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Doing Business In Korea

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Contents

The regulations on foreign direct investment are subject to change. Therefore, when using the information provided

in this book for business purposes, it is advised to contact KOTRA for confirmation of the relevant information.

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Copyrightⓒ2016 by the Investment Consulting Center of KOTRA. All rights reserved.

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Address: Investment Consulting Center, KOTRA, 7 Heolleung-ro, Seocho-gu, Seoul, Republic of Korea

(137-749)

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Phone: +82-2-1600- 7119

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Website : www.investkorea.org

※ The Act, Decree, Rules, and Regulations referred to in this publication are the Foreign Investment Promotion Act, its Enforcement Decree, its Enforcement Rules, and the Regulations on Foreign Investment.

. Foreign Direct Investment

1. Foreign Direct Investment System ……… 8

2. Foreign Investment Promotion Act ……… 12

3. Foreign Investment Promotion and Control  ……… 14

. FDI Procedures

1. Foreign Investment Procedures……… 21

2. Follow-up Management of Foreign Investment……… 29

. Establishment of a Corporation

1. How Foreigners Advance Into Korea……… 32

2. Establishment of a Local Corporation ……… 33

3. Establishment of a Foreign Company’s Domestic Branch … 37

. FDI Incentives

1. Tax Support……… 41

2. Cash Grant ……… 52

3. Industrial Site Support ……… 60

I

Investment

Guide

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Doing Business in Korea

. Visa and Stay in Korea

1. Visa……… 80

2. Stay in Korea ……… 84

3. Policies for the Favorable Treatment of Foreign Investors 90

. Labor

1. Labor Laws……… 94

2. Labor Management ……… 95

. Taxation

1. Taxation……… 102

2. National Tax……… 103

3. Local Tax ……… 107

. Customs

1. Customs Clearance ……… 114

2. Tariff Reduction, Exemption & Refund……… 121

. Finance / Accounting

1. Financial System……… 123

2. Accounting System ……… 129

. Foreigners’ Land Acquisition

1. Policy for Foreigners’ Land Acquisition……… 132

2. Foreigners’ Land Acquisition Procedures……… 136

3. Transfer of Real Estate Transaction Funds  ……… 139

4. Real Estate-Related Taxes  ……… 140

. Factory Establishment

1. Definition of Factory……… 144

2. Factory Establishment and Registration ……… 148

3. Factory Sites and Factory Establishment Approval Procedure… 153

. Intellectual Property Rights

1. Intellectual Property Rights System……… 156

2. Efforts to Protect Intellectual Property Rights……… 165

KOTRA’s Korea Business Centers (KBCs)……… 170

List of Delegated Agencies……… 176

List of Law Firms and Accounting Firms……… 178

II

Business

Management

(4)

Major revisions in 2016

Foreign Direct Investment System

□ 

Changes to the Foreign Investment Promotion Act

Before

After

Note

Foreign investment by acquisition of new

stocks or contribution – Notification form

Foreign investment by

acquisition of stocks (or

contribution)

- Notification form/ Application

for authorization (Unified form)

A single FDI notification form for FDI by acquisition

of new/ existing shares (form no.1 of the

Enforcement Rules of the Foreign Investment

Promotion Act)

Foreign investment by acquisition of

existing stocks – Notification form/

application for authorization

Acquisition of stocks or shares through

merger – Notification form

Notification of transfer, reduction of shares Abolished

Replaced with application for information

change of foreign-invested company registration

Application for cancellation of

foreign-invested company registration

Abolished

Replaced with application for information

change of foreign-invested company registration

or ex-officio cancellation

□ 

Change of scope of foreign investment in non-profit corporations in the area of science

and engineering

Before

After

Unclear requirements on contribution amount

Requirements on contribution amount clarified: Contribution

amount of KRW 50 million or more, foreign investment ratio of

10% or more of the total contribution amount

Restricted to corporations engaging in research and

development activities for businesses involving high

technology

Scope expanded to corporations engaging in research and

development in natural science and engineering businesses

□ 

Changes to Businesses in Which Foreign Investment is Restricted

Business (KCIS Code)

Change

Note

Inshore and coastal

fishing (03112)

Deleted

If the foreign investment ratio is 50%, the competent mayor, governor

or head of gun/gu shall grant a fishing license or permit after consulting

with the Minister of Oceans and Fisheries

Other supporting air

transport activities (52939)

To be deleted

(Mar. 30, 2017)

Restrictions on foreign investment will be removed on Mar. 30, 2017 with

the division of the Aviation Act and enforcement of the Aviation Business

Act.

