Fair Trade Commission Compliance: Who Qualifies and What You Get
Learn how large companies in South Korea can gain exemptions from anti-trust investigations through formal compliance processes.
This compliance process allows certain businesses to demonstrate they are following fair competition rules to avoid official investigations.
Who it's for
This scheme is designed for companies that hold a significant share of the market or possess large total assets.
What you get
By following these compliance procedures, a company can earn an exemption from certain anti-trust investigations regarding their business practices.
What it costs you
While there is no direct government fee mentioned, the process requires a commitment of your internal resources. You will need to invest time into conducting internal audits and will likely need to pay for professional legal consultation fees.
The catch to know
Small and medium-sized enterprises often overlook these compliance requirements, only realizing the importance of this framework after a formal complaint has already been filed against them.
How to apply
- Assess if your company meets the asset or market share requirements.
- Arrange for internal audits to review current business practices.
- Consult with legal experts to ensure all regulatory standards are met.
- Review the requirements and submission steps on the official portal.