• 검색 결과가 없습니다.

Doing Business In Korea 2017

N/A
N/A
Protected

Academic year: 2021

Share "Doing Business In Korea 2017"

Copied!
205
0
0

로드 중.... (전체 텍스트 보기)

전체 글

(1)
(2)
(3)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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ⓒ2017 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)

- 

Phone: +82-2-1600- 7119

- 

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 ……… 53

3. Industrial Site Support ……… 61

I

Investment

Guide

(4)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Doing Business in Korea

. Visa and Stay in Korea

1. Visa……… 84

2. Stay in Korea ……… 88

3. Policies for the Favorable Treatment of Foreign Investors 94

. Labor

1. Labor Laws ……… 98

2. Labor Management ……… 100

. Taxation

1. Taxation……… 106

2. National Tax……… 107

3. Local Tax ……… 111

. Customs Clearance & Tariffs

1. Customs Clearance ……… 118

2. Tariff Reduction, Exemption & Refund……… 125

. Finance / Accounting

1. Korea’s Financial System ……… 127

2. Korea’s Accounting System……… 133

. Foreigners’ Real Estate Acquisition

1. Regulations on Foreigners’ Real Estate Acquisition ……… 136

2. Foreigners’ Real Estate Acquisition Procedures……… 140

3. Transfer of Real Estate Transaction Funds  ……… 143

4. Real Estate-Related Taxes  ……… 144

. Factory Establishment

1. Definition of Factory ……… 148

2. Factory Establishment and Registration ……… 154

3. Factory Sites and Factory Establishment Approval Procedure … 159

. Intellectual Property Rights

1. Intellectual Property Rights System ……… 162

2. Efforts to Protect Intellectual Property Rights……… 171

Overseas FDI Network……… 176

List of Delegated Agencies……… 181

List of Law Firms and Accounting Firms……… 183

II

Business

Management

(5)

Major Revisions in 2017

Tax Support

Changes to scope of businesses subject to tax reduction or exemption

‘Businesses accompanying high technology’ and ‘industry supporting service businesses’ were replaced

with ‘businesses accompanying new growth driver industry technology’.

New growth driver industry technology

Technologies for new growth driver industries and source technologies (designated under Attached Table

7 of the Enforcement Decree of the Restriction of Special Taxation Act)

Technologies on materials and production processes directly related to new growth driver industry

technologies and source technologies (designated under Attached Table 14 of the Enforcement Rules of

the Restriction of Special Taxation Act)

New regulations on the upper limit of corporate tax reduction for businesses accompanying new growth

driver technology (tax reduction based on employment)

The upper limit of corporate tax reduction (based on employment) for ‘businesses accompanying high

technology’ and ‘industry supporting service businesses’ was 40 percent of the cumulative foreign

investment amount. However, with the replacement of ‘businesses accompanying high technology’ and

‘industry supporting service businesses’ with ‘businesses accompanying new growth driver industry

technology’, the upper limit of corporate tax reduction for the businesses has been set at 50 percent of

the cumulative foreign investment amount.

Upper limit of corporate tax reduction for foreign-invested companies

Businesses subject to corporate tax reduction or exemption (7 years) Businesses subject to corporate tax reduction or

exemption (5 years) Businesses accompanying new growth

driver industry technology Other businesses

Based on investment amount

50% of the cumulative foreign investment

amount Same as left

40% of the cumulative foreign investment amount Based on employment (the lesser of A and B) A

The number of full-time employees of the foreign-invested company × KRW 10-20

million

Same as left Same as left

B 50% of the cumulative foreign investment amount

40% of the cumulative foreign investment amount

30% of the cumulative foreign investment amount

Change of special taxation for foreign employees

Before After (Revised Dec. 20, 2016)

Applicable period

Applicable for five years from the first day of providing service in Korea (applicable until Dec. 31, 2016) ※ The five year restriction does not apply to foreign

employees who started providing service in Korea before Jan. 1, 2014. (i.e., The flat tax rate can be applied until the foreigner leaves Korea.)

Applicable for five years for foreign employees who started providing service in Korea on or before Dec. 31, 2018. ※ The five year restriction shall apply also to foreign employees

who started working in Korea before Jan. 1, 2014. (The flat tax rate applied shall be 19% in 2017 and onwards.)

Special taxation Foreign employees can choose a flat tax rate of 17% instead of global taxation. Foreign employees can choose a flat tax rate of 19% instead of global taxation.

(6)

Doing Business in Korea

FDI Regulations

Change in businesses restricted from FDI

Type of business Change Note

Other supporting air transport activities

(52939) Deleted (Mar. 30, 2017)

Deleted with the division of the Aviation Act and enforcement of the Aviation Business Act.

Labor

Change in minimum wage

Before (2017) After (2018)

KRW 6,470 per hour KRW 51,760 per day (8 hour workday)

KRW 7,530 per hour KRW 60,240 per day (8 hour workday)

Foreigners’ Real Estate Acquisition

Report of real estate transactions

Before After

Governing law - Foreigner’s Land Acquisition Act (repealed)

- Act on Report on Real Estate Transactions, Etc. (legislated) * The Act on Report on Real Estate Transactions and the

Foreigner’s Land Acquisition Act were repealed and the Act on Report on Real Estate Transactions, Etc. was legislated. Subject - Matters on foreigners’ land acquisition, and report or authorization of land acquisition - Chapter 3. Special cases concerning acquisition, etc. of real estate by foreigners, etc.

Regulations

- Foreigners: An individual who does not have the nationality of the Republic of Korea and a juristic person or an organization that meets certain conditions.

