Busan Metropolitan City Ordinance on the Promotion and Support of Venture Businesses
Enforcement Date 3. April, 2024.
Busan Metropolitan City Ordinance No. 7255, 3. April, 2024., Enactment
- Article 1 (Purpose)
- The purpose of this ordinance is to prescribe matters necessary for the promotion and support of venture businesses by establishing a foundation for venture businesses, enhancing their competitiveness, and contributing to the revitalization of the local economy.
- Article 2 (Definitions)
- The terms used in this ordinance are defined as follows:
- 1. The term “Venture business” means the businesses defined in Article 2 (1) of the Special Act on the Promotion of Venture Businesses (hereinafter referred to as “Act”).
- 2. The term “facilities for clustering venture businesses” means the buildings defined in Article 2 (4) of the Act.
- 3. The term “Venture business development and promotion zone” means the areas defined in Article 2 (6) of the Act.
- Article 3 (Responsibilities of the Mayor)
- The Mayor of Busan Metropolitan City (hereinafter referred to as “Mayor") shall make efforts to ensure the continuous growth and development of venture businesses.
- Article 4 (Relation to Other Ordinances)
- Except where otherwise specified by other ordinances, matters related to the promotion and support of venture businesses shall be governed by this ordinance.
- Article 5 (formulation of Basic Plans)
- (1) The Mayor shall formulate and implement a basic plan for the promotion and support of venture businesses in Busan Metropolitan City (hereinafter referred to as “Basic Plan”) every three years to establish a foundation for venture business growth and enhance their competitiveness.
- (2) The Basic Plan shall include the following:
- 1. Basic directions and goals for the promotion and support of venture businesses
- 2. Matters related to the creation of a foundation for the promotion of venture businesses
- 3. Matters related to support for venture business startups
- 4. Matters related to the expansion of sales channels for venture businesses
- 5. Matters related to securing financial resources for the promotion and support of venture businesses
- 6. Other matters necessary for the promotion and support of venture businesses
- Article 6 (Fact-Finding Surveys)
- The Mayor may conduct fact-finding surveys on the activities of venture businesses as necessary to efficiently formulate and implement the Basic Plan.
- Article 7 (Establishment of a Dedicated Department)
- The Mayor may establish a dedicated department for the promotion and support of venture businesses as necessary to efficiently implement related policies.
- Article 8 (Promotion Projects)
- (1) The Mayor may pursue the following projects to promote and support venture businesses:
- 1. Support for revitalizing the investment ecosystem for venture business promotion
- 2. Support for strengthening the technological innovation capacity of venture businesses
- 3. Support for attracting domestic and foreign talent and investment
- 4. Support for the promotion of informatization in venture businesses
- 5. Support for companies located in venture business cluster facilities
- 6. Support for venture business promotion zones
- 7. Support for industry-academia-research-government cooperation projects to promote venture businesses
- 8. Other projects deemed necessary for the promotion and support of venture businesses
- Article 9 (Entrustment of Projects)
- (1) The Mayor may entrust all or part of the projects listed in Article 8 to the following institutions or organizations to efficiently promote and support venture businesses:
- 1. Public research institutions
- 2. Institutions funded or supported by the government or Busan Metropolitan City
- 3. Other specialized institutions or organizations related to venture businesses
- (2) The Mayor may provide necessary financial support within the budget for delegated responsibilities under paragraph (1).
- (3) In cases where responsibilities are delegated under paragraph (1), matters not specified in this ordinance shall be governed by the Busan Metropolitan City Ordinance on the Entrustment and Agency of Affairs to Public Institutions or the Busan Metropolitan City Framework Ordinance on the Entrustment.
- Article 10 (Establishment of Cooperation Systems)
- The Mayor may establish cooperation systems with specialized institutions or organizations related to venture businesses to efficiently and systematically implement policies for the promotion and support of venture businesses.
ADDENDUM
Ordinance No. 7255, 3. April, 2024.
- This ordinance shall enter into force on the date of its promulgation.
