and Technology and the Korea Institute of Science and Technology Information prescribed in the Act on the Establishment, Operation and Fostering of Government-Funded Science and Technology Research Institutes;
7. The National IT Industry Promotion Agency;
8. Other organizations or groups with professional staff members necessary to appraise the value of industrial property rights, etc. under Article 6 (1) of the Act, which are determined and publicly notified by the Minister of SMEs and Startups.
[This Article Wholly Amended on Nov. 4, 2008]
 Article 4-2 (Incorporation of Companies Specializing in Start-Up of New Technology-Based Business)
(1) "Institutes prescribed by Presidential Decree" in Article 11-2 (1) 4 of the Act means the following institutes:
1. Research institutes specializing in manufacturing technology referred to in Article 42 of the Industrial Technology Innovation Promotion Act (hereinafter referred to as "research institute specializing in manufacturing technology");
2. Research institutes in the areas of science and industrial technology, which are non-profit corporations incorporated under Article 32 of the Civil Act.
(2) Any university or research institute which intends to be registered as a company specializing in start-up of new technology-based business under Article 11-2 (2) of the Act shall submit a written application for registration prescribed by Ordinance of the Ministry of SMEs and Startups to the Minister of SMEs and Startups, accompanied with the following documents. In such cases, the Minister of SMEs and Startups upon receipt of an application shall verify the transcript of the corporate register by sharing administrative information referred to in Article 36 (1) of the Electronic Government Act:
1. Articles of association;
2. Business plans (including matters concerning the ratio of investment, details of investment, human resource and facilities held);
3. Resumes of executive officers.
(3) Each company specializing in start-up of new technology-based business shall submit a written application for registration of change prescribed by Ordinance of the Ministry of SMEs and Startups to the Minister of SMEs and Startups, accompanied with documents evidencing change, within seven days from the date any of the following matters is changed:
1. Trade name;
2. Location of the main office;
3. Executive officers;
4. Human resource held;
5. Facilities held;
6. Stockholders who hold at least 30/100 of the total number of outstanding voting stocks.
(4) "Standards prescribed by Presidential Decree" in Article 11-2 (3) 3 of the Act means the following: <Amended on Dec. 5, 2016>
1. At least one permanent professional staff member in the area of business administration or technology listed in attached Table 2;
2. Independent space exclusively used to conduct business of a company specializing in start-up of new technology-based business.
[This Article Wholly Amended on Nov. 4, 2008]
 Article 4-3 (Restricted Acts of Companies Specializing in Start-up of New Technology-Based Business)
(1) "Business relations prescribed by Presidential Decree" in Article 11-6 (1) 2 of the Act means business relations between a company specializing in start-up of new technology-based business and subsidiaries established by the relevant company specializing in start-up of new technology-based business, which fall under the following: Provided, That business relations with justifiable purposes, such as acquisitions and mergers, shall be excluded: <Amended on Dec. 5, 2016>
1. Guarantee of debts;
2. Provision of security.
(2) "Purposes prescribed by Presidential Decree, such as the proper purpose business or research and development, industry-university cooperation, etc. of the universities or research institutes" in Article 11-6 (3) of the Act means the following purposes: <Amended on Dec. 5, 2016>
1. Appropriate purpose business of universities or research institutes;
2. Expenses incurred in research and development, and industry-university cooperation activities;
3. Re-investment in the relevant company specializing in start-up of new technology-based business;
4. Compensation to personnel and divisions that contribute to development and commercialization of technology.
[This Article Wholly Amended on Nov. 4, 2008]
[Title Amended on Dec. 5, 2016]
 Article 5 Deleted. <Aug. 11, 2020>
 Article 5-2 Deleted. <Aug. 11, 2020>
 Article 5-3 Deleted. <Aug. 11, 2020>
 Article 6 Deleted. <Aug. 11, 2020>
 Article 6-2 (Verification of Stock Exchange Eligible for Tax Favors)
(1) Any person who intends to receive tax favors for stock exchange referred to in Article 15 of the Act or Article 15-4 of the Act under the latter part of Article 14 (3) of the Act may file an application for confirmation of stock exchange eligible for tax favors with the Minister of SMEs and Startups, accompanied with relevant data. <Amended on Jul. 26, 2017>
(2) Where the Minister of SMEs and Startups receives an application for confirmation of stock exchange under paragraph (1), he/she shall issue written verification of stock exchange if such stock exchange falls into the stock exchange referred to in Article 15 of the Act or Article 15-4 of the Act. <Amended on Jul. 26, 2017>
(3) Where the Minister of SMEs and Startups confirms the fact that a person whose stock exchange is confirmed to be eligible for tax favors under paragraph (2) transfers such stock to a third person within one year from the date of stock exchange, he/she shall inform persons obliged to withhold income tax, etc., tax associations or the heads of tax offices of such fact without delay. <Amended on Jul. 26, 2017>
(4) The Minister of SMEs and Startups shall determine and publicly notify matters concerning methods, procedures, etc. of stock exchange eligible for tax favors. <Amended on Jul. 26, 2017>
[This Article Wholly Amended on Nov. 4, 2008]
 Article 6-3 (Certified Assessment Agencies)
"Certified assessment Agency prescribed by Presidential Decree" in the former part of Article 15-4 (3) of the Act means the following institutions:
1. Investment traders and investment brokers referred to in the Financial Investment Services and Capital Markets Act (limited to persons authorized for the acquisition, brokerage, and arrangement of securities or acting as an agent);
2. Credit rating agencies authorized for credit rating business under Article 335-3 of the Financial Investment Services and Capital Markets Act;
3. Accounting corporations prescribed in the Certified Public Accountant Act, which have at least 100 affiliated certified public accountants;
4. The Korea Institute for Advancement of Technology;
5. The Korea Technology Finance Corporation;
6. Other organizations or groups with professional staff members necessary to appraise the value of stocks, which are determined and publicly notified by the Minister of SMEs and Startups.
