| South Korea has a straightforward process when it | | | | An import license is mandatory in South Korea, and |
| comes to importing goods into the country. The start | | | | can be obtained from the Ministry of Trade and |
| of the process is the conclusion of a contract, and | | | | Industry. It is also possible to appoint the president |
| the culmination is the import payments. The import | | | | of a foreign bank as a delegate, who can issue |
| payments encompass a large number of activities, | | | | import licenses. This is applicable except in the case |
| including the conclusion of import contracts, | | | | of counter-trade. |
| establishing import permission, clearance of customs | | | | South Korean foreign trade is subject to a great deal |
| regulations, and actual payment. There are other | | | | of legislation. One of these is the External Trade Act, |
| steps that are usually optional, on which the nature | | | | which specifies the procedure for the export and |
| of the actual goods and the kind of transaction that | | | | import of goods. There is also the Foreign Exchange |
| was carried out has a direct consequence. | | | | Management Act which related to foreign exchange |
| Imported goods must enter through one of the | | | | matters, including matters such as the settlement of |
| established channels: the ports of entry. The duties | | | | export or import payments. And lastly there is the |
| that are then calculated by the customs officials need | | | | Customs act, which deals mainly with customs |
| to be disbursed, and the delivery is then carried out. | | | | clearance, among other things. |
| There are occasions when the item that needs to be | | | | The External Trade Act has been applied from July 1, |
| imported is deemed to be an import restricted item, | | | | 1987, and has precedence over three other laws: |
| at this time the import authorization is strictly | | | | - The Export Union Act of 1961, the Trade |
| required. As per the Mitt's Export and Import Notice, | | | | Transaction Act of 1967, and the Plant Export |
| the restricted item must have an import | | | | Promotion Act of 1978. |
| recommendation, which can be obtained from a | | | | - The Foreign Exchange Control Act (FECA) is set of |
| competent authority or association. The organization | | | | regulations for foreign exchange transactions. |
| must be in accordance with the regulations of import | | | | It also covers the exchange rate system, among |
| announcements and must conform to the special | | | | other things, like transactions of foreign exchange, |
| notice outlined by the Ministry of Trade and Industry. | | | | concentration of foreign exchange, payment and |
| However, freely importable items do not need any | | | | receipt of foreign exchange. |
| recommendation. | | | | |