Ministry of SMEs and Startups to Provide Additional 2,000 Vouchers for Youth Enterprises... First-Come, First-Served Recruitment on the 22nd

Additional Support for 2,000 Companies with 3rd Supplementary Budget
Support for Tax Accounting Fees, etc... Online Application Starts at 10 AM on the 22nd

Ministry of SMEs and Startups

[Asia Economy Reporter Kim Heeyoon] Two thousand youth startup companies facing difficult business conditions due to the novel coronavirus infection (COVID-19) will receive additional support through the ‘Startup Company Support Service Voucher’.

The Ministry of SMEs and Startups announced the ‘Startup Company Support Service Voucher Project’ and stated on the 15th that it will recruit participating companies on a first-come, first-served basis through the K-Startup website starting at 10 a.m. on the 22nd.

The ‘Startup Company Support Service Voucher Project’ supports youth startup companies under the age of 39 that have been established within three years by covering up to 70% of costs related to tax/accounting and technology escrow, up to 1 million KRW annually.

The initial budget was 19.26 billion KRW, but an additional 2 billion KRW was added through the third supplementary budget to overcome the economy weakened by COVID-19 early and to revitalize youth startups.

The eligibility criteria are companies established within three years as of January 1 of this year, with a representative under the age of 39.

The support includes fees for outsourcing tax/accounting tasks such as bookkeeping, settlement, and adjustment to tax accountants or accounting firms, as well as costs for purchasing and using tax/accounting software for in-house tax/accounting work.

The support process, from application to payment, is conducted 100% non-face-to-face (online). When applying online, vouchers are issued online, and when the cost of services used at the desired institution is claimed online, the voucher amount is deducted accordingly.

An official from the Ministry of SMEs and Startups said, "Considering the difficult conditions of startup companies due to COVID-19, we plan to start recruitment on the 22nd and execute 100% of the budget by August through prompt review."

This content was produced with the assistance of AI translation services.