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Online Consulting

2018-11-21
Susan Warren
[Investment Registration] Executive Assistant
My company produces e-mailed newsletters with information about financial investments and health supplements. Our customers subscribe and pay to receive these newsletters. Would it be categorized as News Agency Activities (63910) and restricted to no more than 25% non-Korean ownership?

Reply

2018-11-21
Consultant :
백진종
Hello !

I think your business is "Data base activities and on-line information provision services" and its KSIC(Korean Standard Industrial Classification) number is 63991. Unlike 63910, it is not a restricted business based on Foreign Investment Promotion Act. In conclusion, when you conduct your business in Korea, you do not need a Korean partner and you can do it alone.

According to Statistics Korea, KSIC 63991 is explained as follows. 

"Collects and combines primary data, collects information processed according to a certain format on a computer, and provides industrial activities such as answering phone calls, online, or diskettes on demand. Businesses that perform specific industry activities such as credit check, advertisement agency, stock quotation, and travel information creation are classified according to their essential activities when they provide relevant information online."
 
Jay BAEK
Consultant
KOTRA