BUSAN METROPOLITAN CITY ORDINANCE ON SUPPORT FOR THE ESTABLISHMENT AND OPERATION OF THE BUSAN STARTUP INVESTMENT AGENCY
Enforcement Date: Nov. 27, 2024
Enacted by Busan Metropolitan City Ordinance No. 7440, Nov. 27, 2024
Busan Metropolitan City (Start-up and Venture Division)
- Article 1 (Purpose)
- The purpose of this Ordinance is to prescribe matters necessary for supporting the establishment and operation of the Busan Startup Investment Agency in order to systematically support technology-based startups and promote venture investment.
- Article 2 (Establishment)
- The Busan Startup Investment Agency (hereinafter referred to as the “BSIA”) shall be an incorporated foundation under Article 4 of the Act on the Operation of Local Government-Invested or Funded Institutions and Article 32 of the Civil Act.
- Article 3 (Projects)
- (1) The BSIA shall perform the following projects:
- 1. Support for the planning of policies on technology-based startup investment and the establishment of visions;
- 2. Collection, processing, analysis, utilization, and provision of data on the technology-based startup investment ecosystem;
- 3. Planning, evaluation, and performance analysis of support projects for technology-based startup investment;
- 4. Matters concerning the enhancement of policy and project efficiency, such as reviewing whether policy directions are suitable for each support project for technology-based startup investment, setting priorities, and adjusting project budgets;
- 5. Spread education and culture to promote technology-based startup investment;
- 6. Support for innovative growth throughout the entire lifecycle, including the discovery, incubation, and investment of technology-based startup enterprises;
- 7. Expansion of infrastructure for technology-based startup investment and management and operation of support facilities;
- 8. Fund formation and analysis management;
- 9. Growth support, including the discovery of enterprises eligible for fund investment and linkage to follow-on investment and support programs;
- 10. Support for market development at home and abroad and for overseas expansion of technology-based startup enterprises;
- 11. Domestic and international exchange and cooperation related to technology-based startup investment and the establishment of expert networks;
- 12. Projects entrusted by the Government, etc. to vitalize the technology-based startup investment ecosystem;
- 13. Other projects necessary to vitalize the startup ecosystem.
- (2) To smoothly perform the projects under paragraph (1), the BSIA may, within the scope of its purpose of establishment and as prescribed by its articles of incorporation, conduct profit-making businesses.
- Article 4 (Officers)
- Matters concerning the officers and operation of the BSIA shall be prescribed by its articles of incorporation.
- Article 5 (Contributions)
- (1) Financial resources necessary for the establishment, operation, and projects of the BSIA shall consist of contributions, business revenues of the BSIA, and other income.
- (2) The Mayor of Busan Metropolitan City (hereinafter referred to as the “Mayor”) may, within budgetary limits, make contributions or provide subsidies for expenses necessary for the establishment, operation, and performance of projects of the BSIA.
- Article 6 (Submission of a business plan)
- (1) For each fiscal year, the BSIA shall prepare a business plan and a budget and submit them to the Mayor before the commencement of the fiscal year.
- (2) Within 2 months after the end of each fiscal year, the BSIA shall complete settlement of accounts and, without delay, prepare and submit a statement of accounts to the Mayor. In such cases, an audit report by a certified public accountant shall be attached.
- Article 7 (Reporting and inspection)
- (1) The Mayor may require the BSIA to report on matters concerning the performance of projects and operation or to submit relevant documents.
- (2) The Mayor may have affiliated public officials provide guidance or conduct inspections regarding the affairs, accounting, and property of the BSIA.
- (3) Where any unlawful or improper matter is found as a result of an inspection under paragraph (2), the Mayor may order the BSIA to make corrections or take other necessary measures.
- Article 8 (Entrustment of projects)
- To vitalize the technology-based startup investment ecosystem, the Mayor may entrust all or part of the projects being promoted to the BSIA.
- Article 9 (Secondment of public officials)
- The Mayor may, pursuant to Article 30-4 of the Local Public Officials Act, dispatch public officials belonging to Busan Metropolitan City to the BSIA for the efficient performance of the BSIA’s projects.
ADDENDUM
Ordinance No. 7440, Nov. 27, 2024
- Article 1 (Enforcement date) This Ordinance shall enter into force on the date of its promulgation.
- Article 2 (Preparatory acts for establishment) Prior to the enforcement of this Ordinance, the Mayor may perform preparatory acts necessary for the establishment of the BSIA, such as drafting the articles of incorporation, recruiting employees, dispatching public officials, and making contributions.
- Article 3 (General transitional measures) Acts performed by an institution that conducted projects under this Ordinance prior to the establishment of the BSIA shall be deemed acts performed by the BSIA; and acts performed in relation to such institution shall be deemed acts performed in relation to the BSIA.
- Article 4 (Amendment of other ordinances) Part of the Busan Metropolitan City Ordinance of Small and Medium Enterprise Support Fund shall be amended as follows: Subparagraphs 13 and 14 of Article 2 moved to subparagraphs 14 and 15, respectively, and subparagraph 13 shall be added as follows: 13. The term “Busan Startup Investment Agency” means the incorporated foundation established under the Busan Metropolitan City Ordinance on Support for the Establishment and Operation of the Busan Startup Investment Agency. In Article 6 (3), “Busan Credit Guarantee Foundation” shall be amended to “Busan Credit Guarantee Foundation, Busan Startup Investment Agency.”