[This Article Wholly Amended on Nov. 4, 2008]
 Article 7 (Standards for Designation of Centers for Supporting Merger and Acquisition between Small and Medium Venture Businesses)
(1) Any institution or organization which intends to be designated as a center for supporting merger and acquisition between small and medium venture businesses under Article 15-13 (1) of the Act (hereinafter referred to as "support center") shall comply with the following requirements: <Amended on Nov. 20, 2009; Mar. 24, 2014; Jul. 26, 2017; Apr. 6, 2021>
1. It shall be a corporation;
2. Affairs concerning the mergers and acquisitions between small and medium venture businesses shall be included among business matters;
3. It shall have a dedicated organization that can support merger and acquisition between small and medium venture businesses;
4. It shall have at least three professional staff members falling under any of the following:
(a) A person who has at least three years’ experience in corporate mergers and acquisitions as a certified public accountant under the Certified Public Accountant Act, attorney-at-law under the Attorney-at-Law Act, or certified tax account under the Certified Tax Accountant Act;
(b) A person who has at least three years’ experience in corporate mergers and acquisitions as a business management consultant referred to in Article 3 of the Act on Management Consultants and Technology Consultants;
(c) A person who has at least three years’ experience in corporate mergers and acquisitions at financial companies, etc. referred to in subparagraph 1 of Article 2 of the Act on Real Name Financial Transactions and Confidentiality or at corporate restructuring companies;
(d) A person recognized by the Minister of SMEs and Startups as having qualifications equivalent to those of the persons provided for in (a) through (c).
(2) Any institution or organization related to supporting small and medium enterprises which intends to be designated as a support center under Article 15-13 of the Act shall file an application for designation with the Minister of SMEs and Startups as determined and publicly notified by the Minister of SMEs and Startups. <Amended on Jul. 26, 2017>
(3) Where the Minister of SMEs and Startups designates a support center, he/she shall publicly notify the same. <Amended on Jul. 26, 2017>
(4) Any institution or organization which is designated as a support center shall submit the business plan of the relevant year and business promotion records of the preceding year to the Minister of SMEs and Startups by January 31 each year.
[This Article Newly Inserted on Apr. 30, 2009]
 Article 8 (Cancellation of Designation of Support Centers)
Where the Minister of SMEs and Startups cancels the designation of a support center under Article 15-14 of the Act, he/she shall publicly notify the same. <Amended on Jul. 26, 2017>
[This Article Newly Inserted on Apr. 30, 2009]
 Article 9 Deleted. <Nov. 22, 2001>
 Article 10 Deleted. <Nov. 22, 2001>
 Article 11 (Scope of Research Institutes Where Researchers are Permitted to Take Leave of Absence)
"Institutions ... as prescribed by Presidential Decree" in Article 16 (1) 5 of the Act means government-funded institutions designated and publicly notified under Article 5 of the Act on the Operation of Local Government-Invested or -Funded Institutions which the Minister of SMEs and Startups designates and publicly notifies as an institution whose main purpose is research in the field of science and technology after hearing opinions from the Minister of the Interior and Safety and the head of a relevant local government (referring to the head of a local government under the same Article).
[This Article Newly Inserted on May 12, 2020]
 Article 11-2 (Scope of Research Institutes in Which Researchers Are Permitted to Hold Concurrent Offices or Positions)
"Government-funded research institutes prescribed by Presidential Decree" in the main sentence of Article 16-2 (1) of the Act means the following research institutes:
1. Research institutes established under the Act on the Establishment, Operation and Fostering of Government-Funded Research Institutes or the Act on the Establishment, Operation and Fostering of Government-Funded Science and Technology Research Institutes;
2. The Korea Institute of Radiological and Medical Sciences referred to in Article 13-2 of the Radiation and Radioisotope Use Promotion Act;
3. The Korea Institute of Nuclear Safety under the Korea Institute of Nuclear Safety Act;
4. The Korea Institute for S&T Evaluation and Planning referred to in Article 20 of the Framework Act on Science and Technology.
[This Article Wholly Amended on Nov. 4, 2008]
 Article 11-3 (Methods of Granting Stock Options)
(1) Stock options referred to in Article 16-3 (1) of the Act shall be granted by any of the following methods:
1. Giving new stocks by issuing them at the price at which the stock options are exercised or giving treasury stocks;
2. Paying the balance (referring to the balance when the price at which they are exercised is lower than the market price) between the price at which the stock options are exercised and the market price in cash or through treasury stocks.
(2) The price at which the stock options are exercised referred to in the subparagraphs of paragraph (1) (the same shall also apply to the adjustment of the price of exercise after granting the stock options) shall exceed the following values, and the market price referred to in paragraph (1) 2 shall be the market price of the relevant stock evaluated by applying mutatis mutandis Article 54 of the Enforcement Decree of the Inheritance Tax and Gift Tax Act as at the date the stock options are exercised: <Amended on Dec. 5, 2016>
1. Where a stock option is granted by issuing new stocks, the larger amount among the following value amounts:
(a) The market price of the relevant stock evaluated by applying mutatis mutandis Article 54 of the Enforcement Decree of the Inheritance Tax and Gift Tax Act as at the date the stock option is granted (hereinafter in this Article referred to as "market price as at the date the stock option is granted");
(b) The face value of the relevant stock;
2. Where a stock option is granted in cash or through treasury stocks, the market price as at the date the stock option is granted.
(3) Where a stock option is granted by issuing new stocks at the exercise price of the stock option, if all of the following requirements are fulfilled, the price at which the stock option is to be exercised may be set at a price lower than the market price as at the date the stock option is granted, notwithstanding paragraph (2) 1: <Newly Inserted on Dec. 5, 2016>
1. The exercise price of the stock option shall not be less than the face value of the relevant stocks;
2. The sum of the amount calculated according to the following formula for the stock option granted or to be granted at exercise price lower than the market price as at the date the stock option is granted, shall be less than 500 million won per person: (Market price as at the date stock option is granted - Exercise price) x Number of stocks subject to the exercise of stock option
(4) "Persons prescribed by Presidential Decree" in Article 16-3 (1) 1 of the Act means the persons provided for in Article 30 (2) of the Enforcement Decree of the Commercial Act.
