My business has been included in a regulatory free special zone. I would like corporate legal counsel on what changes.

If designated as a regulatory free special zone, you can receive benefits such as application of 'regulatory special cases, etc.', easing of administrative regulations, exclusion from application of all or part of regulations, or transfer of regulatory authority.

However, just because you want to be included in a regulatory free special zone, businesses cannot directly apply for it.

Local governments of metropolitan cities, special self-governing cities and provinces, special self-governing provinces excluding the capital region, or cities, counties, and self-governing districts excluding the capital region, can apply for the development of innovative businesses or strategic industries.

After that, the designation of the regulatory free special zone is designated and notified by the Minister of SMEs and Startups, not by the relevant local government.

If you want to actively utilize the institutional regulatory easing accordingly, it is good to receive corporate legal counsel.

Selection procedure for regulatory free special zones

1. Application by local governments such as mayors and provincial governors to the Ministry of SMEs and Startups

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

3. Review by the Ministry of SMEs and Startups and the Review Committee

4. Regulatory free special zone designation notice

Especially for SMEs, designation as a regulatory free special zone can ease various administrative regulations, which can help business-wise.

We recommend precisely judging through corporate legal counsel from an attorney what would be advantageous for the business regarding related matters.