ENFORCEMENT DECREE OF THE FOREIGN INVESTMENT PROMOTION ACT INTRODUCTION Details of Enactment and Amendment – Enactment: This Decree was enacted on November 14, 1998, following the enactment of the Foreign Investment Promotion Act, as the Presidential Decree No. 15931, in order to prescribe the matters mandated by the same Act and the matters necessary for the enforcement thereof. – Amendment: This Decree has taken its present form after going through thirteen amendments, including the latest amendment made on March 8, 2005, since its enactment. Main Contents –
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Korean Foreign Investment Promotion Act
FOREIGN INVESTMENT PROMOTION ACT OF KOREA INTRODUCTION Details of Enactment and Amendment – Enactment: This Act was enacted on September 16, 1998 as Act No. 5559, repealing the previously enforced Foreign Investment and Foreign Capital Inducement Act, in order to widely ease the regulations and restrictions on investment by foreigners and expand the tax incentives therefore, and to reorganize from all sides the systems related with foreign investment such as designation of foreign investment zones. – Amendment: This Act has taken its present form after going through
Continue readingVisa for Investors in Korea (D-8 Visa): KRW 100,000,000 Minimal Investment
One of the most applied for visas for investors in Korea is the D-8 Visa. In order to setup a Korean-capital invested company in Korea and apply for a D-8 Visa you shall need to capitalize your company with, at least, KRW 100,000,000. In order to ensure that the visa is issued in a timely manner and not turned down (difficult to overturn a determination of Korean Immigration without litigation) it is advisable to hire an attorney in Korea when applying for a D-8 Investment Visa. The
Continue readingKorean Investment Visa for Foreigners
Foreign investor’s visa Question: I am a foreigner and I am thinking of starting a small business in South Korea. Is it possible to get a visa or do I need to be sponsored by a Korean company or partner? Foreign investors are eligible to obtain a D-8 residence visa provided they meet certain criteria. To qualify, an employee of a foreign company or an individual must establish a company in Korea or enter into a joint partnership with a Korean firm and invest over 50 million
Continue readingProspects dim for capital market law
The Korea Herald along with many Korean language papers on March 2, 2007 reported that the proposed consolidation of the bank, insurance, and security laws is unlikely to pass because of opposition from banks, some prominent lawmakers, and academics. A plan to consolidate government acts related to banks, insurance and securities firms could hit a snag amid controversy over allowing brokerages to engage in banking transactions for customers. Several lawmakers, academics and banks are opposing the idea, arguing that it would give banking business to securities firms.
Continue readingGovernment Investigating Credit Card Commissions
Donga Ilbo Feb. 23, 2007 There are reports of widespread discontent over the way credit card issuers charge merchants commission fees. South Korea’s financial regulatory body has begun to investigate the issue. “We commissioned the Korea Institute of Finance to find out what costs credit card issuers face. We are going to assess whether each card issuer charges fair commissions to merchants. Then we will propose a standard for card issuers to levy a commission,” said an official from the Financial Supervisory Service (FSS) on February 22.
Continue readingBill Sought to Limit FDI in Key Sectors
Korea Times Feb. 22, 2007 By Kim Yon-seStaff ReporterA group of lawmakers and policymakers are moving to legislate a law aimed at placing restrictions on foreign investment in some key industries. The move is aimed at blocking takeover attempts in the weapons, energy and steel sectors and other high technology areas that have some comparative advantages.The Ministry of Commerce, Industry and Energy (MOCIE) is reviewing the bill in consideration of national security concerns. Last year, Rep. Lee Sang-kyeong of the governing Uri Party came up with the
Continue readingFirst foreign listing likely delayed to June
Korea Herald Feb. 21, 2007 First foreign listing likely delayed to June The listing of the local stock exchange’s first foreign company will likely be in June at the earliest, the Korea Exchange said yesterday. Huafeng Textile International Group, which is already listed in Hong Kong, filed an application in December for a secondary floatation on Korea’s main bourse. Lee Young-tak, chairman and CEO of Korea Exchange, said in January that he expected the firm to be listed as early as March.“The application is still under review.
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