Korea provides generous support to attract foreign entrepreneurs & professionals.
Korea, what has long been a closed society and a market, gradually opened its doors to foreign investment following the 1997 Asian Financial Crisis. During the rapid economic growth in the latter half of the 20th century, the government limited foreign influence on Korean market to secure the space for domestic industries to grow in the absence of foreign competition. However, the devastating crisis in 1997 which led the nation close to a bankruptcy sent a clear message to the Korean people: globalization is an irresistible trend and we must start opening our doors.
Korea finally learned its lesson and enacted the Foreign Investment Promotion Act (FIPA) in 1998. The act provided legal framework for developing and implementing policies that can spur foreign investment. Unlike in the past when Korea was either reluctant or passive in embracing foreign influence, Korea has finally become a country that wholeheartedly welcomes foreign investment for its very well being.
However, despite the government’s willingness to open and accommodate foreign businesses, we understand that starting and doing business in Korea can still be difficult for foreign entrepreneurs due to different language, laws, culture, and business as well as living environment. Pearson & Partners provides a series of services that can lower all types of barriers for those who want to explore new business opportunities in Korea. We provide the optimal solution customized for each business endeavors.
For more information, you can download our A Guide to Doing Business in Korea at the bottom of this page. Also, our Insights section will cover the latest information for foreign investors doing business in Korea.