- A foreigner shall report land acquisition to the relevant Si/Gun/Gu. The report shall be made within 60 days of concluding a land acquisition contract, or within six month of acquiring land by means other than a contract such as inheritance or auction.

- To acquire land inside a district or area that requires permission for transaction of land, the permission of the relevant Si/Gun/Gu should be obtained.

- Fine: Any person who failed to report or falsely reported land acquisition shall be imposed a fine not exceeding KRW 3 million. Any person who failed to report or falsely reported land acquisition by means other than a contract such as inheritance or auction shall be imposed a fine not exceeding KRW 1 million.

- Foreigners: A foreign individual or foreign government prescribed by the Foreigner’s Land Acquisition Act and international organizations prescribed by Presidential Decree - A foreigner shall report the acquisition of real estate, etc.

(i.e., land, buildings and the right to acquire thereof) to the relevant Si/Gun/Gu. The report shall be made within 60 days of concluding a real estate acquisition contract, or within six months of acquiring real estate by means other than a contract such as inheritance or auction.

- To acquire land inside a district or area that requires permission for transaction of land, the permission of the relevant Si/Gun/Gu should be obtained (identical to the Foreigner’s Land Acquisition Act).

- Fine: Any person who failed to report or falsely reported real estate acquisition by the following means shall be imposed a fine not exceeding the following amounts: KRW 5 million for real estate acquisition by a sale contract; KRW 3 million for real estate acquisition by a contract other than a sale contract; KRW 1 million for real estate acquisition by means other than a contract such as inheritance or auction.

(7)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Doing Business in Korea

Korea Trade -Investment Promotion Agency

(8)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

I

Investment

Guide

D o i n g B u s i n e s s i n K o r e a

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(9)

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 investment 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

(10)

9

I.

Investment

Guide

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 on 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)

(11)

10

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 not 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

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

(12)

11

I.

Investment

Guide

Term Definition

•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

(13)

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

(14)

13

I.

Investment

Guide

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 (Promulgated 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 (Promulgated by the Ministry of Trade, Industry & Energy) •Regulations on Tax Abatement or Exemption for Foreign Investment (Promulgated 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

(15)

14

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

•

Liberalization of Foreign Investment

•

Protection of Foreign Investment

(16)

15

I.

Investment

Guide

Korean corporations in respect of their business operations.

(4) Equal Application of Tax Abatement Regulations, etc.

Except as otherwise prescribed by the Acts of the Republic of Korea, the provisions concerning the

abatement or exemption of taxes from the tax laws applied to the nationals of the Republic of Korea

or Korean corporations shall also apply to foreign investors, foreign-invested corporations, persons

who have extended loans as prescribed by the Foreign Investment Promotion Act, and persons who

have provided technology thereto.

3-3 Restrictions and Prohibitions on Foreign Investment

Out of a total of 1,145 categories of business listed under the Korean Standard Industrial Classification

(KSIC), foreign investment is not permitted in 61 categories including public administration, diplomacy,

and national defense (unpermitted categories of business), while foreign investment is partially

permitted in 28 categories (restricted categories of business), as prescribed by the Foreign Investment

Promotion Act.

(1) Unpermitted Categories of Business

The categories of business in which foreign investment is not permitted generally have public

features, hence the difficulties in applying the Foreign Investment Promotion Act. The prohibition of

foreign investment in the said categories is prescribed by the Regulations on Foreign Investment and

the Integrated Public Notice of Foreign Investment.

< Unpermitted Categories of Business >

•Postal services, central banking, individual mutual aid organizations, pension funding, administration of financial markets, activities auxiliary to financial service activities, etc.

•Legislative, judiciary, administrative bodies, foreign embassies, extra-territorial organizations and bodies •Education (pre-primary, primary, secondary, higher education, universities, graduate schools, schools for the

disabled, etc.)

•Artists’, religious, business, professional, environmental advocacy, political, and labor organizations

(2) Restricted Categories of Business

In principle, foreign investment is also prohibited in certain restricted categories of business. However,

when there are standards for permission, foreign investment is partially permitted. The restriction of

foreign investment is prescribed by the Regulations on Foreign Investment and the Integrated Public

Notice of Foreign Investment.

No foreigner shall be permitted to make an investment in any company concurrently running both a

category of business in which foreign investment is not permitted and a category of business in which

foreign investment is only partially permitted. And, when intending to invest in any company operating

two or more categories of business in which foreign investment is only partially permitted, a foreign

investor shall be prohibited from investing in the company in excess of the ratio of foreign investment

in the category of business in which the ratio of permissible foreign investment is the lowest.

참조

관련 문서

When it comes to Arbitration which is a useful way to resolve the international investment disputes, the Civil procedure for Recognition and Enforcement of Foreign Judgement

Many people are trying to save the earth with special days like “ Earth Day, ” “ Buy Nothing Day ” and “ Meatout Day.. Then you should remember these special days and

Company Policy Statements, Current through the November 2010 Update (“Participation in an investment or outside business opportunity that is related to

※ Having completed one semester, a student is required to take another Korean Proficiency Test (Level Test), the result will determine whether he/she

Any foreign national who wish to stay in Korea for over 3 months, he/she is required to visit the Immigration Office to register and apply for an

① For details on the application deadline and the submission of application documents, applicants should contact the Korean Embassy, the Korean Education Center, or the

 An official school or college transcript that includes that applicant’s date of birth or a foreign school record that is sealed and includes a photograph of the applicant at

• “In situations where the law or its implementation does not provide for adequate environmental or social safeguards, an organization should strive to respect, as