Korea amends the Foreign Investment Promotion Act to simplify FDI registration procedures

On 27 January 2016, Korea amended the "Foreign Investment Promotion Act". The changes simplify FDI registration procedures, including through (1) abolishing foreign investors' prior reporting to the government of any designated modification of the investment, such as the amount of foreign investment or the foreign ownership ratio; (2) abolishing reporting on "Contracts for Introduction of Technology"; and (3) extending the reporting period for certain types of transactions (specifically, from 30 days to 60 days for purchasing stocks or shares which have already been issued by a company run by a national or corporation of the Republic of Korea).

• Type:

  • Entry and establishment (Approval and admission)
  • Promotion and facilitation (Investment facilitation )

• Industry:

  • Not industry specific

• Sources:

  • National Law Information Center, Foreign Investment Promotion Act (in Korean), http://www.law.go.kr/lsSc.do?menuId=0&p1=&subMenu=1&nwYn=1§ion=&tabNo=&query=%EC%99%B8%EA%B5%AD%EC%9D%B8%ED%88%AC%EC%9E%90%20%EC%B4%89%EC%A7%84%EB%B2%95%20-%20undefined#undefined, 27 Jan 2016