(5) "Persons prescribed by Presidential Decree" in Article 16-3 (1) 2 of the Act means the following persons: <Nov. 20, 2009; Jun. 30, 2014; Dec. 5, 2016; Apr. 6, 2021>
1. Persons falling under Article 16 (1) 1 or 2 of the Act;
2. Researchers of the research institutes referred to in the subparagraphs of Article 11-2;
3. Attorneys-at-law whose practices are reported under Article 15 of the Attorney-at-Law Act;
4. Certified public accountants whose offices are established under Article 12 of the Certified Public Accountant Act;
5. Patent attorneys whose practices are reported under Article 6-2 (2) of the Patent Attorney Act;
6. Business management consultants or technology consultants registered under Article 8 of the Act on Management Consultants and Technology Consultants;
7. Certified tax accountants whose practices are reported under Article 13 of the Certified Tax Accountant Act;
8. Researchers at research institutes in the areas of science or industrial technology that are non-profit corporations incorporated under the Civil Act;
9. Executive officers or employees of foreign corporations which are the largest investors and whose investments account for at least 30/100 of capital;
10. Researchers at foreign research institutes which conduct research and development activities for technical innovation of corporations, which are the largest investors, and whose investments account for at least 30/100 of capital or total investment;
11. Physicians, dentists, or oriental medical doctors prescribed in Article 5 of the Medical Service Act;
12. Pharmacists or oriental medicine pharmacists prescribed in Article 3 or 4 of the Pharmaceutical Affairs Act;
13. Persons who acquire a professional engineer's license under Article 10 of the National Technical Qualifications Act.
(6) “Research institutes prescribed by Presidential Decree" in Article 16-3 (1) 3 of the Act means the following research institutes:
1. National or public research institutes (including the Korea Advanced Institute of Science and Technology established under the Korea Advanced Institute of Science and Technology Act; and the Gwangju Institute of Science and Technology established under the Gwangju Institute of Science and Technology Act);
2. Research institutes referred to in the subparagraphs of Article 11-2;
3. Research institutes specializing in manufacturing technology;
4. Research institutes in the area of science and industrial technology which are non-profit corporations incorporated under the Civil Act.
(7) The maximum stocks to which stock options may be granted shall be 50/100 of the total stocks issued by the relevant venture business.
(8) Each venture business intending to grant stock options, which files a report referred to in Article 16-3 (5) of the Act, shall file it with minutes of general meetings of stockholders, minutes of meetings of board of directors (limited to where the board of directors has determined matters concerning granting of stock options under Article 16-3 (4) of the Act).
(9) Where a venture business which granted stock options cancels the stock options granted, Article 30 (6) of the Enforcement Decree of the Commercial Act shall apply thereto mutatis mutandis.
[This Article Wholly Amended on Nov. 4, 2008]
 Article 11-4 (Designation of Areas for Clustering New Technology-Based Businesses)
(1) "Matters prescribed by Presidential Decree, such as the name, area designated, etc. for the clustering area" in Article 17-2 (2) of the Act shall be as follows:
1. Names, locations and designated sizes of areas for clustering new technology-based businesses (hereinafter referred to as "clustering area");
2. Sites of schools held by the relevant institution or total floor area of such sites;
3. Plans for placement of major facilities.
(2) Where the Minister of SMEs and Startups intends to designate an area as a clustering area under Article 17-2 (3) of the Act, he/she shall consult with the head of the relevant Si/Gun/Gu (referring to the head of the autonomous Gus; hereinafter the same shall apply). <Amended on Jul. 26, 2017>
(3) Where the Minister of SMEs and Startups designates an area as a clustering area under Article 17-2 (3) of the Act, he/she shall give public notice of the name, location, designated size, etc. of such clustering area in the Official Gazette. <Amended on Jul. 26, 2017>
(4) "Area prescribed by Presidential Decree" in Article 17-2 (4) of the Act means 10,000 square meters.
[This Article Wholly Amended on Nov. 4, 2008]
 Article 11-5 (Ratio of Designated Areas in Clustering Areas)
"Ratio prescribed by Presidential Decree" in subparagraph 1 of Article 17-3 of the Act means 30/100.
[This Article Wholly Amended on Nov. 4, 2008]
 Article 11-6 (Areas Excluded from Designation of Clustering Areas)
(1) "Areas prescribed by Presidential Decree" in Article 17-4 (1) of the Act means the following areas: <Amended on Apr. 30, 2009>
1. Preservation and management areas, agricultural and forest areas, and natural environmental preservation areas among the special-purpose areas referred to in Article 36 (1) of the National Land Planning and Utilization Act;
2. Class I exclusive residential areas, class II exclusive residential areas, distribution and commercial areas, and preserved greenbelt areas among the special purpose areas referred to in Article 30 of the Enforcement Decree of the National Land Planning and Utilization Act.
(2) "Urban-type factories prescribed by Presidential Decree" in the former part of Article 17-4 (2) of the Act means factories referred to in subparagraph 1 of Article 34 of the Enforcement Decree of the Industrial Cluster Development and Factory Establishment Act.
(3) The Minister of SMEs and Startups may formulate and publicly notify guidelines necessary for handling affairs concerning approval of urban-type factories referred to in the former part of Article 17-4 (2) of the Act.
[This Article Wholly Amended on Nov. 4, 2008]
 Article 11-7 (Rental Fee for Clustering Areas)
(1) Article 13 (1) and (2) shall apply mutatis mutandis to the rental fee referred to in Article 17-4 (7) of the Act.
(2) Article 13 (3) and (4) shall apply mutatis mutandis to the lease period referred to in Article 17-4 (7) of the Act.
[This Article Newly Inserted on Apr. 26, 2007]
[Previous Article 38-3 moved to Article 38-11]
 Article 11-8 (Requirements for Designation of Facilities for Clustering Venture Businesses)
(1) "Total floor area prescribed by Presidential Decree" in the former part of Article 18 (1) of the Act means that the total floor area (referring to exclusive-use areas; hereafter the same shall apply in this Article) of a building is at least 600 square meters: Provided, That where it is intended to obtain designation for part of a building, at least 50/100 of total floor area of each floor shall be included in the area subject to be designation. <Amended on Nov. 18, 2015>
(2) "Businesses prescribed by Presidential Decree, such as venture businesses" in Article 18 (2) 1 of the Act means any of the following enterprises:
1. Enterprises that continue to locate under Article 24 (2) of the Act;
2. Enterprises confirmed as venture businesses under Article 25 of the Act;
3. Small and medium enterprises engaging in knowledge-based business referred to in Article 6 (6) of the Enforcement Decree of the Restriction of Special Taxation Act;
4. Small and medium enterprises engaging in the knowledge industry referred to in Article 6 (2) of the Enforcement Decree of the Industrial Cluster Development and Factory Establishment Act or small and medium enterprises engaging in the information and communications industry referred to in paragraph (3) of the same Article;
5. Small and medium enterprises relocated into business incubators for at least three years.
(3) "Enterprises prescribed by Presidential Decree" in Article 18 (2) 2 of the Act means enterprises falling under the subparagraphs of paragraph (2).
