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58 Country starter pack Business practicalities in Korea Land and property rights In principle, foreigners are free to acquire land in Korea except for specified categories including military facilities, cultural assets, land set aside for ecological preservation, and some land on islands required for military purposes. After a contract for land acquisition is concluded, a report on the acquisition should be filed to the municipal governor within 60 days. The process differs depending on whether the foreign purchaser is a resident (has lived in Korea for longer than six months) or a non-resident. Resident foreigners are subject to the Foreigner’s Land Acquisition Act and the Real Estate Registration Act. Within 60 days of buying property, they must present the following documents to the local city, county or district office (si, gun or gu): • Certified copy of the purchaser’s alien registration card • Registration application and certificate • Documents certifying causes for registration • Certified copy of the property registration. Non-resident foreigners are subject to the Foreign Exchange Transaction Act. They are required to apply for a registration number at an immigration office with a certified copy of the land acquisition report and a copy of their passport. The following documents are required for the registration: • Address certificate • Registration application and certificate • Certified copy of the property registration • Documents certifying causes for registration. Intellectual property (IP) The Korean intellectual property (IP) system is advanced compared to many other countries in Asia. Korean companies are prolific filers of patent and trademark applications for inventions and local brands. In general terms, IP registration and protection in Korea is similar to Australia. The Korean Intellectual Property Office (KIPO) is responsible for the registration of trademarks, patents and designs – all of which can be applied for online. The KIPO website also provides a searchable patent database. Foreign businesses that do not have a place of business in Korea are required to lodge patent, design and trademark registrations through a Korean IP attorney. If you are considering exporting to Korea, it is advisable to contact an IP professional experienced in Korean IP law and trade to advise on local customs and other laws regulating imports and trade. Australian IP professionals can facilitate such contact. Filing and renewal fees tend to be lower than comparable Australian fees, but higher than those of many other Asian countries. Australian applicants should also factor translation fees into the total cost of filing applications in Korea, as documents such as patent specifications must be filed in Korean. There are various methods for registering intellectual property, depending on its type. IP Australia’s website outlines the following information for Australian businesses operating in Korea: Trademarks: Korea follows a first-to-file rule for obtaining trademark rights. This means the first person to file a trademark application will generally have a priority over a prior user of the mark in Korea. Trademark applications should therefore be filed as soon as possible. Three dimensional trademarks are protected in Korea. However, other non-traditional marks such as sounds and smells are not yet able to be registered. Korean Customs provides cross-border measures for the protection of registered trademarks. Trademark registrations may be removed if they are not used for a period of three or more consecutive years after registration. However, trademark protection is granted for 10 years from the date of registration and is renewable. Foreign and domestic authors can secure copyrights in Korea by registering them with the Ministry of Culture and Tourism. KIPO, under the umbrella of the Ministry of Knowledge and Economy, is the government body regulating and administrating matters to protect intellectual property rights. In September 2010, KIPO launched the Special Judicial Police Squad to more effectively crack down on counterfeit goods. Patents: Two forms of patent protection are available in Korea: patents (with a 20 year term) and utility models (with a 10 year term and a lower level of inventiveness required). Certain types of subject matter are not patentable in Korea. Designs: Korea offers two categories of design applications: normal examination designs (substantive) and nonexamination designs (non-substantive). Non-examination designs are restricted to two-dimensional products such as wrapping paper and/or those with a short life cycle, such as fashion-dependent goods like clothing. Plant varieties: Korean IP laws allow for the protection of plant variety rights for a period of 20 or 25 years, depending on the type of plant. Personal information protection: A Personal Information Protection Act (PIPA) became effective in Korea on September 30, 2011. Under PIPA, all companies, organisations, governmental agencies and people that process personal information when conducting businesses must comply with the protective measures prescribed in the PIPA. There is generally no minimum threshold on the size of the entity covered by PIPA requirements. One of the key principles under PIPA is that the entity processing the personal information must disclose certain matters to the information owners and obtain their consent prior to the collection, use and provision to third parties of their information. Non-compliance may subject a company to administrative penalties, civil liability and criminal penalties.
Country starter pack Business practicalities in Korea 59 5.2 IMPORT DUTIES, TARIFFS AND REGULATIONS International trade is the engine driving Korean economic growth. According to Korea’s Ministry of Knowledge Economy, foreign trade represents more than 80 per cent of its GDP. In engaging in trade and exporting to Korea, Australian businesses need to be aware of the various import regulations and tariffs and duties that may apply to their goods. Although the terms tariff and duty are often used interchangeably, they are not the same – tariffs are taxes levied on imports only, whereas a duty can apply to both imports and domestically sourced products. This section will highlight core information on tariffs, duties and other taxes that may affect Australian businesses, and provide an overview of Korea’s import regulations. Tariffs and import regulations are frequently revised and subject to change without notice, so you should reconfirm your situation before exporting goods to Korea. Authorised economic operator: Exporters to Korea can benefit from accreditation under the authorised economic operator (AEO) program, which has been implemented by customs authorities around the world to make trade more secure and streamlined. AEO accreditation for businesses involved in international trade generally affords them reduced government intervention and a resultant increase in delivery speed and reliability at the border. A fully-fledged AEO program has been in place in Korea since April 2009. Authorisation can be granted to eligible entities in nine categories: exporters, importers, customs brokers, warehouse operators, transporters, freight forwarders, carriers, air carriers and ground handlers. Companies must file applications with the Korean customs authorities to get accreditation. Examination of applications takes 30 days, but the wait may be extended to up to 30 additional days at the discretion of the Commissioner of the Korea Customs Service. Tariffs/import duties Korea has a two-column tariff scheme based on the international ‘harmonised system’. Duties are mainly a percentage of the cost, insurance and freight (CIF) value, provided such value is based on current domestic value at date of export. Goods that meet the KAFTA preferential rates are subject to the reduction or elimination of tariffs on items originating from Australia.
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REPUBLIC OF Korea COUNTRY STARTER P
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SURFACE AREA 99,400 square kmS GDP
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Country starter pack Introduction t
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Page 21 and 22: Country starter pack Getting starte
Page 39 and 40: Country starter pack Sales & market
Page 47 and 48: Country starter pack Conducting bus
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Page 83 and 84: Country starter pack Visiting Korea
Page 97 and 98: Country starter pack Engage with us
Page 99 and 100: Country starter pack Engage with us
Page 102: © August 2015, Asialink Business.
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