SMBA Updates ChangupNet for Startups and New Business Owners

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South Korea’s Small and Medium Business Administration (SMBA) expanded and revamped ChangupNet into a one-gate platform for prospective business starters and venture companies in their initial stages. The revamped website provides information regarding government support for businesses, an expanded online registration system for corporations, and various online educational tools.

One new feature added to the website is the 114 location service for startups and new businesses. The service helps new business owners make location decisions regarding where to set up their companies by offering a map with which to search for similar corporations.

Additionally, the online registration system, which allows new corporations to legally register online, was expanded to include all corporations. Previously, ChanupNet only allowed online registration for public companies.

The website also underwent a domain name change, from Changupnet (changupnet.go.kr) to Startup (startup.go.kr). Changup, the Korean word for starting a business, was deemed not accessible to non-Korean speakers. Thus, the domain change implies an attempt to accommodate a global audience.

A source within SMBA stated that “ChangupNet will aim to be the number one website for new businesses.”

The recent changes were prompted by increased demand for starting businesses. The number of registered new corporations hit a record-breaking 70,000 this year, from January to October. The trends come in light of the Park administration’s encouragement of a startup-friendly business climate as part of her commitment to “creative economy.”

In the past few years, SMBA has made efforts to provide more support for startups, which has seen increased demand in South Korea. Last year, SMBA rolled out a Venture for Korea program for college students and recent grads that provided paid internship positions with various startups.

– Inspired by Platum

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