The city of Seoul is significantly revising regulations that have been hindering both corporate and civilian activities. On the 11th, the city announced three deregulation initiatives: expanding the industries allowed to settle in the Magok Industrial Complex, opening up research and development (R&D) facilities, and simplifying the document submission process for the Youth Deposit Account program.
Initially, only industries related to IT (Information Technology), BT (Biotechnology), NT (Nanotechnology), GT (Green Technology), and R&D were allowed to settle in the Magok Industrial Complex. Now, industries such as publishing, media production and distribution, exhibition and convention management, and other professional services can also migrate, thus enabling collaborative demand among diverse sectors. This change allows for a variety of fusion businesses, including educational content development and technology expo hosting, to take place.
The work rule that restricted operations to only research personnel of resident companies has also been modified. Now, subsidiaries, partners, and external research institutes can assign researchers for dispatch work through simple procedures, thereby invigorating joint research and the shared use of research facilities.
The document submission process for the youth asset-building support programs, ‘Hope Double Youth Account’ and ‘Dream Account,’ will be greatly simplified. Previously, applicants had to submit documents such as resident registration certificates, the four major insurance certificates, and military service certificates at the time of application and upon maturity, but these will now be automatically transmitted via a public MyData service linkage.
Seoul will establish the system and it will be implemented from October. As a result, the maturity closure confirmation period will be reduced from the existing 30 days to just 2 days, minimizing youth dropout cases and significantly reducing the workload of officials.
Lee Chang-hyun, Seoul’s Regulatory Innovation Planning Officer, stated, “We will continue to promote regulatory innovations that lighten the burdens on companies and simplify everyday life for citizens. We will eliminate unnecessary regulations while sensibly refining needed ones to enhance practical experiences.”
