Article 1 (Purpose) The purpose of this Ordinance is to prescribe matters necessary for the establishment and operation of the Seoul Business Agency, the incorporated foundation, (hereinafter referred to as the "Foundation") of the Seoul Metropolitan Government for the comprehensive and systematic promotion of small and medium enterprises under the provisions of Article 49 of the Balanced Regional Development and Support for Local Small and Medium Enterprises Act, Article 63 of the Enforcement Decree of the same Act and Chapter Ⅲ of the Civil Act. <Amended on Mar. 17, 2005; Jul. 19, 2006>

Article 2 (Definition) The term "small and medium enterprise" in this Ordinance means an enterprise, the main office of which is located in Seoul Metropolitan City (hereinafter referred to as the "City") as a small and medium enterprise under Article 2 of the Framework Act on Small and Medium Enterprises.

Article 3 (Scope of Application) Except for otherwise prescribed by the related Acts and subordinate statutes, the Civil Act, etc., this Ordinance shall apply to the establishment and operation of the Foundation.

Article 4 (Establishment) The Foundation shall be established as an incorporated foundation under the provisions of the Civil Act.

Article 5 (Business of Foundation) The Foundation shall conduct business referred to in the following subparagraphs for promotion of and support to small and medium enterprises:
1. Support in management, technology and information;
2. Comprehensive support, such as human resources, funds, markets, etc,;
3. Provision of information for business start up;
4. Support in the promotion of technology of high-tech industries;
5. Support in the development of overseas markets and export-oriented enterprises
6. Management and operation of supporting facilities for small and medium enterprise;
7. Consultation about difficulties of small and medium enterprises;
8. Business entrusted by the Seoul Metropolitan City Mayor (hereinafter referred to as the "Mayor") for the promotion of small and medium enterprises;
9. Other supporting business, etc. for small and medium enterprise, which are entrusted by the central government.

Article 6 (Articles of Association) (1) The Foundation's articles of association shall contain the following matters:
1. Objectives;
2. The name;
3. The seat of the office;
4. Provisions concerning assets and accounting;
5. Matters concerning the appointment and dismissal of directors;
6. Matters concerning the board of directors;
7. Matters concerning auditors and employees;
8. Matters concerning a fund;
9. Matters concerning official announcements;
10. Matters concerning business;
11. Matters concerning amendment to the articles of association.
(2) When the Foundation intends to amend the articles of association, it shall obtain approval therefor from the Mayor. In such cases, the intended amendment shall be pre-reported to the competent Standing Committee of the Seoul Metropolitan Council. <Amended by Ordinance No. 5419, Dec. 31, 2012>

Article 7 (Executives) (1) The Foundation shall have not more than 20 directors including one chairperson and one representative director, and two auditors.
(2) The (First) Deputy Mayor of Seoul Metropolitan City shall be the chairperson.
(3) Matters concerning the term of office and appointment and dismissal of the representative director, directors and auditors shall be prescribed by the articles of association.
(4) Directors and auditors except the representative director shall be non-standing.

Article 8 (Board of Directors) (1) The board of directors shall be established to deliberate on and resolve important matters concerning conducting business of the Foundation.
(2) The chairperson shall call a meeting of the board of directors and preside over the affairs of the board of directors, and where the chairperson is unable to perform his/her duties owing to unavoidable circumstances, the representative director shall perform duties of the chairperson.
(3) The board of directors shall make a resolution by attendance of the majority of the incumbent directors and with the consent of the majority of the directors present.

Article 9 (Representative Director and Auditor) (1) The representative director shall represent the Foundation and exercise control over its business.
(2) An auditor shall audit and inspect accounting and affairs of the Foundation and may attend meetings of the board of directors and state his/her opinion there.

Article 10 (Employees) The representative director shall appoint and dismiss employees of the Foundation as prescribed by the articles of association.

Article 11 (Fund) A fund may be established in the Foundation to appropriate necessary money for the establishment, operation and business of the Foundation.

Article 12 (Contributions) (1) The City may grant contributions to the Foundation within the extent of budget to appropriate them for expenses incurred in its establishment, facilities, operation and business.
(2) Necessary matters concerning the granting, use and management of contributions under paragraph (1) shall be prescribed by the Rules.

