Environment for Startups

Dongdaemun Design Plaza is the location for startup-based conferences in Seoul every year (Photo by Massyparcer via Wikimedia Commons)
Dongdaemun Design Plaza is the location for startup-based conferences in Seoul every year (Photo by Massyparcer via Wikimedia Commons)

 

The Small and Medium Business Administration announced on Oct. 29 that Korea jumped 17 notches to 17th place between 2013 and 2014 in the business establishment category of the World Bank’s business environment evaluation.

The World Bank announces the rankings each year by assessing the business regulations of 189 countries around the world.

The evaluation is split into 10 categories, including startup-friendliness, construction approval and IPR registration. Korea ranked 126th six years ago.

“The government’s policy and efforts for a better venture and startup ecosystem, deregulation, assistance for work-at-home companies, and simplification of the incorporation procedure have paid off,” the administration explained, adding, “We will continue to make starting a business easier by allowing more firms to be set up online and providing more helpful information with organizations such as the Supreme Court.”

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