Ministry of SMEs and Startups Calls for 'Prestigious Long-Lasting Companies' for Sustainable Growth Across Generations

Companies Contributing to Society with Over 45 Years of Solid Operation: Benefits Including Plaques and Certificates

Mark of Prestigious Long-Established Company.
[Photo by Ministry of SMEs and Startups]

[Asia Economy Reporter Kim Jong-hwa] The Ministry of SMEs and Startups announced on the 14th that it will recruit interested companies from the 15th of this month until the 30th of next month to select the 2021 Prestigious Long-Established Companies, and plans to select this year's Prestigious Long-Established Companies around August after company evaluations and reputation verification from May to July.

Since 2017, the Ministry of SMEs and Startups has annually selected small and medium-sized enterprises (SMEs) and mid-sized companies that have operated soundly for more than 45 years and have made significant contributions to our society and economy as Prestigious Long-Established Companies. So far, a total of 19 companies have been selected: 6 in 2017, 4 in 2018, 4 in 2019, and 5 last year.

Eligible applicants are SMEs and mid-sized companies with more than 45 years of business experience, excluding construction, real estate, finance, and insurance industries. Mid-sized companies are limited to those with sales under 300 billion KRW. To apply, applicants must complete the Prestigious Long-Established Company confirmation application form and submit documents such as the business registration certificate. SMEs should submit these to the Korea Federation of SMEs, and mid-sized companies to the Korea Federation of Mid-sized Enterprises by mail or in person by the 30th of next month.

To be selected as a Prestigious Long-Established Company, the company must have no corporate tax arrears, legal violations, or social controversies. Evaluation criteria include business longevity (60 points), economic and social contribution (28 points), corporate capability (9 points), and corporate innovation (3 points), with a minimum score of 80 points required.

Selected companies will receive a certificate and a plaque and may use the Prestigious Long-Established Company mark to promote their products. Additionally, preferential treatment in Ministry of SMEs and Startups support programs, such as bonus points and reduced guarantee fees, will be significantly expanded from 6 programs to 64 this year, providing more substantial benefits.

A public recommendation system is also operated so that anyone can recommend Prestigious Long-Established Companies. If you know exemplary long-established companies that have contributed to regional economic revitalization, you can recommend them as Prestigious Long-Established Companies on the Ministry of SMEs and Startups website. Public recommendations are accepted until the 23rd of next month, and you must provide the recommended company name, contact information, and reasons for recommendation.

Detailed eligibility, application methods, and preferential benefits can be found in the Prestigious Long-Established Company recruitment announcement on the Ministry of SMEs and Startups website. A more detailed explanation will be provided through an online briefing session live-streamed on the Korea Federation of SMEs YouTube channel at 2 p.m. on the 17th.

A Ministry of SMEs and Startups official stated, "We plan to widely promote the growth factors and longevity secrets of this year's selected Prestigious Long-Established Companies through social media (SNS) and the press, and by presenting exemplary cases to the public, prospective entrepreneurs, and SMEs, we will strive to foster a culture where exemplary companies are socially respected."

This content was produced with the assistance of AI translation services.