Publication of newspapers

(58121)

Change of restrictions

The restriction on foreign investment ratio is eased from less than 30%

to less than 50%. However, the eased restriction will not apply to daily

newspapers.

Domestic commercial

banks (64121)

Change of restrictions

and competent authority

Permitted with the exception of the National Agricultural Cooperative

Foundation (finance) under the Agricultural Cooperative Act and the

National Federation of Fisheries Cooperative (finance) under the Fisheries

Cooperatives Act

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Governing authorities: Financial Services Commission, Ministry of

Agriculture, Food and Rural Affairs, Ministry of Oceans and Fisheries

(5)

Doing Business in Korea

Labor

Minimum Wage

Before (2015)

After (2017)

KRW 5,580 per hour

KRW 6,470 per hour

KRW 44,640 per day (8 hour workday)

KRW 51,760 (8 hour workday)

National Health Insurance Premium

Before (2015)

After (2016)

3.035% of standard monthly wage

3.060% of standard monthly wage

Tax Support

□ 

Change of standard for overseas round trip investment by a domestic resident for the

purpose of corporate tax reduction

Before

After

Ratio of direct and indirect stock ownership considered overseas round-trip investment

10%

5%

Change of Upper Limit of Tax Reduction

Before

After

Upper limit of

tax reduction

◎ In the case that the total sum of the reduced or exempted income tax or corporate tax during the eligible period exceeds the sum of 1 and 2, the sum of 1 and 2 shall be the upper limit of tax reduction or exemption.

1. The following amount (based on investment amount): a. Industry supporting service businesses, businesses

accompanying high technology, companies moving into an individual-type foreign investment zone: 70% of the cumulative foreign investment amount

b. Other foreign-invested companies eligible for tax reduction or exemption: 50% of the cumulative foreign investment amount 2. The lesser of the following amount (based on employment):

a. The sum of 1), 2) and 3)

1) The number of full-time employees in the taxable year who are graduates of a meister high school X KRW 20 million 2) The number of full-time employees excluding the employees

described in (1) who are youth employees, disabled employees and employees aged 60 or older X KRW 15 million 3) [The number of full-time employees in the taxable year –

the number of employees described in (1) – the number of employees described in (2)] X KRW 10 million

b. 20% of the cumulative foreign investment amount * Cumulative foreign investment amount: The amount of

capital paid into the foreign-invested company concerned as foreign investment as stipulated under the Foreign Investment Promotion Act up to the end of the taxable year during the tax reduction/exemption period

◎ In the case that the total sum of the reduced or exempted income tax or corporate tax during the eligible period exceeds the sum of 1 and 2, the sum of 1 and 2 shall be the upper limit of tax reduction or exemption.

1. The following amount (based on investment amount): a. Industry supporting service businesses, businesses

accompanying high technology, companies moving into an individual-type foreign investment zone: 50% of the cumulative foreign investment amount

b. Other foreign-invested companies eligible for tax reduction or exemption: 40% of the cumulative foreign investment amount 2. The lesser of the following amount (based on employment):

a. The sum of 1), 2) and 3)

1) The number of full-time employees in the taxable year who are graduates of a meister high school X KRW 20 million 2) The number of full-time employees excluding the employees

described in (1) who are youth employees, disabled employees and employees aged 60 or older X KRW 15 million 3) [The number of full-time employees in the taxable year –

the number of employees described in (1) – the number of employees described in (2)] X KRW 10 million

b. 40% or 30% of the cumulative foreign investment amount * Cumulative foreign investment amount: The amount of

capital paid into the foreign-invested company concerned as foreign investment as stipulated under the Foreign Investment Promotion Act up to the end of the taxable year during the tax reduction/exemption period

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+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

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(8)

8

Doing Business In Korea

1. Foreign Direct Investment System

Foreign direct investment (FDI) refers to foreigners’ acquisition of the stocks or shares of a Korean

company in order to build lasting economic relations, and generally involves participation in

management or technology transfer. FDI differs from portfolio investment as it is intended to exercise

substantive influence on the management of a company. In addition to cash investments, FDI

includes investment in the objects of investments defined under the Foreign Investment Promotion

Act (the “Act”) such as capital goods, industrial property, intellectual property rights, local real estate

and the shares of a company listed overseas. Long-term loans with maturity of five years or longer

provided by a foreign investor to a domestic company can also be recognized as FDI.

