KIPO-SGI Seoul Guarantee, Expansion of Support for 'Excellent Intellectual Property Companies'
Kim Yong-rae, Commissioner of the Korean Intellectual Property Office (right), is taking a commemorative photo after signing a business agreement with Yoo Kwang-yeol, CEO of SGI Seoul Guarantee Insurance (left). Photo by the Korean Intellectual Property Office
View original image[Asia Economy (Daejeon) Reporter Jeong Il-woong] The Korean Intellectual Property Office (KIPO) and SGI Seoul Guarantee Insurance are expanding guarantee support for outstanding intellectual property companies.
KIPO announced on the 24th that it signed a business agreement with SGI Seoul Guarantee Insurance regarding this matter.
According to the agreement, SGI Seoul Guarantee Insurance will extend the guarantee support, which has been provided since 2014 to ‘Global Intellectual Property Star Companies,’ to startups and certified companies based on intellectual property.
Through this, startups can subscribe to performance guarantee insurance and licensing guarantee insurance products without collateral and receive support for up to 500 million KRW per company for two years.
Additionally, certified companies will receive a 10% discount on premiums for performance guarantee insurance and other insurances, and the guarantee limit will be expanded up to 3 billion KRW (differentiated by company credit rating).
KIPO expects that, through this agreement, about 2,000 intellectual property startups and certified companies will benefit from an annual guarantee limit expansion of 1.6 trillion KRW and insurance premium savings of 330 million KRW.
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Kim Yong-rae, Commissioner of KIPO, said, “This business agreement will help outstanding intellectual property companies that have excellent technology but have had difficulty obtaining guarantees due to lack of credit, making contracts in the private and public sectors difficult.” He added, “KIPO will continue to actively promote support policies that enable small and medium-sized enterprises to grow based on intellectual property.”
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