When Korea's franchise law was amended in 2014, there were many uncertainties about how the Fair Trade Commission of Korea would react to new applicants and how some standard clauses we utilize in most master franchise agreements in Korea will be considered by the FTC. Our recent Korean franchise filing is one of the first foreign companies to have registered a master license agreement in Korea. We are happy to announce that the process was no more burdensome than the process under the former franchise law and the time from filing to approval was quicker than expected.
However, it is advisable to make sure your attorney is experienced in franchise law and has had many interactions with individuals at Korea's FTC.
FYI- We will be at the World Franchise Expo please look for us. We look forward to meeting franchisers, masters and franchisees at Korea's upcoming World Franchise Expo. The Expo runs from July 15th - July 17th at the SETEC Convention Center and from July 30th - August 1st at the COEX Convention Center.
To learn more about the basics of Korea's franchise law, please check out our other articles on franchise law in Korea:
- Korean Franchise Law Basics: Korea's Act on Fairness in Franchise Transactions
- Distribution Agreements in Korea: Crawl Before you Walk
- Korean Small Business Partnerships / Joint Ventures
- Dispute Resolution Clauses in Franchise, Joint Venture, and Partnership Agreements in Korea
- Business Opportunities in Korea for Entertainment Companies
Sean Hayes may be contacted at: SeanHayes@ipglegal.com.
Sean Hayes is co-chair of the Korea Practice Team at IPG Legal. He is the first non-Korean attorney to have worked for the Korean court system (Constitutional Court of Korea) and one of the first non-Koreans to be a regular member of a Korean law faculty.
Sean is ranked, for Korea, as one of only two non-Korean lawyers as a Top Attorney by AsiaLaw. Sean's profile may be found at: Sean C. Hayes