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BUSINESS in KOREA KOTRA자료 20-001 BUSINESS in KOREA BUSINESS in KOREA MINISTER MESSAGE Minister of Trade, Industry and Energy Dr. Sung Yun-Mo Greetings from the Minister of Trade, Industry and Energy Foreign investment has long played an indispensable role in Korea’s economic th growth, paving the way for Korea to emerge as the 12 largest economy in the world. As valuable partners of our economy, foreign-invested companies now account for 19 percent of our exports and 7 percent of employment nationwide. The Korean government makes no distinction between foreign companies invested in Korea and domestic companies, given the contribution of both to the national economy. As such, foreign-invested companies can always count on the full support of the Korean government. Amid the growing importance of cross-border investment as a means of responding to the rapidly changing global economic environment, namely the onset of the Fourth Industrial Revolution and the spread of global protectionism, Korea boasts a large array of strengths as a competitive investment destination. To begin with, Korea possesses a solid economic foundation and attractive investment environment, with international credit rating agencies maintaining Korea’s sovereign credit rating at an all-time high level. Over the past 6 years, the World Bank has included Korea as among the top 5 countries in the world in its ease of doing business index. Moreover, Korea is situated at the center of an FTA network that encompasses 77% of the global market. Secondly, as a country in which no efforts are spared to realize new technologies and innovation, Korea is second to none. Korea boasts an excellent manufacturing base— including semiconductors, automobiles and shipbuilding— and a world-class ICT infrastructure which enabled the world’s first commercialization of 5G technology. The Korean government is also promoting investment as a means of responding to future changes and facilitating innovative growth, particularly in key emerging industries such as system semiconductors, future mobility and bio-technology. Last but not least, the Korean government is continuing to provide support for the growth of foreign-invested companies. In addition to first-rate incentives such as cash grants and support for land leases, we are striving to improve the overall quality of life for foreign investors in Korea by streamlining visa issuance processes and establishing more international schools. I look forward to welcoming you to Korea, the ideal investment destination for realizing your vision. Minister of Trade, Industry and Energy CEO of KOTRA Dr. Kwon Pyung-Oh CEO MESSAGE CEO MESSAGE A bright New Year is upon us! To all of the global companies and entrepreneurs currently doing business in Korea and to those planning on doing so in the future, I wish you good health and success in 2020! Despite last year recording the lowest level of cross-border investment since the 2008 financial crisis due to a slowdown in global economic growth, an increase in regional antagonism, and the spread of trade disputes, Korea attracted USD22 billion in foreign investment in 2019. Korea’s success in attracting over USD20 billion in FDI for five consecutive years proves is in great part due to the high level of appreciation for Korea’s capabilities and her potential among multinational companies. Korea, the world’s first country to commercialize 5G telecommunication service and No. 1 in the Bloomberg Innovation Index for the past six years, represents an attractive investment market as we enter the era of the fourth industrial revolution. Looking ahead, KOTRA will continue to promote foreign investment in industries related to digital transformation including big data and artificial intelligence. Based on Korea’s advantages for foreign investment among which include continuous regulatory improvement, cash grants, and a vast network of FTAs making the country part of the world’s third largest economic region, KOTRA is taking a proactive attitude to expand the global supply chain and create quality jobs. The publication, Business in Korea 2020, has been made thanks to the efforts and participation of experts from the foreign chambers of commerce in Korea with the goal of providing a step-by-step overview of foreign investment-related procedures in Korea, detailed information and clear responses to frequently asked questions, and statistical data and diagrams which paint a balanced and thorough picture of Korea’s foreign investment environment. It is my hope that Business in Korea 2020, which is being published in Korean, English, Chinese, and Japanese, will become the go-to guide book to foreign investment in Korea for business people around the world. CEO of KOTRA CORPORATE Attractiveness BUSINESS 010 