The Ministry of SMEs and Startups is inviting applications for companies to be recognized as “Prestigious Long-Lasting Companies,” targeting SMEs and medium-sized enterprises with over 45 years of operation.
The Prestigious Long-Lasting Company system officially recognizes enterprises that have maintained sound management practices while contributing to society and the economy over a long period. Since its introduction in 2017, 53 companies have been selected by 2024.
Applicants must be companies that have continued their primary business for over 45 years since their establishment, without changing their main industry. Industries such as construction, real estate, and finance are excluded. Applicant companies must not have any disqualifications such as unpaid corporate taxes or legal violations in the past five years.
The evaluation criteria comprise business longevity, economic contributions, social responsibility, corporate capability, and technological innovation. Each category is weighted with business longevity worth 60 points, economic and social contribution 28 points, corporate capability 9 points, and technological innovation 3 points. A minimum score of 80 is required for selection.
Selected companies receive a government-issued certificate and a plaque, as well as the right to use the Prestigious Long-Lasting Company mark. They also gain bonus points in support projects like export vouchers and technology development by the Ministry of SMEs and Startups (MSS), and see reduced fees on technology guarantee fund guarantees.
Applications are open until May 13, and anyone can recommend a candidate company, in addition to companies being able to apply directly. Recommended companies are provided with guidance by the MSS on eligibility requirements and encouraged to apply.
The MSS is also working on reforms to align with recent industry environmental changes, considering plans to expand support for tech-based industries such as proptech and contech.
Kim Jong-ju, SME Strategy Planning Officer, stated, “We will expand incentives to help companies grow across generations.”