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  • [Regulatory reform] Partial Amendment to the Special Act on Designation and Management of Free Economic Zones (#grievance resolution)
    • Date : 2024.01.15
    • Views : 409

The Office of the Foreign Investment Ombudsman would like to inform you that the regulations on the move-in of the related parties of the foreign-invested companies located in a free economic zone have been eased thanks to the partial amendment of the relevant act.




1. Background 


The current 「Special Act on Designation and Management of Free Economic Zones」 has prevented a foreign-invested company located in a free economic zone from providing site and facilities to its related parties, imposing excessive regulations on its business activities. 



2. Resolution


Article 16 (6) 3 of the Special Act on Designation and Management of Free Economic Zones has been amended to exclude foreign-invested companies from the subject of related parties (enforced on January 9, 2024.)



3. Results


A foreign-invested company located in a free economic zone is now able to provide land and facilities to its related foreign-invested companies, so that it is expected that the integrated operation of the site and facilities will lead to enhancing management efficiency. 




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Thank you.