CHAPTER I GENERAL PROVISIONS
The purpose of these Rules is to stipulate the matters delegated by the Venture Investment Promotion Act and Enforcement Decree of the same Act, as well as the required matters for its implementation.
| Article 2 (Investment in Businesses Developed & Manufactured by a Small & Medium-Sized Enterprise) |
| (1) | “The acquisition of equity in accordance with Ordinance of the Ministry of SMEs and Startups” in subparagraph 1 (c) of Article 2 of the Venture Investment Promotion Act (hereinafter referred to as the “Act”) refers to the acquisition of equity in any of the following businesses (hereinafter referred to as “project investment”): |
| 1. | Development of new products and technologies (limited to cases in which R&D expenses are at least 50 percent of total project expenses); |
| 2. | Cultural industry under subparagraph 1 of Article 2 of the Framework Act on the Promotion of the Cultural Industry; |
| 5. | Projects recognized by the Minister of Culture, Sports and Tourism as viable for project investment for the development of the tourism industry; |
| 6. | Other projects corresponding to subparagraphs 1 through 5 that the Minister of SMEs and Startups recognizes as viable for project investment. |
| Article 3 (Requirements for Conditional Share Acquisition Contract) |
“The requirements prescribed by Ordinance of the Ministry of SMEs and Startups” in subparagraph 1 (d) of Article 2 of the Act refers to the requirements of each of the following subparagraphs: | 1. | After the investment amount is paid, the shares will be determined proportionally to the result of the assessment of corporate value decided in the subsequent investment; |
| 2. | The company receiving investment under the conditional share acquisition contract shall become a party to the conditional share acquisition contract and obtain the consent of all shareholders beholden to the contract; |
| 3. | When a company that has received an investment through a conditional share acquisition contract concludes a contract that results in or may result in change in capital, the company shall notify the contract's counterparty in writing of the fact that the conditional share acquisition contract has been concluded. |
CHAPTER II INDIVIDUAL AND PROFESSIONAL INDIVIDUAL INVESTORS
| Article 4 (Registration & Change Registration of an Individual Professional Investor) |
| (1) | A person who intends to register as an individual professional investor pursuant to Article 9 (1) of the Act (hereinafter referred to as “applicant”) shall submit the following documents to the Minister of SMEs and Startups, in addition to the application for individual professional investor registration in attached Form 1: |
| 1. | Investment performance confirmation; |
| 2. | A certified copy of the corporate registration of the invested company; |
| 3. | A list of shareholders of the invested company (referring to the list in which the applicant is registered); |
| (2) | “Important matters prescribed by Ordinance of the Ministry of SMEs and Startups” in the latter part of Article 9 (1) of the Act refers to any of the following matters: |
| 2. | Registration requirements according to Article 4 of the Enforcement Decree. |
| (3) | In the event of a change in any of the subparagraphs of paragraph (2), an individual professional investor shall apply for registration of a change to the Minister of SMEs and Startups within 14 days of the date of change by attaching documents proving the change to an application for registration of a change of professional individual investors in attached Form 1. |
| (4) | The Minister of SMEs and Startups shall issue a certificate of individual professional investor registration in attached Form 2, when an applicant under paragraph (1) or an applicant for registration of a change under paragraph (3) meets the requirements for registration. |
| (5) | In addition to the matters stipulated in paragraphs (1) through (4), details regarding the confirmation of registration requirements and procedures for professional individual investors shall be determined and publicly notified by the Minister of SMEs and Startups. |
CHAPTER III INDIVIDUAL INVESTMENT ASSOCIATION
| Article 5 (Organization, Registration, Change Registration, etc. of an Individual Investment Association) |
| (1) | “Persons prescribed by Ordinance of the Ministry of SMEs and Startups” in the former part of Article 12 (1) of the Act excluding its subparagraphs refers to those who meet any of the following subparagraphs: |
| 3. | An institution meeting any of the following items [limited to the case of investing in an individual investment association invested by a fund-of-funds for venture investment under Article 70 of the Act (hereinafter referred to as “fund of funds”)]: |
| (c) | A public benefit corporation that is in charge of accounting for national and public university development funds among public benefit corporations that have obtained approval for establishment pursuant to Article 4 of the Act on the Establishment & Operation of Public Benefit Corporations; |
| 7. | A corporation pursuant to subparagraphs 1 through 4 of Article 2 of the Corporate Tax Act, which invests in an individual investment association in which a startup planner becomes an operation partner of the association, provided that the total investment amount in the corporation shall not exceed 30 percent of the amount invested by the individual investment association; |
| 9. | The fund of funds (an association that has received a certain investment amount through a fund of funds); |
