New Business Restrictions Likely to Disappear

Regulations for establishing a new business, including the abolition of restrictions regarding support of small and medium-sized investment firms which found new enterprises, are likely to disappear.
Kim Dae Jung held a cabinet meeting at Chong Wae Dae (Blue House) on April 27. At the meeting the president and his ministers revised the law bolstering the establishment of small and medium sized firms in order that a founder can raise start up capital.The committee also abolished regulations which set limits for investment by small and investment firms.
So far, investment companies have been allowed to make investments to newly founded enterprises within 50 percent of its issued stocks or capitalized money.
The government also revised the law of tourism promotion and mitigated the registration standard for tourist hotels, currently limited to a hotel having more than 40 rooms, to hotel with at least 30 rooms.
Jangsoo Seo:jsbee@joong.co.kr