My business site has come to be part of a regulation-free special zone, and I would like to receive corporate legal advisory on what changes.

If designated as a regulation-free special zone, ‘regulatory special exceptions and the like’ apply, and you can receive benefits such as the easing of administrative regulation, the exclusion of the application of some or all of a regulation, or the transfer of regulatory authority.

However, a company cannot apply directly just because it wishes to be part of a regulation-free special zone.

Local governments of metropolitan cities excluding the capital region, special self-governing cities and provinces, special self-governing provinces, or cities, counties, and autonomous districts excluding the capital region can apply in order to foster innovation projects and strategic industries.

Thereafter, the designation of a regulation-free special zone is designated and announced by the Minister of SMEs and Startups, not by the relevant local government.

If you wish to actively utilize the resulting institutional regulatory easing, it is advisable to receive corporate legal advisory.

The selection procedure for a regulation-free special zone

1. A local government, such as a mayor or provincial governor, applies to the Ministry of SMEs and Startups

2. Consultation between the Ministry of SMEs and Startups and the relevant agencies

3. Deliberation by the Ministry of SMEs and Startups and the deliberation committee

4. Announcement of the designation of the regulation-free special zone

In particular, for small and medium-sized enterprises, designation as a regulation-free special zone can ease various administrative regulations and thereby help the business.

We recommend precisely determining what is advantageous for your business site through an attorney's corporate legal advisory on the relevant matters.