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
Known for his proactive street-smart advice & non-conflicted advocacy, NY Attorney Sean Hayes works with leading retired Korean judges, prosecutors and experienced Korean attorneys in leading contentious and transactional matters in Asia. First non-Korean lawyer employed by the Korean Court System. SeanHayes@ipglegal.com
- Privity of Contract in Franchise Agreements in Korea: Korean Franchise Law Updates
- Damages for Material Omissions in Franchise Disclosure Documents in South Korea
- Changes to Korea’s Franchise Law May Lead to an Increased Potential for Criminal Sanctions: Franchise Law Basics
- Enforcement of Sales Promotions by Franchisors under Korean Franchise Law
- Korean Franchise Law Basics: Korea’s Act on Fairness in Franchise Transactions
- Registration of a Korean Franchise Disclosure Document under Korea’s Revised Franchise Law