Coverage issued prior to 1991 is still in force. : 1. Commercial disputes may also be taken to the Korean Commercial Arbitration Board (KCAB). Follow the latest developments in investment policies around the world. If foreign arbitral awards or foreign courts’ rulings meet the requirements of Article 217 of the Civil Procedure Act, then those are enforceable by local courts. The ROK has not undergone investment policy reviews or received policy recommendations from the OECD or United Nations Conference on Trade and Development (UNCTAD) within the past three years. Government-supported subsidies and tax reductions for social enterprises have contributed to an increase in the number of organizations tackling social issues related to unemployment, the environment, and low-income populations. Foreign companies operating in Free Economic Zones have greater flexibility in employing “non-regular” workers in a wider range of sectors for extended contractual periods. Foreign Trade Zones/Free Ports/Trade Facilitation. 03 / Select Countries You can add more than one country or area. This law applies uniformly to both domestic and foreign companies that process personal information in the ROK. It is also a party to the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions and a member of the Asia-Pacific Economic Cooperation Anti-Corruption and Transparency Working Group. The procedure commences after a filing by a debtor, creditor, or a group of creditors and determination by the court that a company is bankrupt. If one party is not resident in the ROK, either may request an arbitrator from a neutral country. These RIAs are usually not publicly available for comment, and comments received by regulators are not made public. Korea has one of the lowest services content in its exports at 42% even though a substantial share of its inward investment is destined for the services sector. Ongoing FTA negotiations include the Regional Comprehensive Economic Partnership (RCEP) among 16 Asian countries, a ROK-China-Japan trilateral FTA, and bilateral FTAs with Israel and Mercado Comun del Sur (Mercosur). . Relevant ministries must approve investments in conditionally or partially restricted sectors. It requires each entity to disclose financial statements, the number of employees, and average compensation figures. However, the security certifications required for some IT products can prove burdensome. U.S. companies should seek local expert legal counsel when drawing up any type of contract with a South Korean entity. Korea-unique rules and regulations continue to pose difficulties for foreign companies operating in the ROK, however. The Korea Workers’ Compensation and Welfare Service handles labor disputes resulting from industrial accidents or disasters. Also in July 2018, U.S. activist fund Elliott Associates submitted a notice of arbitration over an ISD pertaining to the KORUS FTA. The ROK government (ROKG) has taken some steps to address this over the last decade. At times the CEOs of local branches can be held legally responsible for all actions of their company and have been arrested and charged for their companies’ crimes. Note The two Koreas committed in the April 27, 2018, inter-Korean summit to reduce tensions on the border and to work toward a permanent peace regime on the Korean Peninsula. Where a foreign investor acquires stocks, etc. In addition, KIPO provides training to law enforcement officers, educates the public through television and other media, and rewards those who report counterfeit goods. without obtaining permission under paragraph (1) or in violation of conditions imposed under paragraph (4) shall exercise his/her voting rights in such existing stocks, etc. Table 2: Key Macroeconomic Data, U.S. FDI in Host Country/Economy, *ROK Sources: GDP – http://ecos.bok.or.kr/   (as of March 2019); inbound FDI – http://www.motie.go.kr  ; (as of January 2018) outbound FDI – http://www.koreaexim.go.kr   (as of March 2018), Economic Section Boundaries and names shown and the designations used on this map do not imply official endorsement or acceptance by the United Nations. The ACRC focuses on preventing corruption by assessing the transparency of public institutions, protecting and rewarding whistleblowers, training public officials, raising public awareness, and improving policies and systems. It contains the full text of the laws and offers user-friendly tools for searching and filtering for selected provisions that are specifically relevant to foreign investors. The case is still pending, and GI has closed its office in the ROK. Market analysts generally regard SOEs as a part of the government or entities fully guaranteed by the government, with some exceptions: SOEs listed on local security markets, such as the Industrial Bank of Korea and Korea Electric Power Corporation, are regarded as semi-private firms. While these regulations may have well-intended social aims, such as consumer protection or the promotion of SMEs, they often have unintended consequences for the economy by creating new trade barriers. To confirm that the information has not been affected or changed by recent developments, traditional legal research techniques should be used, including checking primary sources where appropriate. According to Statistics Korea (, http://kostat.go.kr/portal/eng/index.action. However, there is no singular government entity that exercises ownership rights over SOEs. The sinking, which resulted in the deaths of 304 passengers (mostly school children on a field trip) and crew in April of that year, resulted in widespread criticism of the ferry operator, the regulators who oversaw its operations, and the ROK government for its poor disaster response and attempts to downplay government culpability. The ROK central bank is the Bank of Korea (BOK). Transparency International’s Corruption Perception Index in 2018 ranked the ROK 45 out of 180 countries and territories, and gave it a score of 57 out of 100 (with 100 being the best score). The Korea Trade Investment Promotion Agency (KOTRA) actively facilitates foreign investment through its Invest Korea office (on the web at http://m.investkorea.org/m/index.do ). Foreign portfolio investors enjoy open access to the ROK stock market. Shareholders and contract holders may retain their rights and responsibilities based on shareholdings and contract terms. The position is commissioned by the President and heads a grievance resolution body that: collects and analyzes information concerning problems foreign firms experience; requests cooperation from and recommends implementation of reforms to relevant administrative agencies; proposes new policies to improve the foreign investment promotion system; and carries out other necessary tasks to assist investor companies. All ROK banks, including branches of foreign banks, are permitted to deal in foreign exchange. Foreign Direct Investment and Foreign Portfolio Investment Statistics, https://www.state.gov/reports/2018-country-reports-on-human-rights-practices/republic-of-korea/. In June 2018, the ROK President established the “Economic, Social, and Labor Council” that serves as an advisory group on economic and labor issues. More information on the Ombudsman can be found at http://ombudsman.kotra.or.kr/eng/index.do  . The legal system has traditionally ensured a role for SOEs as sectoral leaders, but in recent years, the ROK has tried to attract more private participation in the real estate and construction sectors in particular. In the past year, South Korea has seen a decline in Foreign Direct Investment as many international funds have become weary of the current investment prospects that the country offers. Advanced R&D capabilities. In June 2018, the ROK President established the “Economic, Social, and Labor Council” that serves as an advisory group on economic and labor issues. The Act on the Protection of Fixed-Term and Part-Time Workers prohibits discrimination against non-regular workers and requires that non-regular workers employed longer than two years be converted to permanent status. Legal proceedings are expensive and time-consuming, and lawsuits often are contemplated only as a last resort, signaling the end of a business relationship. The ROK National Tax Service has a special unit dedicated to processing Advance Pricing Agreement and Mutual Agreement Procedure requests from North America, Europe, and Australia, as timely processing of these requests has historically been a frequent subject of disputes. ROK trade union participation is lower than the latest-available OECD average of 16.7 percent in 2014. Labor and business set the minimum wage for 2019 at KRW 8,350 (approximately USD 7.35 per hour), a 10.9 percent increase from 2018. All laws and regulations also undergo review by the Regulatory Reform Committee to minimize government intervention in the economy and to abolish all economic regulations that fall short of international standards or hamper national competitiveness. Thirteen local district courts continue to oversee smaller bankruptcy cases in areas outside Seoul. Although registration can be filed online, there is no centralized online location to complete the process. Most of FKTU’s constituent unions maintain affiliations with international union federations. WFS’s appeal through the ROK tax administrative appeal process is ongoing. No state-owned enterprises were privatized between 2002 and November 2016. Fax: +82-2-717-6210 Industry analysts viewed this change as a move to get Korea off of the EU List of Non-cooperative Jurisdictions for Tax Purposes (NJTP). previously issued by the Korean corporation or company run by the national of the Republic of Korea (hereinafter referred to as “existing stocks, etc.”); (b) A loan with maturity of not less than five years (based on the loan maturity prescribed in the first loan contract), which is provided to a foreign-capital invested company by any of the following entities: (i) The overseas parent company of the foreign-capital invested company; (ii) A company that has a capital investment relationship prescribed by Presidential Decree with the company prescribed in (i); (iv) A company that has a capital investment relationship prescribed by Presidential Decree with the investor prescribed in (iii); (c) Where a foreigner contributes to a nonprofit corporation pursuant to this Act in order to establish a continuous cooperative relationship with the corporation which satisfies the standards prescribed by Presidential Decree in terms of research personnel, facility, etc.
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