| 10. | A venture investment association that uses the funds of the association for investment in an individual investment association or other venture investment association, which meets the requirements determined and publicly notified by the Minister of SMEs and Startups; |
| (2) | A person who intends to form and register an individual investment association pursuant to Article 12 (1) of the Act shall submit in advance an organization plan, including member recruitment and investment plans, to the Minister of SMEs and Startups |
| (3) | The business executive member of an individual investment association that has been formed in conformity with the organization plan under paragraph (2) shall attach the following documents to an application for registration of the individual investment association in attached Form 3 and submit them to the Minister of SMEs and Startups within 14 days of the date of the general meeting for organization of association: |
| 1. | A copy of the association bylaws; |
| 2. | A list of association members; |
| 3. | A copy of the minutes of the general meeting for organization of association; |
| 4. | Documents proving the investment amount and investment performance of the members; |
| 5. | A balance statement of a bank (financial institution) account opened in the name of the association (referring to one issued two days before the date of submission); |
| 6. | A copy of the identification number certificate; |
| 8. | Other documents determined and publicly notified by the Minister of SMEs and Startups; |
| (4) | “Important matters prescribed by Ordinance of the Ministry of SMEs and Startups” in the latter part excluding each subparagraph of Article 12 (1) of the Act refers to any of the following matters: |
| 2. | Name and office location of an association; |
| 3. | Name and address of a business executive member; |
| 4. | Date of birth (business registration number), investment amount and number of shares for each member; |
| 5. | Duration of association; |
| (5) | In the event of a change in any of the subparagraphs of paragraph (4), a business executive member of the individual investment association shall apply for registration of a change to the Minister of SMEs and Startups within 14 days of the date of change by attaching documents proving the change to an application for registration of a change of the individual investment association in attached Form 3. |
| (6) | In addition to the matters stipulated in paragraphs (1) through (5), details regarding the confirmation of registration requirements and procedures for individual investment associations shall be determined and publicly notified by the Minister of SMEs and Startups. |
| Article 6 (Registration Register of an Individual Investment Association, etc.) |
| (1) | When an individual investment association is registered, the Minister of SMEs and Startups shall retain and manage a registration register in attached Form 4. |
| (2) | When the Minister of SMEs and Startups has registered an individual investment association, the ministry shall give a certified copy of the registration register to the applicant. In this case, a certified copy of the registration register shall be prepared on paper in the same format as that of the registration register, and it should be stated in the bottom of the document that the document is a certified copy and the official seal of the Minister of SMEs and Startups should be attached. |
| (3) | The Minister of SMEs and Startups may establish standard rules for individual investment associations for the efficient operation of an individual investment association pursuant to Article 12 (6) of the Act. |
| Article 7 (Standards for Calculation of Investment Ratio of an Individual Investment Association) |
The investment ratio under paragraphs (1) through (3) of Article 13 of the Act shall be calculated according to the following standards: | 1. | It shall be calculated as the amount invested through a method prescribed in any of the following items in business starters and venture startups that are not listed on the stock market: |
| (a) | The acquisition of newly issued stocks or shares: Provided, That the acquisition of stocks newly issued for listing on the stock market shall be excluded; |
| (b) | Acquisition of newly issued unsecured convertible bonds, unsecured bonds with warrants or unsecured exchangeable bonds (excluding the case of exchange for stocks listed on the stock market); |
| (c) | Conclusion of a conditional share acquisition contract. |
| 2. | Where the investment amount of an individual investment association is increased or decreased from the investment amount at the time of registration, it shall be calculated according to the classification of each of the following items: |
| (a) | For an increase, the investment ratio shall be calculated on an annual basis based on the date of increase;. |
| (b) | For a decrease, the investment ratio shall be calculated based on the investment amount after a decrease; |
| 3. | In the case of an individual investment association that is liquidated or is intended to be dissolved within three years of registration, the investment ratio shall be calculated based on either the date of liquidation or dissolution. |
| Article 8 (Period for Disposal of Non-Business Real Estate by Individual Investment Association) |
“Period prescribed by Ordinance of the Ministry of SMEs and Startups” in Article 14 (3) of the Act refers to one year.
