Social Enterprise Promotion Act: The Case of South Korea

Asian Dialogue on Oeconomy.

Compendio :

In Korea, the Social Enterprise Promotion Act (SEPA) was enacted on December 8, 2006 and became effective on July 1, 2007 and was amended on June 8, 2010.

The legal form of the social enterprise is not limited to the non-profit organization. It ranges between association in the Civil Code and company in the Commercial Code. The corporation of public interest, non-profit private organization, social welfare corporation, consumers’ cooperation can be also social enterprise.

The Minister of Employment and Labor can support the social enterprises with professional consultation for management, technique, taxation, labor affairs, accounting and other necessary information. The State or local autonomous governments can support the social enterprises by renting the state-owned or public land, and by reducing or exempting taxes.