Support for Small and Medium Enterprise Establishment Act.

The purpose of this Act is to create a business startup ecosystem where every citizen can exercise entrepreneurship to start up a business based on creative ideas and innovative technologies and grow a startup into a global leading enterprise, thereby building a startup nation, which creates new growth engines of the national economy and jobs in the era of digital economy.
The Government shall formulate a plan to support business startup that is suited for the characteristics of a person eligible for support, in overall consideration of the technology, business feasibility, innovativeness, growth potential, etc. of an aspiring business starter, a startup, an aspiring business re-starter, a re-startup, etc. A local government shall endeavor to ease regulation that hinders business startup and to create a business startup-friendly environment in order to facilitate business startup with distinguishing features utilizing local resources, and shall interact and cooperate with local institutions and organizations related to business startup, such as universities, colleges, and research institutes, to promote a business startup ecosystem in each region.
The Minister of SMEs and Startups may formulate and implement policy measures for supporting business startup in overall consideration of the characteristics of each age group for startups, such as ayoung person owned startup and middle-aged person owned startup. The Government shall endeavor to strengthen the global competitiveness of domestic startups, etc.,including aspiring young business starters or young person owned startups, and to globalize a business startup ecosystem.