http://english.yonhapnews.co.kr/business/2008/04/30/10/0501000000AEN20080430007000320F.HTML
S. Korea to deregulate biz start-up process
SEOUL, April 30 (Yonhap) -- The South Korean government said Wednesday that
it will cut unnecessary red tape for business start-ups as part of wide-ranging
deregulation measures.
The move is expected to cut the cost of setting up businesses by 50 percent,
bolstering business activities and fueling economic growth, officials from the
Ministry of Knowledge Economy said at the National Competitiveness Council,
chaired by President Lee Myung-bak.
The ministry said measures to be pushed forward will include allowing people
to submit on-line requests to set up new businesses without visiting government
offices.
The system, expected to be opened for use in late 2009 will link the
e-government network with those of the Supreme Court and national tax office,
and permit prospective businessmen to get real time feedback on the progress of
their applications.
It also said the government will exempt environmental and regional
development reviews for new factories with a floor space of less than 5,000
square meters..
"These smaller-sized factories really do not pose a serious threat to the
environment or trigger over-development concerns for certain regions," a
government official said.
He then said that current rules that set minimum start-up capital will be
scrapped as well, along with the need to notarize articles of incorporation and
submit minutes of proceedings in case of moderate sized businesses.
At present a stock company requires minimum capital of 50 million won
(US$49,800).
The ministry said such streamlining will make it easier for people with good
ideas to open new companies that can invigorate the economy.
It claimed that if all deregulation measures are implemented, it will take
roughly 68 days to set up new businesses from 167 days at present, while
overall costs may be cut to 19 million won from 44 million.
It added the government could benefit from streamlined regulation with
public expenses being cut by about 130 billion won annually.
[EMAIL PROTECTED]
(END)
____________________________________________________________________________________
Be a better friend, newshound, and
know-it-all with Yahoo! Mobile. Try it now.
http://mobile.yahoo.com/;_ylt=Ahu06i62sR8HDtDypao8Wcj9tAcJ
[Non-text portions of this message have been removed]
