Extension of Chemical Facility Inspection Deferral Until Year-End... Exclusion of Startup Investment Company Audits

16th Emergency Economic Central Countermeasures Headquarters Meeting
Promoting Regulatory Innovation in Data, AI, Future Cars & Mobility, Medical New Technologies, Healthcare, etc.

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The government will extend the exemption of regular inspections for chemical substance facilities until the end of this year to alleviate the burden on small and medium-sized enterprises (SMEs) whose business conditions have worsened due to the prolonged COVID-19 pandemic. Additionally, when changing chemical substance handling facilities, operation can commence first, with installation inspections to be completed within 30 days. Youth startup companies with fewer than five employees can also join the Youth Tomorrow Deduction Program.

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, held the 3rd Korean New Deal Ministerial Meeting and the 16th Central Disaster and Safety Countermeasure Headquarters meeting at the Government Seoul Office on the 17th, where they discussed and finalized on-site regulatory innovation measures to reduce corporate burdens.

Venture capital companies supervised by the Ministry of SMEs and Startups will be exempt from external designated audits. This aims to reduce duplicated management and supervision costs incurred for responding to external institutions and to promote active investment activities.

The government also decided to exempt technology-based knowledge service industries from 16 types of charges, including electricity and water usage fees, for three years after establishment. Furthermore, related laws will be revised to promote startups in new businesses and convergence service industries. Considering the characteristics of IT platform-based businesses, regulations related to registration requirements will be eased. Separate regulations will be established for the new industry of study cafes, and industrial classification standards will be prepared.

Measures to revitalize new industries and new technologies were also announced. Four new target products for recycled composite film materials will be selected, and quality standards will be established.

In October, a platform reflecting the characteristics of small-quantity, multi-item transactions in e-commerce will be built to convert product delivery information into export declarations.

Meanwhile, the government plans to steadily implement regulatory innovation measures in five areas: industrial complexes, data, artificial intelligence (AI), future cars and mobility, medical new technologies, and health care.

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