Wednesday, January 23, 2013

Small Businesses in Korea

In the news this week, President-elect Madam (Mademoiselle?) Park announced improvements to how small businesses are categorized. Previously, all small businesses were lumped into one group, SME: Small and Medium-sized Enterprises.

In order to better reflect the diverse nature of small businesses in Korea, companies will now be grouped into the following categories, beginning March 1st:

FSC Front Seat of Car
KTE Kitchen Table Enterprise
BFB Business from Briefcase
CTBW Can Touch Both Walls
STNC Shout to Next Cubicle
BBVB Big Black Van Business
GBP Gucci Bag Proprietorship
BAE Back Alley Enterprise
BCE Burberry Coat Enterprise

The new system will allow the government and financial sectors to better meet the needs of small businesses, targeting services tailored to each style of small business.

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