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Subject Looking for “Prestigious Long-term Companies” Representing Korea
Division International Cooperation Division Date 2019.07.01
Writer 황승현
From July 1, 2019, the Ministry of SMEs and Startups (Minister Park Young-sun, hereafter “MSS“) starts to discover long-term companies operating across generations with solid business knowledge and are expected to continuously grow with high contributions to the economy and society.
The system to certify prestigious long-term companies is introduced to provide an ideal business model for the growth of startups and small and medium-sized businesses, find exemplary companies that fulfill their social responsibilities, and proliferate the culture where such companies are respected. At this point, the MSS issued the certification for three times to a total of 12 companies.
Requirements to be certified as such company include 45 consecutive years of operating a business in the same field (long term); contribution to the economy, such as stable job creation and fulfillment of obligations to pay taxes, and to the society, such as compliance with related laws; and high scores related to innovative capacity (prestigious).
Moreover, it should go through all the strict screening process from the requirement, document and on-site evaluation, verification of reputations, and in-depth evaluation of expert groups (final results to be announced at the end of 2019).
Once certified as a prestigious long-term company, the company would be issued a certificate, and their products can be marked with a logo to indicate such honor and promote the company and its products in the domestic and international markets. Furthermore, the company will be given with additional points when applying for the projects supported by the MSS (policy sources, exports, and human resources).
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