(4) "Facilities prescribed by Presidential Decree, such as facilities for clustering venture businesses" in Article 18 (2) 3 of the Act means the following facilities:
1. Support facilities referred to in Article 2;
2. Facilities related to business activities of enterprises referred to in paragraph (2), such as common-use conference rooms, equipment rooms for common use and exhibition halls;
3. Health and welfare facilities for employees of enterprises referred to in paragraph (2), such as lounges, cafeterias and fitness centers.
[This Article Wholly Amended on Nov. 4, 2008]
 Article 11-9 (Application for Designation of Facilities for Clustering Venture Business)
(1) Any person who intends to have a facility designated as a facility for clustering venture businesses under Article 18 (1) of the Act shall file an application for designation of facilities for clustering venture businesses, with the Special Metropolitan City Mayor, a Metropolitan City Mayor, a Do Governor and Jeju Special Self-Governing Province Governor (in cases of large cities with a population of at least 500,000 persons, other than Seoul Special Metropolitan City, a Metropolitan City, and a Metropolitan Self-Governing City, referring to the Mayor; hereinafter referred to as “Mayor/Do Governor”), as prescribed by Ordinance of the Ministry of SMEs and Starts on which the designation is to be obtained.
(2) Where a building for which an application for designation of facilities for clustering venture businesses is filed under paragraph (1) complies with the requirements in Article 11-8 (1), the Mayor/Do Governor shall designate such building as a facility for clustering venture businesses and issue a letter of designation of facilities for clustering venture businesses as prescribed by Ordinance of the Ministry of SMEs and Startups.
[This Article Wholly Amended on Nov. 4, 2008]
 Article 11-10 (Installation of Laboratory Factories)
(1) Any person who intends to install a laboratory factory under the former part of Article 18-2 (1) of the Act shall file an application for approval with the head of the institution to which he/she belongs, accompanied by the documents prescribed by Ordinance of the Ministry of SMEs and Startups. The same shall apply to changes to any approved matters.
(2) Where a student referred to in Article 18-2 (1) 1 of the Act files an application for approval under paragraph (1), he/she shall obtain consent on the installation from the person responsible for the management of the laboratories, etc. in which the laboratory factory is to be installed. <Newly Inserted on Apr. 20, 2010>
(3) "Institutes prescribed by Presidential Decree" in Article 18-2 (1) 3 of the Act means the following research institutes:
1. Research institutes specializing in manufacturing technology;
2. Institutes which are relocated into special research and development zones referred to in subparagraph 1 of Article 2 of the Special Act on Promotion of Special Research and Development Zones.
[This Article Wholly Amended on Nov. 4, 2008]
 Article 11-11 (Installation of Factories of Venture Business or Founder Moved into Business Incubator)
The Minister of SMEs and Startups may formulate and publicly notify guidelines necessary for handling affairs concerning approval of urban-type factories referred to in the former part of Article 18-3 (1) of the Act. <Amended on Jul. 26, 2017>
[This Article Newly Inserted on Apr. 20, 2010]
[Previous Article 11-3 moved to Article 11-4 by Act No.10529, Apr. 4, 2010]
 Article 11-12 (Designation of Venture Business Development and Promotion Zones)
(1) Each venture business development and promotion zone referred to in Article 18-4 of the Act (hereinafter referred to as "promotion zone") shall comply with all of the following requirements: <Amended on May 26, 2015; Feb. 2, 2021>
1. The number of venture businesses in the relevant area shall be at least 10/100 of the total number of small and medium enterprises referred to in Article 2 of the Framework Act on Small and Medium Enterprises (excluding micro enterprises under the Framework Act on Micro Enterprises);
2. A university or research institute shall be located in the relevant area;
3. The relevant area shall be furnished with infrastructure, such as facilities for transport, communication and finance.
(2) Where a Mayor/Do Governor applies for designation of a promotion zone under Article 18-4 (1) of the Act, he/she shall submit a written application for designation and a plan for developing the promotion zone to the Minister of SMEs and Startups as prescribed by Ordinance of the Ministry of SMEs and Startups.
(3) The Minister of SMEs and Startups shall designate promotion zones in consultation with the heads of the relevant central administrative agencies, and when completing designation of a promotion zone, shall publicly notify the following matters under Article 18-4 (2) of the Act: <Amended on Jul. 26, 2017>
1. Name of the promotion zone;
2. Location and area of the promotion zone;
3. The outline of the plan for the development of the promotion zone.
(4) The Minister of SMEs and Startups shall determine and publicly notify matters for the designation of promotion zones, in addition to those provided for in this Decree. <Amended on Jul. 26, 2017>
[This Article Wholly Amended on Nov. 4, 2008]
[This Article Moved from Article 11-2 <Dec. 20, 2010>]
 Article 12 (Disposal of State Property)
Selling prices of State property referred to in Article 19 (2) of the Act shall be the average of values appraised by at least two appraisal business entities (referring to appraisal business entities defined in subparagraph 4 of Article 2 of the Act on Appraisal and Certified Appraisers).
[This Article Wholly Amended on Nov. 4, 2008]
 Article 13 (Lease of State Property)
(1) Annual rental fee on State property referred to in Article 19 (1) of the Act shall, notwithstanding Article 29 (1) of the Enforcement Decree of the State Property Act, be computed by multiplying the amounts calculated under paragraph (2) of the same Article by at least 10/1,000, on condition that such rental fee may be paid in monthly installments. <Amended on Jul. 27, 2009>
(2) Where the annual rental fee on State property calculated under paragraph (1) rises by at least 10/100 of the charge in the preceding year under the circumstance that the state property is leased for at least two consecutive years, the amount calculated under Article 31 of the Enforcement Decree of the State Property Act shall become the rental fee for the lease thereof. <Amended on Jul. 27, 2009>
(3) The term of lease of state property referred to in Article 19 (1) of the Act shall deemed not to exceed 20 years.
(4) Terms of lease referred to in paragraph (3) may be renewed. In such cases, no term renewed shall exceed the period referred to in paragraph (3) upon renewal.
