Korea’s Franchise Law imposes an obligation to report to the Fair Trade Commission of Korea, yearly, specific information relating to your franchise business worldwide. A franchisor’s disclosure document may be de-registered or a fine may be imposed 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. Don’t forget – file the update yearly.
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 Franchising Law Basics: Korea’s Act on Fairness in Franchise Transactions
- Covenants Against Competition in Franchise Agreement
- Korean Franchisors’ Obligations in Korea to File Annual Report to Korean FTC
- Material Omissions in Korean Franchise Disclosure Documents in South Korea
- Definition of a Franchise in Korea under Korean Franchise Law and Corresponding Disclosure Requirements
- A “Franchise” Defined under Korean Law: Franchise Law Basics
- Require a Injunction in a Korean Court Against your Former Korean Franchisee for Competing Against your New Korean Franchisee?
- Privity of Contract in Franchise Agreements in Korea: Korean Franchise Law Updates
- Termination of a Franchise Agreement in Korea: Korean Franchise Law Basics
- Changes to Korea’s Franchise Law May Lead to an Increased Potential for Criminal Sanctions: Franchise Law Basics
- Registration of a Korean Franchise Disclosure Document under Korea’s Revised Franchise Law
- Enforcement of Sales Promotions by Franchisors under Korean Franchise Law