General Information

The EU-South Korea Free Trade Agreement to integrate the European and Korean economies, adopted in 2011, has helped remove many trade barriers and facilitate French product imports into this highly developed country with a large population, with large consumer base and high purchasing power.

While South Korea is a mature economy with large groups that have shown great commercial aggressiveness and knowledge of international markets, it is not easy for foreign groups to enter the Korean market. It is essential to be able to put forward a new or differentiated offer or to consider partnering with a Korean company with a complementary activity in order to better understand the modus operandi in Korea. 

However, it is relatively easy and quick to set up a company in Korea. 

Means of Payment & Banking Specificities

Documentary credits remain the most secure and common method of payment. There is some exchange control in Korea and the local currency KRW is convertible but only exchangeable through non-deliverable futures contracts on offshore markets. Any foreign currency transactions exceeding USD 1K must be notified to the central bank. Supporting documents are requested for any inflow or outflow of funds exceeding USD 1K.