Exemption Benefits for Water and Consignment Transaction Survey... Selection of Outstanding Companies
Ministry of SMEs and Startups
Establishing Fair Trade Order
[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 25th that it will select companies that have contributed to establishing a fair trade order as 'Excellent Companies in Consignment Transactions.'
The application period for this Excellent Companies in Consignment Transactions is from the 26th of this month to the 20th of next month. Eligible applicants are consignor companies with consignment transaction performance in 2019.
The company must meet the selection criteria, including having consignment transaction amounts accounting for 20% or more of the 2019 sales, paying the delivery amount entirely in cash or by substitute promissory note payment methods, and having no violations of the Win-Win Cooperation Act.
The Ministry of SMEs and Startups will conduct document screening and on-site verification for the applicants by December 18 this year. The excellent companies will be selected by December 31.
Selected companies will be issued certificates of excellence. In addition, various benefits will be provided, including ▲ reduction of penalty points imposed for violations of the Win-Win Cooperation Act (2 points, first time only) ▲ exemption from regular consignment transaction surveys (for 2 years) ▲ additional points (1 point) in evaluations when recommending for military service designated companies ▲ preferential treatment in credit evaluations by credit rating agencies (Korea Credit Guarantee Fund, Korea Technology Finance Corporation).
The Excellent Companies in Consignment Transactions selection system was introduced in 2008. A total of 77 companies have been selected up to last year.
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Park Jongchan, Director of the Win-Win Cooperation Policy at the Ministry of SMEs and Startups, said, "We will strive to encourage more companies to take an interest in and participate in spreading a culture of fair trade through various support for companies selected as Excellent Companies in Consignment Transactions."
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