According to Yonhap News,

(SEOUL=Yonhap News) The Ministry of Trade, Industry & Energy (MOTIE) announced June 19 that it pre-announced the revised Foreign Investment Promotion Act.

The revised Act simplifies document procedures for foreign corporate investors when they register in Korea. While previously they were required to submit a set of confidential business documents such as business contracts and transaction documents when they entered the country, they are now required to submit only proof of national identity to complete the procedure. They can submit the rest of the documents when registering their businesses in Korea.

In the event of mergers and acquisitions (M&A) with Korean corporations, foreign corporate investors are given an extended period of time to complete their business registration and can take twice as long to report securities obtained in an M&A.

The government is making a number of other deregulation efforts, such as giving extra incentives to global corporations relocating their headquarters or research and development centers to Korea. Deregulation is a policy priority of the Park Geun-hye administration.

prayerahn@yna.co.kr

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