• SK GVT proposed revisions to the Enforcement decree of the support for small and medium enterprise establishment act, to define overseas start-up businesses.

Proposed Revisions

• Specify a requirement for substantive control for an overseas start-up as 30% or more of shareholding by Korean citizens/corporations from business commencement, and maintenance of the status as as the largest shareholder/investor from commencement.
• Clarify the date of business commencement of an overseas start-up, the scope of an overseas start-up, requirements for the start-up's contribution to domestic economy.

Consultation Period

• Comments shall be submitted by 1 August 2024.