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In 2022, there were around eight million small and medium-sized enterprises (SMEs) in South Korea, along with over 10,000 enterprises that exceeded the SME threshold. SMEs accounted for about 99.9 percent of all enterprises in South Korea that year.

Number of enterprises in South Korea in 2022, by size of enterprise

Characteristic	Number of enterprises
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Release date

October 2024

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Region

South Korea

Survey time period

2022

Supplementary notes

*Companies that exceed the scope of a small business as follows:

Companies exceeding the size standard after the Enforcement Decree of the Framework Act on Small and Medium Enterprises [Appendix 1]
Companies with total assets of 500 billion South Korean won or more
Companies belonging to the group of companies subject to disclosure
Companies that are subsidiaries of a corporation with total assets of 500 billion South Korean won or more

Small and medium-sized enterprises are for-profit businesses whose total assets do not exceed 500 billion South Korean won and which meet the criterion of independence (not a subsidiary of a large enterprise).

Depending on business type, companies with three-year average sales of 40 billion South Korean won or less to 150 billion or less are defined as small and medium enterprises.

While small enterprises are companies with three-year average sales of one billion South Korean won or less to 12 billion or less, micro enterprises are small enterprises that employ up to four or nine wage and salary workers with an employment contract more than three months.

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