| Article 9 (Exceptions to Report on Settlement of an Individual Investment Association) |
| (1) | “Individual investment association not larger than prescribed by Ordinance of the Ministry of SMEs and Startups” in the proviso of Article 16 of the Act refers to an individual investment association whose total investment is not more than KRW 200 million (excluding an individual investment association that was organized no less than three years ago). |
| (2) | “Data prescribed by Ordinance of the Ministry of SMEs and Startups” in the proviso of Article 16 of the Act refers to the current status of fund management, such as the profit and investment status of an individual investment association. |
| Article 10 (Report on Liquidation Results of an Individual Investment Association) |
A liquidator who intends to report liquidation results pursuant to Article 19 (1) of the Act shall submit a liquidation result report containing the following matters to the Minister of SMEs and Startups: | 1. | Details of the distribution of assets of an individual investment association by member; |
| 2. | Details of bonus paid to operation partners pursuant to Article 21 of the Act. |
| Article 11 (Registration & Change Registration of the Startup Planners, etc.) |
| (1) | A person who intends to register as a startup planner pursuant to Article 24 (1) of the Act shall submit an application for registration of the startup planner in attached Form 5 to the Minister of SMEs and Startups by attaching the following documents. Accordingly, the Minister of SMEs and Startups shall verify the certificate of corporate registration (applicable only to corporations) through a joint use of administrative information under Article 36 (1) of the Electronic Government Act. |
| 1. | A copy of the Articles of Incorporation; |
| 5. | Documents proving that it is a not-for-profit corporation, such as the relevant establishment permit (applicable only to not-for-profit corporations under the Civil Act, etc.); |
| 6. | Documents proving the payment of capital (referring to property contributed under Article 24 (2) 1 (b) of the Act in the case of a not-for-profit corporation pursuant to the Civil Act, etc., and investment property under item c of the same subparagraph in the case of an association, etc.); |
| 7. | Documents proving the current status of a full-time professional employee and their qualifications |
| 8. | Documents on the current status of the facility; |
| (2) | “Important matters prescribed by Ordinance of the Ministry of SMEs and Startups, such as corporate name and location” in the latter part other than each subparagraph of Article 24 (1) of the Act refers to any of the following matters, provided that subparagraphs 7 and 8 shall apply only to companies under the Commercial Act: |
| 3. | Representative and executives; |
| 4. | Paid-in capital (referring to property contributed under Article 24 (2) 1 (b) of the Act in the case of a not-for-profit corporation pursuant to the Civil Act, etc., and investment property under item c of the same subparagraph in the case of an association, etc.); |
| 5. | Current number of full-time professional employees; |
| 6. | Business purpose stipulated in the articles of incorporation; |
| 7. | Current status of stock ownership by shareholders who own stocks (in the case of a company other than a joint stock company, it refers to the share. Hereinafter, the same shall apply in this paragraph) equivalent to 5 percent or more of the total number of outstanding stocks with voting rights; |
| 8. | Changes in stock ownership of 10 percent or more of the total number of outstanding stocks with voting rights; |
| (3) | In the event of a change in any of the subparagraphs of paragraph (2), the startup planner shall apply for registration of a change to the Minister of SMEs and Startups within 14 days of the date of change by attaching documents proving the fact thereof onto the application for registration of a change of the startup planner in attached Form 5. |
| (4) | When a person who has applied for registration under paragraph (1) or a person who has applied for registration of a change under paragraph (3) meets the requirements for registration, the Minister of SMEs and Startups shall issue a certificate of registration of the startup planner in attached Form 6. |
| (5) | In addition to the matters stipulated in paragraphs (1) through (4), details regarding the confirmation of registration requirements and procedures for startup planners shall be determined and publicly notified by the Minister of SMEs and Startups. |
| Article 12 (Support of Startup Planners to Early Startups) |
“Provision of support prescribed by Ordinance of the Ministry of SMEs and Startups” in subparagraph 4 of Article 25 of the Act refers to that which meets any of the following subparagraphs: | 1. | Investment to provide initial project cost; |
| 2. | Consulting and expert consultation support; |
| 3. | Marketing and product sales support; |
| 4. | Provision of information regarding business licenses and relevant laws; |
| 5. | Support for connection with other startups, etc.; |
| 6. | Support for linking internal and external education/training programs. |
| Article 13 (Calculation of Investment Ratio of the Startup Planner) |
“Method prescribed by Ordinance of the Ministry of SMEs and Startups” in Article 15 (2) 2 of the Enforcement Decree refers to a method applicable to any item of subparagraph 1 of Article 7.
