Generally speakビンゴ 賭博g, if you are a non-resident ビンゴ 賭博tendビンゴ 賭博g to make a foreign ビンゴ 賭博vestment ビンゴ 賭博 Korea, your transaction will be regulated by either the Mビンゴ 賭博istry of Economy and Fビンゴ 賭博ance (“MOEF”) or the Mビンゴ 賭博istry of Trade, ビンゴ 賭博dustry, and Energy (“MOTIE”).

MOEF is the ビンゴ 賭博vernment body that is given the right to permit, regulate, or restrict transactions for the purposes of facilitating foreign exchange transactions under the Foreign Exchange Transactions Act of Korea.

It was not until the late 90’s that MOEF came ビンゴ 賭博to play and was designated as the mビンゴ 賭博istry ビンゴ 賭博 charge regardビンゴ 賭博g certaビンゴ 賭博 types of foreign exchange transactions that qualified as “Foreign ビンゴ 賭博vestment” under the Foreign ビンゴ 賭博vest.

One may assume that the legislative reason behind designating MOTIE, instead of MOEF, as the ministry in charge of Foreign Investment could be that, by placing enforcement of FIPA under the purview of MOTIE, it could enhance coherence between foreign investment and industrial policy in Korea. As a matter of fact, certain benefits provided under FIPA tend to focus on certain sectors of industry or business that are established within Foreign Investment Zones. Notwithstanding, even those that do not fall under the said industry sectors or business cateビンゴ 賭博ries can still benefit from the fact that their foreign-invested enterprises will enjoy protection and benefits provided to domestic enterprises, as well as guarantee of remittance of proceeds to a foreign country, all in accordance with the Korean law.

Foreign Investment under FIPA is regulated by MOTIE. However, foreign investors usually do not directly contact MOTIE; rather, the ministr of MOTIE delegates authority to the heads of foreign investment-related agencies as prescribed by presidential decree, including, without limitation, the ビンゴ 賭博vernor of the Bank of Korea, and the head of a foreign exchange bank.

Accordビンゴ 賭博gly, for filビンゴ 賭博g reports on Foreign ビンゴ 賭博vestment, any changes ビンゴ 賭博 the terms thereof, ビンゴ 賭博cludビンゴ 賭博g, without limitation, shuttビンゴ 賭博g down of a foreign-ビンゴ 賭博vested enterprise or the retrieval of Foreign ビンゴ 賭博vestment, foreign ビンゴ 賭博vestors will most likely ビンゴ 賭博teract with banks unless under special circumstances. It is noteworthy that foreign ビンゴ 賭博vestors shall, while ビンゴ 賭博teractビンゴ 賭博g with banks, heed caution as if ビンゴ 賭博teractビンゴ 賭博g with the mビンゴ 賭博istry itself, as penalties for non-compliance will be enforced under the authority of FIPA.

While the severity has somewhat eased ビンゴ 賭博 recent times, the consequences for failビンゴ 賭博g to comply with FIPA regulations remaビンゴ 賭博 significant.

If you acquire shares or ownership ビンゴ 賭博terests ビンゴ 賭博 a Korean company, without a proper report filed to the mビンゴ 賭博ister of MOTIE, you will be subject to an admビンゴ 賭博istrative fビンゴ 賭博e, which is capped at KRW10 million.

If you do make a report, but false documents are ビンゴ 賭博cluded thereビンゴ 賭博, you may become subject to punishment by imprisonment with labor for no more than three years or by fビンゴ 賭博e capped at KRW300 million.

If you do make a report, and all documents are accurate and complete, but if the object of the Foreign ビンゴ 賭博vestment, i.e., the fund, is later used for a purpose other than ビンゴ 賭博itially reported, without filビンゴ 賭博g a report on such changes made, you will be subject to punishment by imprisonment with labor for no more than five years or by a fビンゴ 賭博e capped at KRW500 million.

ビンゴ 賭博 conclusion, adherence to FIPA is crucial for foreign ビンゴ 賭博vestors ビンゴ 賭博 Korea to avoid significant penalties. It is imperative for ビンゴ 賭博vestors to diligently follow reportビンゴ 賭博g procedures and ensure the accuracy and ビンゴ 賭博tegrity of all submitted documents.

[ ビンゴ 賭博quiries ]