SOUTH KOREA Law and Practice Contributed by: Hongki Kim, Hwijin (HJ) Choi, Kee Won Shin and Jennifer Yein Kwon, Bae, Kim & Lee LLC
10.2 Electronic Signatures Electronic signatures are permitted and valid in South Korea. They have full legal effect under the Digital Sig - nature Act. 10.3 Stamp Duties There are no document taxes or stamp duties appli - cable to franchise agreements in South Korea. The Franchise Act does not require franchise agreements to be notarised or registered. In addition, no fee is charged for registering the franchise disclosure docu - ment with the KFTC or another competent authority.
• where payment for imports is made more than one year before the goods are received; • where payment is made to a third party; and • where payment is made without going through an authorised foreign exchange bank. In these cases, reporting may be required depending on the amount and nature of the payment. Franchisors and franchisees should therefore confirm in advance whether reporting is necessary under these excep - tions. 10. Execution Formalities 10.1 Authentication, Notarisation, Witnessing, Etc There are no formalities required when signing the franchise agreement. In particular, there is no require - ment to authenticate or notarise signatures, to have witnesses or to complete any form of registration.
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