1-1 Definition of Foreign Direct Investment

FDI refers to an investment made in order to forge lasting economic relations with a corporation

of the Republic of Korea or a company run by a national of the Republic of Korea and includes the

following forms of investment: acquisition of the stocks or shares of a Korean company; a foreign

parent company’s provision of long-term loans with maturity of five years or longer to a

foreign-invested company; and a foreign national’s contribution to a non-profit organization. It is regulated by

the Foreign Investment Promotion Act and other related laws. FDI differs from portfolio investment,

which is the purchase of stocks by foreign nationals with a view to realizing short-term financial gains.

1-2 Forms of Foreign Direct Investment

Under the Foreign Investment Promotion Act, FDI includes the acquisition of the stocks or shares of a

Korean corporation or a company run by a national of the Republic of Korea, the supply of a long-term

loan to a foreign-invested company, a contribution to a non-profit organization, etc.

(1) Acquisition of the Stocks or Shares of a Domestic Company

‘Acquisition of the stocks or shares of a domestic company’ refers to a foreigner’s purchase of

the stocks or shares of a Korean corporation (including one in the process of being established)

•

Definition of Foreign Direct Investment

•

Forms of Foreign Direct Investment

Foreign Direct Investment

(9)

9

I.

Foreign

Direct Investment

or a company run by a Korean national through any one of the following means as prescribed by

presidential decree for the purpose of establishing continuous economic relations with the corporation

or company through participation in management activities, etc.

1) Acquisition of the newly issued stocks, etc. of a company managed by a Korean corporation or a

Korean national.

2) Acquisition of the existing stocks or shares (existing stocks, etc.) of a company managed by a

Korean corporation or a Korean national.

To be recognized as FDI, the investment amount should be KRW 100 million or more per foreigner

and the foreigner should own at least 10 percent of either the total number of voting stocks issued

by a Korean corporation (including a corporation in the process of being established) or a company

run by a national of the Republic of Korea, or its total equity investment. However, even if a

foreign-invested company registers as a foreign-foreign-invested company in accordance with Article 21 (1) and (2) of

the Act but no longer satisfies the above conditions due to transfer of shares or capital reduction, the

investment shall still be recognized as FDI (Article 2 (2) of the Enforcement Decree of the Act). Also,

when a foreign investor of a registered foreign-invested company makes an additional investment, no

limit shall be imposed on the investment amount and investment ratio.

If there are two or more foreign investors involved, each should satisfy the above conditions. The

foreign investment ratio is measured when the investment is completed. The investment amount

refers to the amount of acquisition of stocks, etc. (foreign investor-held shares after a

foreign-invested company capitalizes its earned surplus reserves as prescribed by Article 458 and 461 of the

Commercial Act [Article 2 (3) of the Enforcement Decree of the Act, enforced Oct. 6, 2010] shall be

included). Even if the amount of the stocks, etc. held by a foreign investor decreases following the

foreign-invested company’s capital reduction without consideration, the investment amount at the

time of acquisition of stocks, etc. shall be maintained (Article 2 (3) of the Enforcement Decree of the

Act, newly legislated Dec. 30, 2015).

While no exceptions are recognized with regard to the investment amount, exceptions may apply

to the foreign investment ratio. Even if the foreign investment ratio is less than 10 percent with the

amount of foreign investment being KRW 100 million or more, the investment may be exceptionally

recognized as FDI in the following case:

Where a foreign investor dispatches or appoints an executive to the domestic company concerned (*

An ‘executive’ refers to directors, representative directors, unlimited liability employees, auditors or

persons corresponding thereto holding the right to participate in important management decisions.)

