Yeogyeonghyeop Launches 'Integrated Reporting Center for Women-Owned Business Certification'... Strengthening Fraudulent Issuance Management

[Asia Economy Reporter Kim Bo-kyung] The Korea Women Entrepreneurs Association held the launch ceremony of the 'Integrated Reporting Center for Women-Owned Business Certification' on the 27th at the association's headquarters in Yeoksam-dong, Seoul.

The Integrated Reporting Center for Women-Owned Business Certification was established to manage and supervise disguised women-owned businesses that fraudulently obtain the certification, and to serve as a channel reflecting the voices from the women-owned business sector, which increases by 25% annually, in order to support related policies.

The Women-Owned Business Certification is issued after document review and on-site inspection if a business is owned and managed by women and meets the issuance criteria according to relevant laws. Currently, the Korea Women Entrepreneurs Association manages about 56,000 certified women-owned businesses.

Once certified, under the 'Act on Support for Women-Owned Businesses,' businesses can receive additional points during bidding for goods and service contracts as priority purchase targets of public institutions for three years, and enjoy the advantage of private contracts within a certain contract amount. Additionally, they can participate in women-owned business development projects promoted by the association to receive support for market expansion, employment, and exports.

The Integrated Reporting Center for Women-Owned Business Certification is installed and operated at the association's headquarters and 17 branches nationwide, and is also accessible through the Women-Owned Business Comprehensive Information Portal.

Jung Yoon-sook, president of the Korea Women Entrepreneurs Association, stated, "As the operating institution of the Women-Owned Business Certification system, we will strengthen the management system to eradicate misuse and abuse of the certification caused by fraudulent issuance, in order to establish a sound culture of women-owned businesses and achieve efficient government support goals."