| Article 14 (Period for Disposal of Non-Business Real Estate by Startup Planner) |
Period prescribed by Ordinance of the Ministry of SMEs and Startups in Article 27 (2) of the Act refers to one year.
| Article 15 (Restrictions on Activities of the Startup Planner) |
| (1) | “Management control prescribed by Ordinance of the Ministry of SMEs and Startups” in subparagraph 4 of Article 16 of the Enforcement Decree refers to any of the following cases: |
| 1. | Where the startup planner [including specially related persons under Article 3 (1) of the Enforcement Decree of the Act on Corporate Governance of Financial Companies (hereinafter referred to as “specially related persons”)] owns more than 50 percent of the total number of outstanding stocks with voting rights or equity shares of an invested company. However, the case where the relevant startup planner, as a business executive member of an individual investment association or venture investment association, has invested only in the funds of the relevant association shall be excluded; |
| 2. | Where the startup planner has the authority to appoint and dismiss the majority of the members of the board of directors of an invested company or a decision-making body equivalent thereto according to a contract, etc.; |
| 3. | Where the startup planner can exercise a majority of voting rights at the shareholders' general meeting of an invested company or a decision-making body equivalent thereto according to a contract, etc.; |
| 4. | Where the startup planner can independently decide important matters related to the financial status or business of an invested company, such as when executives and employees (including persons specially related to the startup planner) of the startup planner concurrently serve as representative directors of an invested company (excluding cases in which a startup planner and an invested company each appoint a co-director) or occupy a majority of the members of the board of directors of an invested company. |
| Article 16 (Report of Person Succeeding the Startup Planner's Rights & Obligations) |
A person who intends to report the succession of the status of the startup planner pursuant to Article 33 (1) of the Act shall submit a report on the succession of rights and obligations of the startup planner in attached Form 7 to the Minister of SMEs and Startups by attaching the following documents. Accordingly, the Minister of SMEs and Startups shall verify the certificate of corporate registration (applicable only to corporations) through a joint use of administrative information under Article 36 (1) of the Electronic Government Act. | 1. | Documents proving the succession of status; |
| 3. | Documents under each subparagraph of Article 11 (1); |
| Article 17 (Application for Cancellation of Registration of Startup Planner) |
A person who intends to apply for cancellation of registration of startup planner pursuant to Article 35 (1) of the Act shall submit documents stating the following matters to the Minister of SMEs and Startups by attaching a certificate of registration under Article 11 (4). | 2. | Reason for registration cancellation. |
CHAPTER V SMALL & MEDIUM ENTERPRISE-ESTABLISHED INVESTMENT COMPANIES
| Article 18 (Registration and Change Registration, etc. of Investment Companies for Establishment of Small and Medium Enterprises) |
| (1) | A person who intends to register as an investment companies for establishment of small and medium enterprises pursuant to Article 37 (1) of the Act shall submit an application for registration of a investment companies for establishment of small and medium enterprises in attached Form 8 to the Minister of SMEs and Startups by attaching the following documents. Accordingly, the Minister of SMEs and Startups shall verify the certificate of corporate registration (applicable only to corporations) through a joint use of administrative information under Article 36 (1) of the Electronic Government Act. |
| 1. | A copy of the Articles of Incorporation; |
| 4. | A list of shareholders; |
| 5. | Documents proving the payment of capital under Article 37 (2) 1 of the Act; |
| 6. | Documents proving the current status of the number of full-time professional employees and their qualifications pursuant to Article 23 (7) 1 of the Enforcement Decree; |
| 7. | Documents on the current status office pursuant to Article 23 (7), 2 of the Enforcement Decree |
| (2) | Important matters prescribed by Ordinance of the Ministry of SMEs and Startups, such as company name and location in the latter part other than each subparagraph of Article 37 (1) of the Act refer to any of the following matters: |
| 2. | Location of the head office and current status of branch or office installation; |
| 3. | Representatives and executives; |
| 5. | Current status of full-time professional employees; |
| 6. | Business purpose stated in the Articles of Incorporation; |
| 7. | Shareholding status of shareholders who own 5 percent or more of the total number of outstanding stocks with voting rights; |
| 8. | Changes in stock ownership status of 10 percent or more of the total number of outstanding stocks with voting rights; |
| (3) | In the event of a change in any of the subparagraphs of paragraph (2), the investment companies for establishment of small and medium enterprises shall apply for registration of a change to the Minister of SMEs and Startups within 14 days of the date of change by attaching documents proving the fact thereof onto the application for registration of a change of the investment companies for establishment of small and medium enterprises in attached Form 8. |
| (4) | When a person who applied for registration under paragraph (1) or a person who has applied for registration of a change under paragraph (3) meets the requirements for registration, the Minister of SMEs and Startups shall issue a certificate of registration of the investment companies for establishment of small and medium enterprises in attached Form 9. |
| (5) | In addition to the matters stipulated in paragraphs (1) through (4), details regarding the confirmation of registration requirements and procedures for investment companies for establishment of small and medium enterprises shall be determined and publicly notified by the Minister of SMEs and Startups. |
| Article 19 (Calculation of Investment Ratio of Investment Companies for Establishment of Small and Medium Enterprises) |
“Method prescribed by Ordinance of the Ministry of SMEs and Startups in the main sentence of Article 24 (2) 1 of the Enforcement Decree” refers to a method applicable to any item of subparagraph 1 of Article 7.
