A franchisor's disclosure document may be de-registered if this Yearly Franchise Report is not accepted by the Korean Fair Trade Commission within 120 days of the closing of the year.
The Yearly Franchise Report, in Korea, is intended to notify franchisees and prospective franchisees of changes in the operations of the franchisor.
Make sure your franchise attorney, in Korea, has informed you of the requirement and the law.
Other articles on Franchise Law that may be of interest:
- Enforcement of Sales Promotions by Franchisors in Korea
- Distribution Agreements in Korea: Crawl before you Walk
- Dispute Resolution Clauses in Franchise, Joint Venture, Partnership Agreements in Korea
- Korean Franchise Law Basics: Korea's Act on Fairness in Franchise Transactions
- Covenants Against Competition in Franchise Agreement