February 17, 2017 11:11
Starting a new business in Korea is getting easier due to much-relaxed red tape, but start-ups here are some of the shortest-lived in the OECD, according to a report released by the Korea Chamber of Commerce and Industry.
A decade ago, it took about a month to open a business due to the many time-consuming procedures involved, but thanks to a government-led drive to promote start-ups, it now takes only four days to do the necessary paperwork. The number of new start-ups reached 33,000 last year, compared to fewer than 10,000 in 2005.
However, only 38 percent of Korean start-ups survive for more than three years, putting the country in 25th place among the 26 OECD members in terms of survival rate. The figure is 75 percent in Sweden, 59 percent in the U.K., 58 percent in the U.S., and 54 percent in France.
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