SEOUL, KOREA - As part of the one-stop service provided by Invest KOREA, the Investment Consulting Center (ICC) offers consulting and administrative support for foreign investors.
Free of charge for foreigners who wish to invest in Korea, the center’s one-stop consulting services span the entire investment process, from consulting services in the early stage of investment to administrative assistance in the investment implementation stage and postinvestment settlement support.
Consulting
Eleven experts provide consulting services on investment procedures (including investment notification, registration and requirements), incentives, taxes, accounting, laws, labor and settlement. Investors can receive ICC services by walk-in or over the telephone and through email as well. All services are available in English and Japanese.
Administrative Support
The ICC is staffed with 18 government officials who provide consulting and administrative support. The services provided by the ministries and government agencies that dispatch officials to the ICC are as follows:
• Ministry of Trade, Industry and Energy
- Foreign investment notification
- Registration of foreign-invested companies
• National Tax Service
- Consultation on tax exemption and reduction programs
- Business tax ID registration
• Korea Customs Service
- Issuance of certificate of completion of investment in-kind of capital goods
- Customs-related consultation
• Court
- Guidance and support for the application and registration of foreign-invested companies
• Ministry of Justice
- Issuance of residence permits to investors (D-8 visa) and their accompanying dependents (F-3 visa) and household assistants (F-1 visa)
• Ministry of Employment and Labor
- Consultation on personnel and labor relations for foreign-invested companies
Also, the Korea Industrial Complex Corp. dispatches a staff member to help foreign investors find the right business location in Korea.
One-day Secretary Service
To support the early settlement of investors in Korea, ICC consultants accompany investors and their families to hospitals, schools or other places to help with lifestyle-related matters in Korea and provide interpretation and assistance.
On-site Consulting Service
ICC experts visit potential investors or foreign-invested companies in Korea and abroad to provide on-site consultations. After collecting inquiries, ICC staff or dispatched officials who can answer the inquiries visit the company or investor and provide one-on-one customized consulting.
Publications
The ICC publishes several booklets for foreign investors, including “Doing Business in Korea” in English, Japanese and Chinese, “Guide to Living in Korea” in English, Japanese and Chinese and the “Labor Law Guide for Starting Foreign-invested Enterprises” in English.
By Nam Kyung Mo
813022@kotra.or.kr
Nam Kyung Mo is the Director of the Investment Consulting Center. He is dispatched from the Ministry of Trade, Industry and Energy and has worked for the Ministry’s Personnel Team, New and Renewable Energy Division, Petroleum Division
and Mineral Resource Division.