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Korean Government Initiatives Support Small Businesses and Entrepreneurship
Table of Contents
A range of programs and amendments aim to bolster small businesses and foster innovation.
By Anya Sharma | SEOUL – 2025/07/04 12:33:45
The South Korean government is rolling out several initiatives aimed at supporting small businesses and promoting entrepreneurship. These include contests, funding opportunities, and legislative amendments designed to ease the burden on small business owners.
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▲ Small and Medium Venture Business Department |
Global Entrepreneurship Hub Name and Catchphrase Contest
A contest is being held to name and create a catchphrase for a Global entrepreneurship Hub. The contest runs from July 7, 2025, to August 7, 2025. Participation is open to anyone, regardless of nationality, and submissions must be in English. Participants can enter through the online survey platform (Moa Foam) via a QR code or the K-Startup Nuri House of the Competition Poster.
“The contest runs from July 7, 2025, to August 7, 2025. Participation is open to anyone, regardless of nationality.”
Baby Unicorn Support Business Revenue Growth track Recruitment
the “Baby Unicorn Support Business Revenue Growth Track Recruitment” program is seeking applicants from July 1, 2025, to July 14, 2025. The program targets venture companies with limited investment performance (less than 2 billion won) and that are within 10 years of establishment with initial entrepreneurship of 20 billion won or less. Successful applicants will receive innovative funds of up to 300 million won for digital conversion (DX) and AI conversion (AX), as well as special guarantee benefits of up to 5 billion won.
Amendment to the Enforcement Decree of the Act on Protection and Support for Small Business
An amendment to the Enforcement Decree of the Act on Protection and Support for Small Business is scheduled for July 22, 2025. This includes public rate support for small business owners,addressing indirect methods of directing or deducting some of the public rates.The amount of support will consider the increase in public fees and the management burden on small business owners. The amendment also includes information requests for disaster support, such as the number of National Health Insurance subscribers and monthly credit card payments by credit card merchants. Furthermore, it establishes a basis for applying and reviewing long-term repayment of policy fund owners.
Frequently Asked questions
- What types of support are available for small businesses in South Korea?
- The South Korean government offers a range of support programs,including financial assistance,tax incentives,consulting services,and training programs.
- How can I apply for the Baby Unicorn Support program?
- Applications can be submitted online through the designated government portal during the recruitment period (July 1, 2025, to July 14, 2025). Specific eligibility criteria and submission instructions are available on the website.
- What is the purpose of the amendment to the Enforcement Decree of the Act on Protection and Support for Small Business?
- The amendment aims to ease the burden on small business owners by providing public rate support, addressing indirect methods of deducting public rates, and establishing a framework for long-term repayment of policy funds.
