"6 Years Without Extension Review" Public Procurement Service Eases Burden on Venture Nara Registered Companies

The designation period for companies registered with Venture Nara will be maintained for six years without extension review.

The Public Procurement Service (PPS) announced on the 18th that it will revise the "Venture Nara Registered Goods and Services Designation and Management Regulations" and implement them starting next month on the 1st. The revision aims to support market access for venture and startup companies and reduce administrative burdens.

Venture Nara is an exclusive online marketplace established and operated by the PPS in 2016 to help venture and startup companies with excellent technology and quality to pioneer initial sales channels and enter the public procurement market.

Until now, products registered with Venture Nara could have their basic designation period of three years extended once for an additional three years after a review. However, going forward, the designation period can be maintained for six years without an extension review.

Products already registered with Venture Nara whose designation period is less than six years (including extension periods) will also have their designation period uniformly extended to six years under this regulation revision.

Additionally, the PPS will ease burdens on venture and startup companies by excluding the number of suspensions of Venture Nara usage imposed due to raw material supply disruptions from the conditions for designation cancellation (companies suspended three or more times face designation cancellation).

Im Gi-geun, Administrator of the PPS, stated, “The PPS will spare no effort to support venture and startup companies to use Venture Nara as a stepping stone to advance into larger markets such as multiple supplier contracts and registration as excellent procurement goods.”