[This Article Wholly Amended on Nov. 4, 2008]
 Article 14 (Areas Excluded from Building Permission)
(1) “Areas prescribed by Presidential Decree, such as green belt areas” in Article 21 (2) of the Act means exclusive residential areas, class I general residential areas, and green belt zones, among the areas referred to in Article 30 of the Enforcement Decree of the National Land Planning and Utilization Act.
(2) “Factories prescribed by Presidential Decree" in the former part of Article 21 (3) of the Act means urban-type factories, the factory building area (referring to the sum of floor areas of each floor of building and horizontally projected areas of outdoor structures) of which does not exceed 2,000 square meters among urban-type factories in subparagraph 1 of Article 34 of the Enforcement Decree of the Industrial Cluster Development and Factory Establishment Act.
(3) Where a person who moves into a facility for clustering venture businesses constructs a factory in the facility for clustering venture businesses under Article 21 (3) of the Act (excluding where the superimposed load of the factory intended to be constructed does not exceed the superimposed load of the building designated as a facility for clustering venture businesses), the person who constructs and operates the facility for clustering venture businesses shall obtain verification as to the structural safety of the relevant building from the head of the Si/Gun/Gu in advance. In such cases, the head of the Si/Gun/Gu may, if necessary, have certified architects referred to in subparagraph 1 of Article 2 of the Certified Architects Act or professional engineers of building structure under the National Technical Qualifications Act review matters concerning structural safety. <Amended on Mar. 24, 2014>
[This Article Wholly Amended on Nov. 4, 2008]
 Article 15 Deleted. <Feb. 29, 2008>
 Article 16 Deleted. <Feb. 29, 2008>
 Article 17 Deleted. <Feb. 29, 2008>
 Article 18 Deleted. <Feb. 29, 2008>
 Article 18-2 Deleted. <Feb. 29, 2008>
 Article 18-3 Deleted. <May 12, 2020>
 Article 18-4 (Valid Period of Certificate of Venture Business)
The valid period of certificate of venture business referred to in the latter part of Article 25 (2) of the Act shall be three years from the date of confirmation. <Amended on May 12, 2020>
[This Article Wholly Amended on Apr. 20, 2010]
 Article 18-5 (Publication on Venture Businesses)
(1) When confirming a venture business under Article 25 (2) of the Act, the head of each institution in charge of confirming venture businesses designated under Article 25-3 (1) of the Act (hereinafter referred to as an "institution in charge of confirming venture businesses") shall make public the following information on such venture business within 15 days from the date the certificate of venture business is issued pursuant to Article 25 (3) of the Act: <Amended on Apr. 20, 2010; Jun. 30, 2014; May. 12, 2020>
1. General information: Trade names, business types, and corporate registration numbers, addresses, telephone numbers, and major products recorded in the register, and matters concerning changing the same;
2. Financial information: Balance sheets and statements of profit and loss;
3. Information on investment: In cases of venture businesses referred to in Article 2-2 (1) 2 (a) of the Act, the amount and timing of investment made by the persons provided for in subitems (i) through (viii) of the same item and matters concerning changing the same;
4. Deleted; <May 12, 2020>
5. Certificate of venture business: Date of issuance, valid period and matters concerning the change thereof.
(2) The Minister of SMEs and Startups shall determine and publicly notify detailed methods of publication referred to in paragraph (1). <Amended on Jul. 26, 2017>
[This Article Wholly Amended on Nov. 4, 2008]
 Article 18-6 (Requirements for Cancellation of Confirmation of Venture Businesses)
(1) "Period prescribed by Presidential Decree" in Article 25-2 (1) 3 of the Act means six months. <Amended on Mar. 24, 2014>
(2) "Cases prescribed by Presidential Decree, such as causing loss to stockholders, members, or interested parties in connection with the business management" in Article 25-2 (1) 4 of the Act means where a corporation incorporated with approval from the Minister of SMEs and Startups under Article 32 of the Civil Act and whose members are venture businesses requests the head of the institution in charge of confirming venture businesses to cancel the confirmation of venture businesses under the circumstance that the representative, largest stockholders, largest investing members, etc. of the enterprise inflict damage to the stockholders, members or interested persons in connection with the business management by misappropriating or concealing the business property.
[This Article Wholly Amended on Nov. 4, 2008]
 Article 18-7 (Requirements for Designation as Institution in Charge of Confirming Venture Businesses)
"Requirements prescribed by Presidential Decree, such as professional human resources and a dedicated organization" in Article 25-3 (1) of the Act means the following:
1. It shall be a non-profit-making juristic person under Article 32 of the Civil Act;
2. It shall have an organization dedicated to supporting venture businesses and have performed business related to supporting venture businesses at least for the past three years;
3. It shall have at least 20 full-time workers; in such cases, there shall be at least five professionals with at least ten years of combined experience falling under any of the following:
(a) Experience in investment review in any institution or organization falling under Article 2-2 (1) 2 (a) (i) through (iv) of the Act or Article 2-3 (2) 1 through 7, or 9 through 14 of this Decree.
(b) Experience in assisting with venture businesses or founders at enterprises, institutions, or organizations with such main business as discovery, fostering, investing in, or nurturing venture businesses or founders.
(c) Experience recognized and publicly notified by the Minister of SMEs and Startups as equivalent to or higher than the experience under item (a) or (b).
[This Article Newly Inserted on May 12, 2020]
 Article 18-8 (Quorum of Venture Business Confirmation Committee)
"Number ... prescribed by Presidential Decree" in Article 25-4 (2) of the Act means seven persons.
[This Article Newly Inserted on May 12, 2020]
 Article 19 (Delegation or Entrustment of Authority)
(1) Pursuant to Article 27 of the Act, the Minister of SMEs and Startups shall delegate his/her authority over the following matters to the heads of regional SMEs and Startups offices: <Amended on Nov. 18, 2015; Dec. 5, 2016; Jul. 26, 2017>
1. Provision of information, etc. on investment values of venture businesses referred to in Article 16-4 (3) of the Act;
2. Deleted; <Aug. 11, 2020>
3. Matters concerning inspection referred to in Article 26 (4) of the Act.
(2) Deleted. <Aug. 11, 2020>
(3) Deleted. <Aug. 11, 2020>
(4) Pursuant to Article 27 of the Act, the Minister of SMEs and Startups shall entrust business regarding the receipt of reports and verification of reported matters under Article 25 (4) of the Act to the Korea Venture Business Association established with the approval of the Minister of SMEs and Startups under Article 32 of the Civil Act (hereinafter referred to as the "Korea Venture Business Association").