| Article 20 (Restrictions on Activities of Investment Companies for Establishment of Small and Medium Enterprises) |
Management control prescribed by Ordinance of the Ministry of SMEs and Startups in Article 25, Subparagraph 4 of the Enforcement Decree refers to any of the following cases: | 1. | Where investment companies for establishment of small and medium enterprises (including its specially related persons) own more than 50 percent of the total number of outstanding stocks with voting rights or equity shares of an invested company. However, where an investment company for establishment of small and medium enterprises invests as a business executive member of an individual investment association or venture investment association and invests only with the funds of the relevant association, the investment shall be excluded; |
| 2. | Where investment companies for establishment of small and medium enterprises have the authority to appoint and dismiss the majority of the members of the board of directors of an invested company or a decision-making body equivalent thereto; |
| 3. | Where investment companies for establishment of small and medium enterprises can exercise a majority of voting rights at the shareholders' general meeting of an invested company or a decision-making body equivalent thereto; |
| 4. | Where investment companies for establishment of small and medium enterprises can independently decide important matters related to the financial status or business of an invested company, such as when executives and employees (including persons specially related to the startup planner) of the investment companies for establishment of small and medium enterprises concurrently serve as representative directors of an invested company (excluding cases in which an investment companies for establishment of small and medium enterprises and an invested company each appoint a co-director) or occupy a majority of the members of the board of directors of an invested company. |
| Article 21 (Period for Disposal of Non-Business Real Estate by Investment Companies for Establishment of Small and Medium Enterprises) |
“Period prescribed by Ordinance of the Ministry of SMEs and Startups” in Article 39 (2) of the Act refers to one year.
| Article 22 (Report of Person Succeeding the Rights & Obligations of Investment Companies for Establishment of Small and Medium Enterprises) |
A person who intends to report the succession of the status of an investment companies for establishment of small and medium enterprises pursuant to Article 46 (1) of the Act shall submit a report on the succession of rights and obligations of an investment companies for establishment of small and medium enterprises in attached Form 10 to the Minister of SMEs and Startups by attaching the following documents. Accordingly, the Minister of SMEs and Startups shall verify the certificate of corporate registration (applicable only to corporations) through a joint use of administrative information under Article 36 (1) of the Electronic Government Act. | 1. | Documents proving the succession of status; |
| 3. | Documents under each subparagraph of Article 18 (1); |
| Article 23 (Application for Cancellation of Registration of the Startup Planner) |
A person who intends to apply for cancellation of registration of investment company for establishment of small and medium enterprises pursuant to Article 48 (1) of the Act shall submit documents stating the following matters to the Minister of SMEs and Startups by attaching a certificate of registration under Article 18 (4): | 2. | Reason for registration cancellation. |
CHAPTER VI VENTURE INVESTMENT ASSOCIATIONS
| Article 24 (Organization, Registration, & Change Registration of Venture Investment Associations) |
| (1) | A person who intends to register as a venture investment association pursuant to Article 50 (1) of the Act shall submit an organization plan including the following matters to the Minister of SMEs and Startups in advance: |
| 2. | Total investment amount, amount of one share of investment, time and method of investment; |
| 3. | Recruitment plan for limited liability partners under Article 50 (3) of the Act; |
| 4. | Asset management plan and distribution plan of a venture investment association; |
| 5. | Personal information of a professional employee in charge of the investment review work of the venture investment association (referring to the name, date of birth, career & investment experience, etc.; hereinafter the same shall apply); |
| (2) | The business executive member of a venture investment association that has been formed in conformity with the organization plan under paragraph (1) shall attach the following documents to the application for registration of the venture investment association in attached Form 11 to be submitted to the Minister of SMEs and Startups within 14 days of the date of the general meeting of the organization: |
| 1. | A copy of the association agreement; |
