Fn Hub Korea publishes licensing handbook

By Kim Tae-jong

Financial (Fn) Hub Korea has published a revised edition of its licensing handbook in English to help foreign financial institutions enter the Korean market.

Titled “Korean Financial Company Licensing Handbook,” it has updated changes in Korean financial supervisory laws and regulations since its first publication in February 2010.

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

“Readers can obtain detailed and practical information from the handbook,” said Min Byung-hyun, director of Fn Hub Korea. “It has a variety of important and useful information such as procedures for obtaining a local incorporation license.”

The new edition of the handbook is expected to be widely used as a reference for foreign financial institutions looking to start a business in Korea as it features the most recent information on licensing procedures for each financial sector, Min said.

It also contains application forms and related rules for each licensing and approval case.

Fn Hub Korea has also included licensing procedure flow charts so readers can see the process at a glance.

It plans to distribute 300 copies of the new edition to foreign embassies, foreign chambers of commerce, Korean diplomatic offices overseas, and foreign financial institutions at home and abroad in early July. It will also upload the handbook in PDF form on its website, www.fnhubkorea.kr.