(5) Deleted. <Aug. 11, 2020>
(6) Pursuant to Article 27 of the Act, the Minister of SMEs and Startups shall entrust the following business to institutions in charge of confirming venture businesses: <Newly Inserted on May 12, 2020>
1. Operation of a comprehensive management system under Article 3-4 (1) of the Act;
21-2. Request for provision of data or information under Article 3-4 (2) of the Act.
[This Article Wholly Amended on Nov. 4, 2008]
 Article 20 (Adjustment Following Entrustment of Business)
(1) Deleted. <Aug. 11, 2020>
(2) The Minister of SMEs and Startups may request the Korea Venture Business Association to submit data related to the business under Article 19 (4).
(3) Deleted. <Aug. 11, 2020>
(4) The Minister of SMEs and Startups may request an institution in charge of confirming venture businesses to submit data related to the business under each subparagraph of Article 19 (6). <Newly Inserted on May 12, 2020>
(5) The Korea Venture Business Association shall neither compel any person to join the Association while performing the business under Article 19 (4) nor commit any other unfair transactions. <Amended on May 12, 2020; Aug. 11, 2020>
[This Article Wholly Amended on Nov. 4, 2008]
[Title Amended on Dec. 5, 2016]
 Article 20-2 Deleted. <Aug. 11, 2020>
 Article 20-3 (Re-Examination of Regulation)
The Minister of SMEs and Startups shall examine the appropriateness of the following matters every three years, counting from each base date specified in the following (referring to the period that ends on the day before the base date of every third year) and shall take measures, such as making improvements: <Amended on Dec. 30, 2015; Dec. 5, 2016; Jul. 26, 2017; Oct. 2, 2018>
1. Requirements for venture businesses referred to in Article 2-3: January 1, 2014;
1-2. Business types excluded from venture business under Article 2-4: January 1, 2019;
2. Deleted; <Aug. 11, 2020>
2-2. Deleted; <Dec. 24, 2018>
3. Institutions eligible to establish companies specializing in start-up of new technology-based business referred to in Article 4-2 and Attached Table 2 and requirements and procedures for the registration thereof: January 1, 2014;
3-2. Restriction on acts of companies specializing in start-up of new technology-based business and restriction on purpose of use of dividend, etc. of universities or research institutes under Article 4-3: January 1, 2016;
4. Deleted; <Aug. 11, 2020>
5. Standards and procedures for designation of centers for supporting the acquisition of and merger between small and medium venture businesses referred to in Article 7 (1), (2), and (4): January 1, 2014;
6. Deleted; <Dec. 30, 2016>
6-2. Ratio of designated sizes of clustering areas under Article 11-5: January 1, 2016;
6-3. Areas excluded from designation of clustering areas, scope of urban-type factories that can be established in clustering areas, and the guidelines necessary for handing affairs concerning the approval thereof under Article 11-6: January 1, 2016;
7. Requirements for designating facilities for clustering venture businesses referred to in Article 11-8: January 1, 2014;
8. Deleted. <Mar. 3, 2020>
[This Article Newly Inserted on Dec. 30, 2013]
 Article 21 Deleted. <Aug. 11, 2020>
ADDENDUM
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 15729, Feb. 28, 1998>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 15838, Jul. 16, 1998>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 16093, Jan. 29, 1999>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 16131, Feb. 26, 1999>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 Omitted.
ADDENDUM <Presidential Decree No. 16277, Apr. 30, 1999>
This Decree shall enter into force on the date of its promulgation: Provided, That the amended provisions of Article 2 (3) 1 and 8-2 shall enter into force on May 9, 1999.
ADDENDA <Presidential Decree No. 16351, May 24, 1999>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 16771, Apr. 1, 2000>
(1) (Enforcement Date) This Decree shall enter into force on the date of its promulgation.
(2) Omitted.
ADDENDA <Presidential Decree No. 16842, Jun. 19, 2000>
(1) (Enforcement Date) This Decree shall enter into force on the date of its promulgation.
(2) (Applicability to Change of Requirements for Private Investment Association) The amended provisions of Articles 5 (1) and 6 (1) shall begin to apply, from the first private investment association which submits documents under Article 6 (2) after this Decree enters into force.
ADDENDA <Presidential Decree No. 16913, Jul. 27, 2000>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 6 Omitted.
ADDENDUM <Presidential Decree No. 16991, Oct. 23, 2000>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 17115, Jan. 29, 2001>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 17175, Mar. 27, 2001>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDUM <Presidential Decree No. 17217, Apr. 30, 2001>
This Decree shall enter into force on May 1, 2001.
ADDENDA <Presidential Decree No. 17303, Jul. 16, 2001>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 17, 2001.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 17305, Jul. 16, 2001>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 17, 2001.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 17413, Nov. 22, 2001>
Article 1 (Enforcement Date)
This Decree shall enter into force on November 25, 2001.
Article 2 Omitted.
ADDENDA <Presidential Decree No. 17735, Sep. 11, 2002>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 17780, Nov. 14, 2002>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 (Transitional Measures concerning Venture Business Evaluation Instructions)
Any institution recognized as a venture business evaluation institution under the previous provisions as at the time this Decree enters into force shall be deemed recognized as a venture business evaluation institution under the amended provisions of Article 2-2.
Article 3 (Transitional Measures concerning Facilities for Clustering Venture Businesses)
(1) Any person designated as a facility for clustering venture businesses as at the time this Decree enters into force shall be deemed designated as a facility for clustering venture businesses under the amended provisions of Article 11-4.
(2) Any enterprise which has moved into a facility for clustering venture businesses at the this Decree enters into force shall be deemed an enterprise under the amended provisions of Article 11-4 (2) for one year from the date this Decree enters into force.
ADDENDA <Presidential Decree No. 17816, Dec. 26, 2002>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 2003.
Articles 2 through 17 Omitted.
ADDENDA <Presidential Decree No. 18039, Jun. 30, 2003>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2003.
Articles 2 through 6 Omitted.
ADDENDUM <Presidential Decree No. 18367, Apr. 19, 2004>
This Decree shall enter into force on April 21, 2004.