Article 13 (Operating Funds) Funds necessary for facilities, operation and business of the Foundation shall be appropriated by contributions of the City, interest earnings related to the operation of a fund, earnings from entrusted business, earnings from business of the Foundation and other earnings.

Article 14 (Business Year) A business year of the Foundation shall coincide with a fiscal year of general accounts of the City. <Amended on Mar. 17, 2005>

Article 15 (Submission of Business Plan) The Foundation shall prepare a business plan and budget of each business year as prescribed by the Rules and obtain approval of the Mayor. The same shall also apply to cases where it intends to revise them.

Article 16 (Submission of Statement of Accounts) The Foundation shall prepare a statement of accounts of revenue and expenditure of each business year, have the statement of accounts audited by a certified public accountant designated by the Mayor and then submit it to the Mayor not later than the end of March of the following year.

Article 17 (Entrustment of Business) (1) Where the Mayor deems it necessary for the effective promotion of support to small and medium enterprises, he/she may entrust the Foundation with part of business to support small and medium enterprises.
(2) Expenses concerning the entrustment of business referred to in paragraph (1) shall be in accordance with a separate agreement.

Article 18 (Report and Inspection) The Mayor may, if necessary, have the Foundation report its management conditions and necessary matters and have a public official under his/her control check and inspect its business.

Article 18-2 (Management Appraisal) (1) When the Mayor deems it necessary, he/she may conduct the management appraisal on the Foundation.
(2) The Mayor may recommend the Foundation to take necessary measures for the efficient management of the Foundation according to the result of the management appraisal under paragraph (1).
(3) Necessary matters concerning the method of conducting the management appraisal under paragraph (1) and the procedure therefor, etc. shall be prescribed by the Rules.
[This Article Newly Inserted on Mar. 17, 2005]

Article 19 (Dispatch of Public Officials) The Mayor may dispatch public officials to the Foundation as prescribed by the related Acts and subordinate statutes to achieve the objectives for which the Foundation was established.

Article 20 (Rules) Necessary matters concerning the enforcement of this Ordinance shall be prescribed by the Rules.

ADDENDUM <Ordinance No. 3456, Jan. 15, 1998>
This Ordinance shall enter into force on the date of its promulgation.
ADDENDA <Ordinance No. 4270, Mar. 17, 2005>
Article 1 (Enforcement Date)
This Ordinance shall enter into force on the date of its promulgation.
Article 2 (Amendment to Other Ordinances)
(1) Seoul Metropolitan Government Ordinance on the Formation and Operation of Negotiation Bodies and Committees of the Seoul Metropolitan Council shall be amended as follows:
"The Industrial Promotion Foundation" in Article 6 (1) 3 (f) shall be amended to "The Seoul Business Agency, an Incorporated Foundation."
(2) Seoul Metropolitan Government Ordinance on Disclosure of Administrative Information for the Open Metropolitan Government shall be amended as follows:
"The Seoul Industrial Promotion Foundation" in subparagraph 4 of Article 2 shall be amended to "the Seoul Business Agency, the Incorporated Foundation."
ADDENDA <Ordinance No. 4410, Jul. 19, 2006>
Article 1 (Enforcement Date)
This Ordinance shall enter into force on the date of its promulgation.
Article 2 (Amendment to Other Ordinances)
(1) Seoul Metropolitan Government Ordinance on the Formation and Operation of Negotiation Bodies and Committees of the Seoul Metropolitan Council shall be partially amended as follows:
"The Seoul Business Agency" in Article 6 (1) 3 (f) shall be amended to "the Seoul Business Agency of the Seoul Metropolitan Government."
(2) Seoul Metropolitan Government Ordinance on Disclosure of Administrative Information for the Open Metropolitan Government shall be partially amended as follows:
"The Seoul Business Agency" in subparagraph 4 of Article 2 shall be amended to "the Seoul Business Agency of the Seoul Metropolitan Government."
ADDENDUM <Ordinance No. 5419, Dec. 31, 2012>
This Ordinance shall enter into force on the date of its promulgation.