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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.
•
Copyrightⓒ2016 by the Investment Consulting Center of KOTRA. All rights reserved.
-
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.
Ⅰ
. Foreign Direct Investment
1. Foreign Direct Investment System ……… 8
2. Foreign Investment Promotion Act ……… 12
3. Foreign Investment Promotion and Control ……… 14
Ⅱ
. FDI Procedures
1. Foreign Investment Procedures……… 21
2. Follow-up Management of Foreign Investment……… 29
Ⅲ
. 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
Ⅳ
. 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
Ⅰ
. Visa and Stay in Korea
1. Visa……… 80
2. Stay in Korea ……… 84
3. Policies for the Favorable Treatment of Foreign Investors 90
Ⅱ
. Labor
1. Labor Laws……… 94
2. Labor Management ……… 95
Ⅲ
. Taxation
1. Taxation……… 102
2. National Tax……… 103
3. Local Tax ……… 107
Ⅳ
. Customs
1. Customs Clearance ……… 114
2. Tariff Reduction, Exemption & Refund……… 121
Ⅴ
. Finance / Accounting
1. Financial System……… 123
2. Accounting System ……… 129
Ⅵ
. 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
Ⅶ
. Factory Establishment
1. Definition of Factory……… 144
2. Factory Establishment and Registration ……… 148
3. Factory Sites and Factory Establishment Approval Procedure… 153
Ⅷ
. 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
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
※
Governing authorities: Financial Services Commission, Ministry of
Agriculture, Food and Rural Affairs, Ministry of Oceans and Fisheries
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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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
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)
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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
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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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