ADDENDA <Presidential Decree No. 18594, Dec. 3, 2004>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 18767, Mar. 31, 2005>
(1) (Enforcement Date) This Decree shall enter into force on April 1, 2005.
(2) (Applicability to Requirements for Designation of Venture Business Development and Promotion Zones) The amended provisions of Article 11-7 (1) 1 shall begin to apply, from the first venture business development and promotion zone designated after this Decree enters into force.
(3) Omitted.
ADDENDA <Presidential Decree No. 18969, Jul. 27, 2005>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 28, 2005.
Articles 2 through 6 Omitted.
ADDENDUM <Presidential Decree No. 19101, Oct. 26, 2005>
This Decree shall enter into force on October 30, 2005.
ADDENDUM <Presidential Decree No. 19395, Mar. 23, 2006>
This Decree shall enter into force on March 24, 2006.
ADDENDA <Presidential Decree No. 19498, Jun. 2, 2006>
(1) (Enforcement Date) This Decree shall enter into force on June 4, 2006.
(2) (Applicability to Valid Period of Certificate of Venture Business) The amended provisions of Article 18-4 shall begin to apply, from the first enterprise confirmed as a venture business after this Act enters into force.
ADDENDA <Presidential Decree No. 19513, Jun. 12, 2006>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2006.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 19929, Mar. 16, 2007>
Article 1 (Enforcement Date)
This Decree shall enter into force on March 27, 2007.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 19939, Mar. 22, 2007>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 20029, Apr. 26, 2007>
Article 1 (Enforcement Date)
This Decree shall enter into force on April 27, 2007.
Article 2 (Applicability to Requirements for Reports of Korea Venture Fund)
The amended provisions of Article 3-6 (4) 3 shall begin to apply, from the Korea Venture Fund reporting after this Decree enters into force.
Article 3 (Transitional Measures concerning Application for Registration of Korea Venture Fund)
Any application for registration of the Korea Venture Fund submitted under previous Article 3-6 (5) before this Decree enters into force shall be deemed reports under the amended provisions of Article 3-6 (5).
Article 4 (Transitional Measures concerning Valid Period of Certificate of Venture Business)
In cases of venture businesses referred to in Article 2-2 (1) 3 (b) of the Act the valid period of the relevant certificate of venture business which has not expired as at the time this Decree enters into force, the validity period of such certificate of venture business shall be two years from the date of confirmation.
Article 5 Omitted.
ADDENDA <Presidential Decree No. 20137, Jun. 29, 2007>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 20261, Sep. 10, 2007>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 7 Omitted.
ADDENDA <Presidential Decree No. 20728, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 20947, Jul. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on February 4, 2009. (Proviso Omitted.)
Articles 2 through 28 Omitted.
ADDENDA <Presidential Decree No. 21100, Nov. 4, 2008>>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation: Provided, That the amended provisions of subparagraph 13 of Articles 2, Articles 2-3 (2) 5, 3-9 (3) 1 (b), and subparagraph 1 of Article 6-3 shall enter into force on February 4, 2009.
Article 2 (Transitional Measures Following Enforcement Date)
(1) Until subparagraph 13 of Article 2 enters into force under the proviso to Article 1 of the Addenda, the same subparagraph shall be deemed to provide as follows:
13. Securities companies referred to in Article 2 (9) of the Securities and Exchange Act.
(2) Until Article 2-3 (2) 5 enters into force under the proviso to Article 1 of the Addenda, the same subparagraph shall be considered to provide for as follows:
5. Private equity funds referred to in Article 144-2 (2) of the Indirect Investment Asset Management Business Act (hereinafter referred to as "private equity fund").
(3) Until Article 3-9 (3) 1 (b) enters into force under the proviso to Article 1 of the Addenda, the said item (b) shall be deemed to provide as follows:
(b) Specially related persons of the relevant general partner (referring to specially related persons referred to in Article 2-8 of the Enforcement Decree of the Securities and Exchange Act; hereafter the same shall apply in this Article).
Article 3 (Applicability to Requirements for Reports on Korea Venture Fund)
The amended provisions of Article 3-6 (4) 1 shall begin to apply, from the Korea Venture Fund first reported after this Decree enters into force.
Article 4 (Applicability to Restriction on Acts of Korea Venture Fund)
The amended provisions of Article 3-9 (3) 2 shall apply, starting from the first transaction made after this Decree enters into force.
Article 5 (Applicability to Factories Installed in Facilities for Clustering Venture Business)
The amended provisions of Article 14 (2) and (3) shall apply, starting from the first building permit applied after this Decree enters into force.
ADDENDA <Presidential Decree No. 21288, Feb. 3, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on February 4, 2009.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 21460, Apr. 30, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on May 1, 2009.
Article 2 (Special Cases)
Notwithstanding the amended provisions of Article 7 (4), any person designated as a center for supporting the acquisition of, and merger, between small and medium enterprises in 2009 shall submit a business plan for the year of 2009 to the Administrator of the Small and Medium Business Administration within one month from the date on which he/she obtains such designation.
ADDENDA <Presidential Decree No. 21461, Apr. 30, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on May 1, 2009.
Article 2 Omitted.
ADDENDA <Presidential Decree No. 21480, May 6, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on May 8, 2009.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 21518, May 29, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on June 1, 2009
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 21641, Jul. 27, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 31, 2009.
Articles 2 through 15 Omitted.
ADDENDA <Presidential Decree No. 21692, Aug. 18, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on August 23, 2009.
Articles 2 through 6 Omitted.
ADDENDA <Presidential Decree No. 21835, Nov. 20, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on November 22, 2009.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 21904, Dec. 24, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 2010.
Articles 2 through 6 Omitted.
ADDENDA <Presidential Decree No. 22130, Apr. 20, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on April 28, 2010.
Article 2 (Applicability to Dissolution of Korea Venture Fund)
The amended provisions of Article 3-10 (1) 2 shall begin to apply, from dissolution of the Korea Venture Fund on the relevant grounds after this Decree enters into force.
ADDENDA <Presidential Decree No. 22151, May 4, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on May 5, 2010.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 22493, Nov. 15, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on November 18, 2010.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 22869, Apr. 5, 2011>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 (Transitional Measures concerning Administrative Fines)
(1) Application of standards for imposition of administrative fines to offenses committed before this Decree enters into force shall follow the previous provisions, notwithstanding the amended provisions of attached Table 3.