(2) Long-Term Loans

Loans with a maturity of not less than five years (based on the loan maturity prescribed in the first

loan contract) supplied to a foreign-invested company by the following entities are recognized as FDI:

①

An overseas parent company (OPC) of the foreign-invested company (corporation)

②A company that has capital investment relations with ①

③

A foreign investor (individual)

④A company that has capital investment relations with a foreign investor (individual)

(Article 2 (4), (5) of the Enforcement Decree of the Act)

(10)

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Doing Business In Korea

A company that has capital investment relations refers to:

•A company that holds at least 50 percent of the total number of stocks issued by, or of the total equity investment of, its OPC

•A company whose OPC owns at least 50 percent of the total number of issued stocks or total equity investment of a foreign-invested company and falls under any one of the following:

–A company that holds at least 10 percent of the total number of issued stocks or the total equity investment of its OPC

–A company whose OPC holds at least 50 percent of the total number of issued stocks or the total equity investment of the company

–A company that holds at least 50 percent of the total number of issued stocks or the total equity investment of its OPC holds at least 50 percent of the total number of issued stocks or total equity investment of the company

•A company of which at least 50 percent of the total issued stocks or total equity investment is held by an individual foreign investor who owns at least 50 percent of the foreign-invested company’s total issued stocks or total equity investment

(3) Contribution to a Non-Profit Organization (NPO)

A contribution to a non-profit organization is recognized as FDI when: the foreign contribution amount

is KRW 50 million or more and accounts for 10 percent or more of the total contribution amount; the

NPO has independent research facilities in the field of science and technology; and the NPO meets

any one of the following conditions:

The number of research staff members who are full-time employees as prescribed by Article 11

of the Employment Standards Act is five persons or more, consisting of persons with a master’s

degree or higher in the field of science and technology, or persons with a bachelor’s degree in the

field of science and technology with a research career of not less than three years.

The NPO’s business should be classified as ‘research and experimental development on natural

sciences and engineering’ under the Korea Standard Industrial Classification as publicly announced

by the Commissioner of Statistics Korea in accordance with Article 22 of the Statistics Act.

Other contributions to an NPO by a foreigner of no less than KRW 50 million accounting for 10

percent or more of the total contribution amount that meet one of the following conditions, and which

are recognized as foreign investment by the Foreign Investment Committee as prescribed by Article

27 of the Act, are recognized as foreign investment.

An NPO established for the purpose of promotion, etc. of science, art, medical services, or

education and which continues to conduct its business with a view to developing professionals in

the relevant fields and to expanding international exchanges

An NPO that is a regional office of an international organization that engages in international

cooperation business between civilians or governments

Term Definition

Foreigner

•An individual of foreign nationality

•A corporation (foreign corporation) established in accordance with a foreign law •An international economic cooperation organization:

–An agency which vicariously performs the foreign economic cooperation business of a foreign government

–An international organization that deals with business matters concerning development finance, such as the IBRD, IFC and ADB

(11)

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Foreign

Direct Investment

Term Definition Foreigner

–An international organization which either directly or vicariously deals with business matters concerning foreign investment

•An individual of Korean nationality who holds permanent residency of a foreign country as prescribed by presidential decree (Article 3 of the Enforcement Decree of the Act):

–Individuals who have obtained permanent residency of a foreign country –Individuals who have obtained permission to stay in a foreign country for four

years or longer in the case of countries without a permanent residency system –Individuals who have resided for four years or longer and was granted a

stay permit of one year or longer in a foreign country that does not have a permanent residency system and only grants a stay permit of less than four years Foreign investor A foreigner who holds stocks, etc. or has contributed as prescribed by the Foreign

Investment Promotion Act Foreign-invested company

(FIC)

A company in which a foreign investor has invested, or a non-profit organization to which a foreign investor has contributed

Operator of establishments built to improve the foreign investment environment

Any person who operates establishments, including schools and medical institutions, etc. for foreigners, which are prescribed by the Enforcement Decree of the Foreign Investment Promotion Act, in order to improve the foreign investment environment

Object of investment

Any object in which a foreign investor invests in order to possess stocks, etc. under the Foreign Investment Promotion Act, and which falls under any of the following: •Foreign means of payment as prescribed by the Foreign Exchange Transaction Act or

domestic means of payment by the exchange of the said foreign means of payment •Capital goods

•Proceeds (dividends) from stocks, etc. acquired under the Foreign Investment Promotion Act

•Industrial property rights, intellectual property rights (copyrights to be utilized in industrial activities and the layout design rights of semiconductor integrated circuits), other technologies corresponding thereto, and rights pertaining to the use of such rights or technologies

•Where a foreigner closes his/her own branch, office or corporation in Korea, the residual property allotted to the said foreigner upon liquidation of the said branch, office, or corporation

•The amount of redemption of loans supplied to a foreign-invested company or other loans from foreign countries

•Stocks of foreign corporations listed or registered on foreign stock markets •Stocks owned by foreigners under the Foreign Investment Promotion Act or the

Foreign Exchange Transactions Act

•Domestic real estate owned by a foreigner (The certificate of notification of capital transactions as prescribed by Article 18 of the Foreign Exchange Transactions Act should be attached.)

