FSS updates handbook on licensing firms

Financial Hub Korea under the Financial Supervisory Service has published the revised edition of its English-language licensing handbook designed to help foreign financial institutions better understand the procedures to enter the Korean financial market.

The new book, titled “Korean Financial Company Licensing Handbook,” reflects changes in Korean financial supervisory laws and regulations since its first publication in February 2010. 

The handbook consists of five categories: common, banking business, financial investment business, insurance business, and microfinance and loan business.

Readers can obtain detailed and practical information in English on starting up a financial business in Korea including procedures for obtaining a local incorporation license and approval for changing major shareholders or a subsidiary’s incorporation into a financial holding company.

The center will distribute 300 copies of the new edition in early July to foreign embassies, foreign chambers of commerce, Korean diplomatic offices overseas, and foreign financial institutions at home and abroad after uploading the handbook in PDF form on its website (www.fnhubkorea.kr).

By Park Min-young  (claire@heraldcorp.com)