(2) No disposition for imposition of any administrative fine taken against an offense committed before this Decree enters into force shall be included in the number of instances an offense is committed, referred to in the amended provisions of attached Table 3.
ADDENDA <Presidential Decree No. 22977, Jun. 24, 2011>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 23267, Oct. 28, 2011>
Article 1 (Enforcement Date)
This Decree shall enter into force on October 29, 2011.
Articles 2 and 3 Omitted.
ADDENDUM <Presidential Decree No. 23413, Dec. 28, 2011>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 23644, Feb. 29, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation: Provided, That ... <omitted> ... the amended provisions of Articles 2 and 3 of the Addenda shall enter into force on July 22, 2012.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 23720, Apr. 10, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on April 15, 2012.
Articles 2 through 9 Omitted.
ADDENDA <Presidential Decree No. 23993, Jul. 26, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 27, 2012.
Articles 2 and 3 Omitted.
ADDENDUM <Presidential Decree No. 24317, Jan. 16, 2013>
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
ADDENDA <Presidential Decree No. 24432, Mar. 23, 2013>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 24697, Aug. 27, 2013>
Article 1 (Enforcement Date)
This Decree shall enter into force on August 29, 2013. (Proviso Omitted.)
Articles 2 through 13 Omitted.
ADDENDA <Presidential Decree No. 24955, Dec. 11, 2013>
Article 1 (Enforcement Date)
This Decree shall enter into force on December 12, 2013.
Articles 2 through 4 Omitted.
ADDENDUM <Presidential Decree No. 25050, Dec. 30, 2013>
This Decree shall enter into force on January 1, 2014. (Proviso Omitted.)
ADDENDUM <Presidential Decree No. 25272, Mar. 24, 2014>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 25426, Jun. 30, 2014>
This Decree shall enter into force on July 15, 2014.
ADDENDA <Presidential Decree No. 25945, Dec. 30, 2014>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date the first merger referred to in Article 4 (6) of the Addenda of the wholly amended Korea Development Bank Act (Act No. 12663) is registered.
Articles 2 through 5 Omitted.
ADDENDUM <Presidential Decree No. 26023, Jan. 6, 2015>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 26248, May 26, 2015>
Article 1 (Enforcement Date)
This Decree shall enter into force on May 28, 2015.
Articles 2 through 7 Omitted.
ADDENDA <Presidential Decree No. 26369, Jun. 30, 2015>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2015.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 26600, Oct. 23, 2015>
Article 1 (Enforcement Date)
This Decree shall enter into force on October 25, 2015. (Proviso Omitted.)
Articles 2 through 9 Omitted.
ADDENDUM <Presidential Decree No. 26648, Nov. 18, 2015>
This Decree shall enter into force on the date of its promulgation: Provided, That the amended provisions of Articles 2-4, 3 (1), and 5 (7), and attached Tables 1 and 1-2 shall enter into force on November 19, 2015.
ADDENDUM <Presidential Decree No. 26804, Dec. 30, 2015>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 27205, May 31, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 30, 2016. (Proviso Omitted.)
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 27472, Aug. 31, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 1, 2016.
Articles 2 through 7 Omitted.
ADDENDA <Presidential Decree No. 27506, Sep. 22, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 23, 2016.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 27534, Sep. 29, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 30, 2016.
Article 2 Omitted.
ADDENDA <Presidential Decree No. 27663, Dec. 5, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 (Applicability to Exercise Price of Stock Options)
The amended provisions of Article 11-3 (3) shall apply where stock options are granted after this Decree enters into force.
ADDENDA <Presidential Decree No. 27751, Dec. 30, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 2017. (Proviso Omitted.)
Articles 2 through 12 Omitted.
ADDENDA <Presidential Decree No. 28213, Jul. 26, 2017>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 6 Omitted.
ADDENDUM <Presidential Decree No. 28926, May 29, 2018>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 29216, Oct. 2, 2018>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 29419, Dec. 24, 2018>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 29421, Dec. 24, 2018>
This Decree shall enter into force on January 1, 2019.
ADDENDA <Presidential Decree No. 29677, Apr. 2, 2019>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 Omitted.
ADDENDUM <Presidential Decree No. 29969, Jul. 9, 2019>
This Decree shall enter into force on July 9, 2019.
ADDENDA <Presidential Decree No. 29972, Jul. 9, 2019>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 30048, Aug. 20, 2019>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 30509, Mar. 3, 2020>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 30676, May 12, 2020>
Article 1 (Enforcement Date)
This Decree shall enter into force on February 12, 2021: Provided, That the amended provisions of Article 11 shall enter into force on May 12, 2020.
Article 2 (Preparation for Enforcement of Act)
(1) Where, pursuant to Article 2 (1) of the Addenda of the partially amended Act on Special Measures for the Promotion of Venture Businesses (Act number 16997; hereinafter referred to as the "amended Act"), the Minister of SMEs and Startups designates an institution in charge of confirming venture businesses before the amended Act enters into force, he/she may designate the institution in charge of confirming venture businesses pursuant to the amended provisions of Article 18-7.
(2) Where, pursuant to Article 2 (2) of the Addenda of the amended Act, the institution in charge of confirming venture businesses designated under paragraph (1) organizes and operates a venture business confirmation committee, it may operate the venture business confirmation committee pursuant to the amended provisions of Article 18-8 before this Decree enters into force.
Article 3 (Applicability to Valid Period of Certificate of Venture Business)
The amended provisions of Article 18-4 shall apply to requests for confirmation of a venture business filed after this Decree enters into force.
ADDENDA <Presidential Decree No. 30934, Aug. 11, 2020>
Article 1 (Enforcement Date)
This Decree shall enter into force on August 12, 2020.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 31429, Feb. 2, 2021>
Article 1 (Enforcement Date)
This Decree shall enter into force on February 5, 2021.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 31611, Apr. 6, 2021>
Article 1 (Enforcement Date)
This Decree shall enter into force on April 8, 2021.
Articles 2 through 6 Omitted.
ADDENDA <Presidential Decree No. 31741, Jun. 8, 2021>
Article 1 (Enforcement Date)
This Decree shall enter into force on Jun. 9, 2021.
Article 2 Omitted.