•Proceeds from the sale of the stocks of a Korean company or real estate in Korea owned by a foreigner

Capital goods

•Machinery, facilities, equipment, parts, accessories as industrial facilities, and livestock, breeds or seeds, trees, fish and shellfish which are necessary for the development of agriculture, forestry, and fisheries

•Such raw materials and reserve supplies as are deemed necessary by the competent Minister for the initial testing of the facilities concerned

•Fees for transportation and insurance as required for the introduction thereof and other know-how or services necessary therefor

(12)

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Doing Business In Korea

2. Foreign Investment Promotion Act

The Foreign Investment Promotion Act was enacted in Korea in 1998 for the purpose of courting

foreign direct investment in the aftermath of the 1997 Asian financial crisis. In January 2014, to

promote inbound FDI and to attract investments from global companies, the Foreign Investment

Promotion Act was amended (Act no.12225, promulgated Jan.10, 2014, enforced Mar.11, 2014)

to allow exceptions against the regulations of the Monopoly Regulation and Fair Trade Act, which

requires that when the 2nd-tier subsidiary of a holding company establishes a 3rd-tier subsidiary

through a joint investment with a foreigner, the 2nd-tier subsidiary should own 100 percent of the

3rd-tier subsidiary’s stocks. In other words, notwithstanding the Monopoly Regulation and Fair Trade Act,

the amended Foreign Investment Promotion Act allows 2nd-tier subsidiaries to hold 50 percent or

more of the 3rd-tier subsidiary’s stocks while the foreign partner holds 30 percent of more

(individual-type foreign investment).

Several amendments were made to the Act in 2016. The foreign investment notification system was

simplified, combining the separate notification procedures by form of investment. In other words,

the foreign investment notification forms that differed by form of investment (i.e., FDI by acquisition

of new shares or contribution, FDI by acquisition of existing shares, FDI by means of merger, etc.)

were combined into a single form [i.e. Foreign investment by acquisition of stocks (or contribution)

– Notification form]. Also, notification of transfer or reduction of stocks was repealed and merged

with ‘application for registration/ change of information of a foreign invested enterprise’. In addition,

application for cancellation of registration of foreign-invested company was repealed and the system

was changed to allow ex-officio cancellation of registration if the cause for cancellation was confirmed.

Notification of technology introduction contract and notification of disposal of capital goods were

also repealed. The exceptional clauses for negotiated contracts related to the lease or sale of

state-owned or public property were upgraded from enforcement regulation to law, and a regulation on

imposition of a fine for nonconformance was added. Also, clauses on administrative matters subject

to bulk processing stipulated by law shall apply automatically to the Foreign Investment Promotion Act

(promulgated Jan. 27, 2016, enforced Jul. 28. 2016).

Before After (2016) Note

Notification of foreign investment by acquisition of new shares or

contribution Foreign investment by acquisition of

stocks (or contribution) – Notification/ application for authorization

(combined FDI notification form)

Single combined FDI notification form for FDI by acquisition of stocks (form no.1 of the Enforcement Rules of the Act)

Notification/ application for authorization of foreign investment by acquisition of existing shares Notification of stocks or shares through merger, etc.

Notification of transfer or reduction of shares

Notification of transfer or reduction of stocks repealed

Replaced with application for registration of change of information of foreign-invested enterprise Application for cancellation of

registration of foreign-invested company

Application for cancellation of registration repealed

Replaced with application for registration of change of information of foreign-invested enterprise or ex-officio cancellation

(13)

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I.

Foreign

Direct Investment

2-1 Understanding the Foreign Investment Promotion Act

The Foreign Investment Promotion Act is designed to facilitate foreign investment by supporting

foreign investment and enhancing investors’ convenience. The Act serves as the framework law

on foreign investment, and its subordinate statutes include the Enforcement Decree of the Foreign

Investment Promotion Act and the Enforcement Rule of the Foreign Investment Promotion Act, which

prescribe matters delegated by the Act and matters necessary for the enforcement thereof.