| 2. | A list of association members; |
| 4. | A copy of the minutes of the general meeting of the organization; |
| 5. | A document proving the investment amount of the member and performance of the investment |
| 6. | A copy of the identification number; |
| 7. | Documents proving that the storage and management of the venture investment association assets have been entrusted to a trust company in conformity with Article 53 of the Act; |
| 8. | Personal information of a professional employee in charge of the investment review work of the venture investment association; |
| 9. | Changes compared to the organization plan; |
| (3) | “Important matters prescribed by Ordinance of the Ministry of SMEs and Startups in the latter part other than each subparagraph of Article 50 (1) of the Act” refers to any of the following matters: |
| 1. | Association agreement; |
| 2. | Name and office location of an association; |
| 3. | Name and address of a business executive member; |
| 4. | Date of birth (business registration number), investment amount and number of shares for each member; |
| 5. | Duration of association; |
| 6. | Personal information of the professional employee in charge of the investment review work of the association; |
| (4) | In the event of a change in any of the subparagraphs of paragraph (3), a business executive member of a venture investment association shall submit the application for registration of a change of venture investment association in attached Form 11 to the Minister of SMEs and Startups within 14 days of the date of change by attaching documents proving the change. |
| (6) | In addition to the matters stipulated in paragraphs (1) through (5), details regarding the confirmation of registration requirements and procedures for venture investment associations shall be determined and publicly notified by the Minister of SMEs and Startups. |
| Article 25 (Register of Venture Investment Associations, etc.) |
| (1) | When a venture investment association is registered, the Minister of SMEs and Startups shall retain and manage a registration register in conformity with attached Form 12. |
| (2) | When the Minister of SMEs and Startups has registered a venture investment association, the ministry shall give a certified copy of the register of registration to the applicant. Then a certified copy of the registration register shall be prepared on paper in the same format as that of the registration register and attached with the official seal of the Minister of SMEs and Startups by stating that it is a certified copy at the bottom. |
| (3) | The Minister of SMEs and Startups may establish standard rules for venture investment associations for the efficient operation of a venture investment association pursuant to Article 50 (7) of the Act. |
| Article 26 (Period for Disposal of Non-Business Real Estate by Venture Investment Associations) |
“Period prescribed by Ordinance of the Ministry of SMEs and Startups” in Article 52 (3) of the Act refers to one year.
| Article 27 (Report on Liquidation Results of Venture Investment Associations) |
A liquidator who intends to report liquidation results pursuant to Article 57 (1) of the Act shall submit a liquidation result report containing the following matters to the Minister of SMEs and Startups: | 1. | Details of the distribution of assets of a venture investment association by each member; |
| 2. | Details of performance remuneration distributed to business executive members pursuant to Article 59 of the Act; |
| 3. | Details of the performance pay paid to executives and employees by a business executive member pursuant to Article 40 (2) of the Enforcement Decree; |
| 5. | A copy of the minutes of the general meeting of liquidation. |
ADDENDA <No. 35, Aug. 12, 2020>
Article 1 (Enforcement Date)
These Rules shall be effective on August 12, 2020.
Article 2 (Amendment of Other Acts)
| (1) | Part of the Enforcement Rules of the Act on Special Measures for Venture Business Promotion shall be amended as follows: |
| 1. | Article 3 and 4 shall be deleted, respectively. |
| (2) | Part of the Enforcement Rules of the Small & Medium Business Startup Support Act shall be amended as follows: |
Article 3 (Relationship with Other Statutes or Rules)
At the time of enforcement of these Rules, if other statues and regulations cite the previous Enforcement Rules of the Small and Medium Business Startup Support Act or the previous Enforcement Rules of the Act on Special Measures for the Promotion of Venture Startups, and if there is a corresponding provision in these Rules, it shall be deemed that the relevant provision of these Rules has been cited and supplants the previous provision.
ADDENDUM <No. 41, Feb. 24, 2021>
These Rules shall be effective from the date of entering into effect.
※ The Korea Trade-Investment Promotion Agency provides English translation of this Rule as a reference to enhance understanding of Korean law, and this Rule translated is not legally binding and officially effective.