THE LEGAL ENVIRONMENT FOR THE STARTUP OF THE SPORTS INDUSTRY IN KOREA

The purpose of this article is to examine the legal environment for the startup of the sports industry. In this regard various characteristics of the sports industry are examined together with classification of the sports industry. Also the socioeconomic significance of the sports industry is discussed. With regard to the legal environment of the sports industry three laws are evaluated. The first one is the Act on Promotion of the Sports Industry (under discussion in the National Assembly of Korea). The second one is the Act on Support of the Small and Medium Enterprise Startup. Third one is the Special Act on Promotion of the Venture Business. Evaluation of these laws with regard to startup of the sports industry indicates that most of the sports industry are not included in the list of the industries excluded from the startup support under the Act on Support of the Small and Medium Enterprise Startup. Those excluded industries are Golf Course Operation and Skiing Facility Operation. However, it is found that the Special Act on Promotion of the Venture Business does not impose any additional special limitations on designation of a sports industry as a venture business except the two industries.