small business Archives | Be Korea-savvy
Small Businesses Spend Average of 840,000 won per Month on Delivery Applications

Small Businesses Spend Average of 840,000 won per Month on Delivery Applications

SEOUL, Dec. 28 (Korea Bizwire) — Small business owners spend an average of 840,000 won (US$716) a month on online delivery service applications. Of the money spent, half of it is spent on advertising via the application. Business owners want half of what they are spending on the application, 200,000 won, for advertisements. This data [...]

Samsung to Fund 50bln Won to Support Small Biz Smart Factories

Samsung to Fund 50bln Won to Support Small Biz Smart Factories

SEOUL, Jul. 31 (Korea Bizwire) — Samsung Electronics Co. said Tuesday it will donate 50 billion won (US$44.7 million) to an industrial foundation to help small firms set up smart-factory infrastructure in their production centers. The South Korean tech giant said through a regulatory filing that its board has decided to provide 10 billion won [...]

Government to Forgive 480 Billion Won of Small Business Debt

Government to Forgive 480 Billion Won of Small Business Debt

SEOUL, Jul. 23 (Korea Bizwire) — The government has decided to acquire 480 billion won of debt incurred over 10 years ago by small business owners, of which most will be written off. Meanwhile, an additional 1 trillion won will be pumped into the “Make it Happen” loan program for small business owners, which was [...]

7 out of 10 Small Businesses “Unable to Cope with Minimum Wage Hike”

7 out of 10 Small Businesses “Unable to Cope with Minimum Wage Hike”

  SEOUL, Jul. 23 (Korea Bizwire) – A majority of small business owners in South Korea are considering reducing staff after being having difficulty coping with the government’s recent minimum wage hikes, the latest of which is set to come into effect next year. According to a survey of 300 small business owners and vendors [...]

Lobby for Smaller Businesses Opposes Minimum Wage Hike

Lobby for Smaller Businesses Opposes Minimum Wage Hike

SEOUL, Jul. 28 (Korea Bizwire) — A business lobby representing small-sized businesses on Friday filed a complaint against the government’s decision on next year’s minimum wage hike. Earlier this month, a tripartite commission of the government, labor and management reached an agreement to increase the minimum hourly wage to 7,530 won (US$6.68) in 2018, up [...]

Majority of Small Businesses End up Closing within Five Years: Report

Majority of Small Businesses End up Closing within Five Years: Report

SEOUL, Sept. 28 (Korea Bizwire) – Less than one-third of small enterprises survive past five years, the toll heaviest on finance and insurance businesses, a report showed Wednesday.  According to the Small and Medium Business Administration which submitted the report to the parliamentary trade committee, only 29 percent of small-scale enterprises that opened in 2008 [...]

Coffee Shop Trade Group Gives up Asking for “Small Business Only” Designation

Coffee Shop Trade Group Gives up Asking for “Small Business Only” Designation

SEOUL, June 11 (Korea Bizwire) –  As the discussion on redesignating enterprise types fit for small business owners begins again in earnest after three years, controversies are expected as to which business areas will be affected and how much the regulation will be expanded. Until now, a number of unintended consequences have occurred, including mid-sized franchisers [...]

Small Companies Benefit from SEOUL’s SME-Friendly Policy

Small Companies Benefit from SEOUL’s SME-Friendly Policy

SEOUL, June 07 (Korea Bizwire) – Forty two percent of small businesses in the nation seem to reckon that their business conditions have been improved by the “SME-suitable industry scheme” initiated by the government.  A survey was conducted to find out how the nation’s 51 specific industries — designated as “SME-suitable” which  aims to keep [...]