A "guide to the scope of small and medium-sized enterprises" that makes it easy to identify the SME range has been released.
The Ministry of SMEs and Startups (MSS) said on the 11th that it published a guide to the scope of small and medium-sized enterprises so that corporations can assess their size on their own and prepare for suitable support programs.
Specifically, it includes: ▲ criteria for the scope of SMEs, small enterprises, and microbusiness owners ▲ the application period for SMEs ▲ how to confirm SME status ▲ frequently asked questions. It also reflects revisions to related laws, such as this year's revised sales standards for SMEs and the option to forgo the grace period for microbusiness owners.
For example, starting with corporations with a September settlement of account this year, the sales threshold for determining SME status was raised from the previous industry-specific 40 billion–150 billion won to 40 billion–180 billion won.
If a microbusiness owner no longer qualifies as a microbusiness owner due to expansion, the owner may choose to forgo the grace benefit that allows retention of microbusiness status for three years to receive government support. However, once a microbusiness owner forgoes the grace benefit, it cannot be withdrawn.
This guide can be downloaded from the Ministry of SMEs and Startups (MSS) website under "Key policies → Legal information → SME and taxes support guide."
Kim Dae-hee, director-general for SME strategy and planning at the Ministry of SMEs and Startups (MSS), said, "Determining SME status is the starting point for policy support for SMEs," adding, "We hope this guide helps corporations understand and respond proactively to the updated standards."