Includes how foreign exchange is managed and implications for U.S. business;
Last Published: 8/29/2019

Korea has liberalized foreign exchange controls, in line with OECD benchmarks.  A foreign firm that invests under the terms of the Foreign Capital Promotion Act (FCPA:  http://legal.un.org/avl/pdf/ls/Shin_RelDocs.pdf) is permitted to remit a substantial portion of its profits, providing it submits an audited financial statement to its foreign exchange bank.

To withdraw capital, a stock valuation report issued by a recognized securities company or the Korean Appraisal Board must be presented.  Foreign companies not investing under the FCPA must repatriate funds through authorized foreign exchange banks after obtaining government approval.  Although Korea does not routinely limit the repatriation of funds, it reserves the right to do so in exceptional circumstances, such as in situations which may harm its international balance of payments, cause excessive fluctuations in interest or exchange rates, or threaten the stability of its domestic financial markets.  To date, the Korean government has had no instance of limiting repatriation for these reasons, even during and after the 1997-98 financial crisis.

The Bank of Korea has detailed information about foreign-exchange control policies in Korea.  Consult: http://eng.bok.or.kr/.
 

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