The Small and Medium Business Administration said on Tuesday that a revised bill has been proclaimed for a law on promoting small-and mid-sized firms, setting the stage for the government to foster small companies into ones that last for more than a century.
 
The revision seeks to grant a certification dubbed “prestigious, long-lived company” to small firms that are expected to enjoy continuous growth thanks to strong management.
 
In order for a firm to be designated, a company must have kept its type of business consistent for 45 years and the ratio of research and development costs to its sales must meet standards set by presidential decrees.
 
The government also plans to evaluate companies on their economic and social contributions, brand value, level of patents held and products’ outstanding level when making the selection.
 
Designated firms will be able to receive various support from the Ministry of Industry, Trade and Energy and the Small and Medium Business Administration in research and development, exports, manpower and financial assistance.
 
The revision is expected to be implemented from the end of September.