• SK GVT proposed to revise the Enforcement rules of foreign investment promotion act.
• Amendments aim to simplify documents required for reporting foreign investment.

Amendments

• Create a simplified investment overview form, which consists only of matters required when reporting foreign investment using unappropriated earned surplus.
• Ask to fill in the import declaration number instead of resident/foreigner registration number in the application form for confirmation of in-kind investment completion.
• Improve terminology in relevant forms and guidelines on how to fill out the forms.

Effectiveness

• The consultation is open to the public until 19 June 2023.