BUSAN METROPOLITAN CITY ORDINANCE ON SUPPORT FOR YOUTH STARTUPS
Enforcement Date: Dec. 25, 2024
Enacted by Busan Metropolitan City Ordinance No. 7463, Dec. 25, 2024
Busan Metropolitan City (Start-up & Venture Division)
- Article 1 (Purpose)
- The purpose of this Ordinance is to provide the basis for supporting startups by youths residing in Busan Metropolitan City, thereby promoting youths’ economic activity and contributing to the development of the local economy.
- Article 2 (Definitions)
- The terms used in this Ordinance are defined as follows:
- 1. The term “youth” means a person residing in Busan Metropolitan City who is at least 15 years of age but not older than 39 years of age;
- 2. The term “youth startup enterprise” means an enterprise whose representative is a youth and which is a small or medium-sized enterprise that has not elapsed more than 7 years from the date of its founding;
- 3. The term “prospective youth entrepreneur” means a youth who intends to found a business.
- Article 3 (Responsibilities of the Mayor)
- The Mayor of Busan Metropolitan City (hereinafter referred to as the “Mayor”) shall endeavor to encourage and support youth startups.
- Article 4 (Relationship with other ordinances)
- Except as otherwise provided by any other ordinance with special provisions concerning support for youth startups, matters shall be governed by this Ordinance.
- Article 5 (Formulation of Support Plan)
- (1) To support youth startups systematically and efficiently, the Mayor shall formulate and implement a support plan of Busan Metropolitan City for youth startups (hereinafter referred to as the “Support Plan”).
- (2) The Support Plan shall include the following matters:
- 1. Fact-finding surveys on youth startups;
- 2. Managerial support for youth startups;
- 3. Marketing support for youth startups;
- 4. Consulting and education support for youth startups;
- 5. Support for attracting investment for youth startups;
- 6. Other matters the Mayor deems necessary to support youth startups.
- (3) For formulating the Support Plan under paragraph (1), the Mayor may request cooperation from Gu/Gun and corporations/organizations, such as submitting relevant plans and data.
- (4) Each year, the Mayor shall evaluate performance under the Support Plan and reflect the results in the Support Plan for the following year.
- (5) The Mayor may include the Support Plan under paragraph (1) in the comprehensive plan under Article 4 of the Busan Metropolitan City Ordinance on Support for Technology Startups, and formulate and implement it.
- Article 6 (Support projects)
- To encourage youth startups and support youth startup enterprises, the Mayor may implement the following projects:
- 1. Identification, fostering, and support of prospective youth entrepreneurs and of residents of Youth Startup Support Centers;
- 2. Support for startup space;
- 3. Financial support and special guarantees necessary for startup activities;
- 4. Expansion of sales channels and promotional marketing;
- 5. Industry–academia–research–government cooperation projects to invigorate startups;
- 6. Expert consulting related to youth startups and holding of competitions;
- 7. Support for legal services to ensure fair investment contracts between youth entrepreneurs and investors;
- 8. Other projects the Mayor deems necessary to support youth startups.
- Article 7 (Establishment and operation of Youth Startup Support Center)
- (1) To promote youth startups and efficiently support youth startup enterprises, the Mayor may establish and operate the Busan Metropolitan City youth Startup Support Center (hereinafter referred to as the “Support Center”).
- (2) The Support Center shall perform the following duties:
- 1. Fact-finding surveys and research on youth startups;
- 2. Identification and fostering of youth entrepreneurs;
- 3. Building and exchanging networks related to youth startups;
- 4. Attracting excellent youth startup enterprises;
- 5. Other matters the Mayor deems necessary to support youth startups.
- Article 8 (Entrustment)
- (1) For efficient management and operation of the Support Center under Article 7, the Mayor may entrust its operation to institutions, corporations, or organizations related to youth startups.
- (2) For efficient promotion of youth startup support projects, the Mayor may entrust all or part of the affairs under Article 6 to institutions, corporations, or organizations with expertise in the field of youth startups.
- (3) Where the operation and affairs of the Support Center are entrusted under paragraph (1), the Mayor may subsidize all or part of the expenses within budgetary limits.
- (4) Where entrusting under paragraphs (1) and (2), matters not prescribed in this Ordinance shall be governed by the Busan Metropolitan City Framework Ordinance on the Entrustment and the Busan Metropolitan City Ordinance on Entrustment and Agency of Affairs to Public Institutions.
- Article 9 (Financial support)
- (1) The Mayor may subsidize all or part of the expenses, within budgetary limits, to institutions, corporations, or organizations that implement the projects under Article 6.
- (2) Methods and procedures for subsidizing expenses under paragraph (1) shall be governed by the Busan Metropolitan City Ordinance on the Management of Subsidies.
- Article 10 (Establishment of a cooperation system)
- To support youth startups, the Mayor may establish a cooperation system with central administrative agencies, Gu/Gun, and startup-related institutions and organizations.
- Article 11 (Awards)
- The Mayor may grant awards, in accordance with the Busan Metropolitan City Ordinance on Awards, to institutions, organizations, or individuals with outstanding merit in supporting youth startups.
ADDENDUM
Ordinance No. 7463, Dec. 25, 2024
- This Ordinance shall enter into force on the date of its promulgation.
