October 11, 2019
Business issues in South Korea: Regulations, incentives and taxation
- Except of high-risk items regarding public health and sanitation, the national security and the environment that requires additional documentation and technical tests, goods imported into South Korea with no record of trade-law violations doesn’t require customs inspection.
- The importers can make an import in online declaration using the Korean Customs Service’s of Electronic Data Interchange system for paperless import clearance. There is no need to visit the customs house in person.
- Import declarations may be filed at the customs house before a ship enters a port or before the goods are unloaded into bonded areas. Goods don’t have to be stored in the bonded area if the import declaration is accepted.
- Exporters can file an export notice to South Korean Customs by computer-based shipping documents at the time of export clearance. If the commodities are not included on the negative list that can be freely exported.
- South Korean Customs allows free customs for goods such as laptop for using during staying in the country. Generally, South Korean Customs makes a note on the traveler’s passport which requires them to take the item/s out of South Korea when they depart.