2-2 Legislations Related to the Foreign Investment Promotion Act

Unless provided otherwise in the Foreign Investment Promotion Act, all matters concerning foreign

exchange and foreign transactions related to foreign investment are governed by the Foreign

Exchange Transaction Act. For foreign investment, taxes may be abated or exempted under the

conditions prescribed by the Restriction of Special Taxation Act, the Enforcement Decree of the

Restriction of Special Taxation Act, the Enforcement Rules of the Restriction of Special Taxation Act,

and the Regulations on Tax Abatement or Exemption on Foreign Investment. Since a foreign-invested

company is a domestic corporation established under domestic law, the company is governed by

the same laws that apply to purely domestic corporations even if the foreign-invested company has

followed the procedures prescribed by the Foreign Investment Promotion Act. Therefore, a

foreign-invested company should obtain permission or authorization under the domestic law when it is

required.

< Acts and Statutes on Foreign Investment >

Basic Acts and Statutes

•Foreign Investment Promotion Act, Enforcement Decree and Enforcement Rules of the Foreign Investment Promotion Act

•Regulations on Foreign Investment (Announced by the Ministry of Trade, Industry & Energy on Sep. 22, 2016; formerly Regulations on Foreign Investment and Technology Introduction)

•Consolidated Public Notice for Foreign Investment (Notified by the Ministry of Trade, Industry & Energy)

•Regulations on Tax Abatement or Exemption for Foreign Investment (Notified by the Ministry of Strategy and Finance)

•Restriction of Special Taxation Act (Chapter 5. Special Cases Concerning Taxation for Foreigners’ Investment, Etc.), Enforcement Decree and Enforcement Rules of the Restriction of Special Taxation Act

Other Related Acts

•Foreign Exchange Transactions Act: Matters concerning foreign exchange and foreign transactions •Act on the Designation and Management of Free Trade Zones

•Special Act on the Designation and Management of Free Economic Zones •Financial Investment Services and Capital Markets Act

•

Understanding the Foreign Investment Promotion Act

•

Legislations Related to the Foreign Investment Promotion Act

(14)

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Doing Business In Korea

3. Foreign Investment Promotion and Control

Foreign investors may face various difficulties caused by the political and economic circumstances of

a country in which they operate, besides the normal business risks. Given the risk factors, Korea has

implemented various schemes to protect foreign investors. Meanwhile, the Regulations on Foreign

Investment and the Integrated Public Notice of Foreign Investment prescribe details on businesses

restricted from foreign investment.

3-1 Liberalization of Foreign Investment

Except as otherwise prescribed by the Acts of the Republic of Korea, a foreigner may conduct,

without restraint, various activities of foreign investment in the Republic of Korea. Foreigners are

restricted from foreign investment in the following cases: where it is deemed to threaten the

maintenance of national security and public order; where it is deemed to have harmful effects on

public hygiene or environmental preservation or run counter to Korean morals and customs; and

where it violates the laws and subordinate statutes of the Republic of Korea.

3-2 Protection of Foreign Investment

Foreign direct investment is protected stronger than indirect investment such as investment in

securities and bonds, as prescribed by the Foreign Investment Promotion Act.

(1) Guarantee of Remittance to Foreign Countries

With regard to the proceeds from stocks, etc. acquired by a foreign investor; proceeds from the

sale of stocks, etc.; and the principal, interest and service charges paid in accordance with the loan

contract as prescribed by the Foreign Investment Promotion Act (Article 2 (1) 4 (b)), their remittance

to foreign countries shall be guaranteed in accordance with the details of the notified or authorized

foreign investment at the time when the said remittance is made.

(2) Exceptions to the Safeguard Clause on Foreign Exchange Transactions

The Minister of Strategy and Finance may temporarily suspend or restrict foreign exchange

transactions, if such measures are deemed inevitable on account of the outbreak of a natural calamity,

war, conflicts of arms, grave and sudden changes in domestic and foreign economic conditions,

or other situations equivalent thereto (Article 6 (1) to (3) of the Foreign Exchange Transactions

Act). However, such measures shall not apply to foreign investment as provided for in the Foreign

Investment Promotion Act (Article 6 (4) of the Foreign Exchange Transactions Act).

(3) National Treatment

Except as otherwise prescribed by the Acts of the Republic of Korea, foreign investors and

foreign-invested companies shall be treated in the same way as the nationals of the Republic of Korea and

Korean corporations in respect of their business operations.

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Liberalization of Foreign Investment

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Protection of Foreign Investment

참조

관련 문서

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