Foreign Direct Investment Promotion Policy 015 Strengths of the Korean Market Starting 034 Requirements for FDI 041 Types of Companies 045 The Best Sites for Business 063 Type of Investment (Incorporation, Capital Increase, Acquisition of Existing Stocks, Long-term Loan) 079 Visa · Stay in Korea Advantages 094 Tax reduction and exemption 111 Location Support for Foreign Investment Zone 120 Cash grant 130 R&D Support 140 Management support (Incubation, Education Training, Employment, Immigration) Practice 146 Taxation 163 Customs Clearance and Introduction of Capital Goods 171 HR and Labor 185 Intellectual Property System 200 Foreign Investment Ombudsmen 205 Dissolution and Liquidation CONTENTS INDIVIDUAL 212 Individual Business BUSINESS 222 Acquisition of Real Estate 232 Categories of Business Excluded from Foreign APPENDIX Investment 235 Categories of Business with Restrictive Foreign Investment and Criteria for Permission 238 Characteristics by Investment Site 242 Local Tax Rate 244 List of Delegated Agencies 246 List of Law Firms 256 List of Accounting Firms CORPORATE BUSINESS When foreign business invest in Korea, they are “our companies” that join our economic development. Your sucess is synonymous with Korean Economy's progress. We are in the same boat bounded by a shared destiny. - Opening Remarks by President Moon Jae-In at “Dialogue with Foreign-InvestedCompanies”, Mar. 2019 - ATTRACTIVENESS I N E S S S I U N B K O 0 2 R 0 E A 2 Except as prescribed by other Acts, foreign investors are guaranteed a 1 legitimate right to manage their business operations in Korea freely. To this end, the Korean government has prepared a system to protect foreign investors. Foreign Korea’s foreign investment policy is in accordance with global standards based on the recommendations and agreements of Direct international organizations such as the OECD, UNCTAD, and WTO. It Investment provides various incentives to foreign investors that create high-quality jobs or encourage domestic economic growth. As such, the Korean Promotion government constantly strives to create a business-friendly investment Policy environment in Korea. Liberalization of FDI The Republic of Korea is a country which welcomes foreign direct investment and has implemented a support-focused foreign investment promotion policy. Thus, foreign investors and foreign-invested companies may conduct business in Korea without restraint, except as otherwise prescribed by law. Restricted Business Categories Out of a total of 1,196 business categories listed under the Korean Standard Industrial Classification (KSIC), FDI in Korea is permitted in 1,135 categories. Foreign investment is prohibited in 61 business categories including legislation, public administration, diplomacy, and national defense. Among the permitted business categories, restrictions on shareholding ratio, etc. apply in 29 categories and there are three prohibited business categories - nuclear power generation, radio broadcasting, and television broadcasting. Korea’s FDI liberalization rate : 99.7% (percentage of permitted business categories excluding prohibited ones) 010 CORPORATE BUSINESS Foreign Direct Investment Promotion Policy Strengths of the Korean Market Permitted Business Categories (Unit: the number) Restricted (Investment ratio, etc.) Unrestricted Total (Liberalization) Number of Prohibited Restricted total business 1,135 3 26 1,106 categories 1,196 ※ Related law : Regulations on Foreign Investment (Public Notice no. 2018-137 of the Ministry of Trade, Industry and Energy) Korea’s FDI liberalization rate 99.7% Foreign Investor Protection 1. Guarantee of Remittance to Foreign Countries Remittance of proceeds accruing from the stocks, etc., acquired by a foreign investor, proceeds from the sale of stocks, and the principal, interest, and service charges paid under a loan contract shall be guaranteed in accordance with the details of the report or permission of the foreign investment at the time of remittance. 2. National Treatment Except as otherwise prescribed by law, foreign investors and foreign-invested companies shall be treated in the same manner as nationals of the Republic of Korea and Korean corporations in respect to their business operations. 3. Exceptions to the Safeguard Clause on Foreign Exchange Transactions For foreign exchange and transactions, the Foreign Exchange Transaction Act is applied unless otherwise prescribed by the Foreign Investment Promotion Act. Foreign exchange transactions may be temporarily suspended or restricted under the Foreign Exchange Transaction Act if such measures are deemed inevitable due to natural calamities, war, armed conflict, grave and sudden changes in domestic and foreign economic conditions, or other situations equivalent thereto. However, such
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