[Consultation] Broker for Securities Acquisition Report related to Overseas Direct Investment]

Law firm Veat took on the case of Mr. A, an individual with SAFE investments planned for a Singaporean overseas branch, and conducted the Korean Bank’s securities acquisition notification business.

Mr. A inquired to Law firm Veat regarding the securities acquisition notification business for a SAFE investment in a Singaporean overseas branch. In response, Law firm Veat determined whether this SAFE investment was subject to reporting under the Foreign Exchange Act, and what type of reporting was required, and promptly conducted resident securities acquisition notification with the Korean Bank.

When engaging in foreign exchange transactions, there are various reporting and reporting obligations as stipulated in the Foreign Exchange Act, and penalties such as fines may be imposed if these procedures are not followed. Therefore, we recommend that you proceed with various procedures in conjunction with a legal expert.

If a resident wishes to make a foreign direct investment in a foreign local branch, they must report to the Foreign Exchange Bank Governor (Foreign Exchange Act Article 9-5). In addition, after the initial reporting, if the changes are made to the reported content such as the establishment of a subsidiary of the local branch or changes in the investment amount, a follow-up report must be submitted (Foreign Exchange Act Article 9-9).  

Law firm Veat provides a quick one-stop service from identifying what type of reporting is needed, to gathering the actual application forms and supporting documents for submission. If you need to submit various reports required under the Foreign Exchange Act, such as securities acquisition notification, foreign direct investment notification, and foreign investment notification, please feel free to contact the Law firm Veat Overseas Investment Notification Center at any time.

Thank you.
Law firm Veat