Due to differences in U. According to the Fair Trade Commission, the number of franchise companies increased from 4, to 5, Among the 5, franchise companies, 3, were in food service, and one company owned 1. The average lifespan of a food service franchise brand is six years and five months. While over 1, new franchise brands disappear, new brands are regularly being introducing every year. As it relates to disclosure requirements, franchisors are required to register the disclosure document with the KFTC first and then furnish the registered disclosure documents to the potential franchisee.
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Korean franchisees are reluctant to pay the high franchising fees and royalties often required by U. Minimum facility size and number of store openings required by some U. The expensive nature of the commercial real estate sector in Korea can potentially affect the feasibility of a project, which may otherwise offer great promise in other markets. Korean franchisees prefer to do business with U. Industry experts point out that U. Door-to-door sales and multi-level marketing remain competitive in Korea. This stagnation or even decreasing trend could remain in the future as a by-product of the growth in e-commerce.
The number of registered multi-level marketing companies in Korea has increased to from in The Korean government reduced the restrictions on MLM companies by passing legislation eliminating most existing market barriers against MLM products, such as the obligation to disclose retail prices on MLM product labels. MLM companies should promote their products and services appropriately and efficiently by carefully analyzing Korean market trends and sophisticated and mature Korean consumers. Koreans prefer to maintain local control of JV operations with foreign entities.
Thus, the financial goals, internal organization, and key management issues of a JV must be agreed upon by all involved parties as early as possible. Reaching such an agreement can take time.
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Foreign direct investment FDI is encouraged and promoted by the Korean government. Korea offers strong incentives to potential foreign investors in a bid to attract more foreign direct investment into Korea.
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The Korean government has frequently made clear its desire to improve the business environment for foreign investors and attract more FDI. Legally, Korean board meetings require the physical presence of all JV members, as well as a quorum of the directors. If a foreign investor intends to exercise day-to-day management of an operation, a representative director who resides in Korea must be appointed.
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Well-written, well-understood, and well-executed contractual agreements provide the basis for a U. Cultural differences surrounding the expectations of a contractual agreement and how one successfully arrives at a mutually beneficial agreement is often the basis of consternation and challenges. It is the beginning, rather than the end, to a negotiation. When dealing with contracts, the best strategy is to prevent conflicts. The KCAB advises foreign companies on contract guidelines. Korea has a very well-defined domestic express delivery service.
Quick Service tends to be more informal in terms of pricing, but just as reliable.
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International express delivery from the U. The average estimated delivery time is about business days from Los Angeles to Seoul, and about four days for other areas of Korea. Customs procedures are normally handled by the express delivery service company.
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Conducting a thorough due diligence check is critical when selecting a local partner for a joint venture, licensing, representation, and distribution. South Korea - Commercial Guide. Last published date: Using an Agent to Sell U. Products and Services Before entering a contractual relationship with a Korean representative agent , U. In Ngorongoro, a remote district in Arusha, rural communities are bearing the brunt of a changing climate that is ravaging many parts of East Africa. The Energize project is working to build new skills for out-of-school pastoralist adolescent girls and young women on biogas and solar energy products, as well as on how to run sustainable businesses.
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Date: Wednesday, March 6, Getting Fatouma back to school. Date: Monday, January 7, UN Women supports girls and young women in Mali to pass high school exams — and to pursue their dreams. Date: Wednesday, September 12, UN Women carries the Olympic Torch, calls for gender equality in sport. Date: Friday, January 19, Date: Friday, May 22, Date: Thursday, May 21, A transformative vision for education over the next 15 years has been adopted at the World Education Forum, which concluded today in Incheon, Republic of Korea.
Date: Wednesday, May 20, Press Release: World Education Forum will set roadmap for global education until Date: Tuesday, May 19, The global education agenda for the next 15 years will be discussed at the World Education Forum , which opened today in Incheon, Republic of Korea.
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