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Newsletter | April 2017, Issue 1
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TECHNOLOGY, MEDIA & TELECOMMUNICATIONS
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Korea’s Ministry of Science, ICT and Future Planning Amends the Telecommunications Business Act Regarding Value-Added Telecom Service Provider Registration Requirements
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On December 15, 2016, the Ministry of Science, ICT and Future Planning (the “MSIP”) amended the Enforcement Regulations (the “Regulations”) of the Telecommunications Business Act (the “TBA”).
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Background:
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While the TBA is the general law governing the operations of Value-added Telecommunications Service Providers (“VSPs”, which typically includes online service providers) in Korea, and the licenses required thereby, the Regulations dictate the documentation actually required for a company to register as a VSP in Korea.
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Although the TBA itself does not expressly require that a VSP applicant be a corporate entity, the current Regulations had required such applicants to submit a Korean certificate of corporate registration to the MSIP. This caused administrative difficulties in registering as a VSP in Korea for business operators with no form of corporate entity, and for foreign companies without the ability to issue a Korean certificate of corporate registration.
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Significance:
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In order to mitigate these difficulties, the MSIP proposed to amend the Regulations, so that certificates of corporate registration will only be required if the applicant is in fact a corporate entity. Particularly in the case of a foreign company applicant, the new regulations permit such a foreign company to submit a certificate in accordance with the Apostille Convention, in lieu of a Korean certificate of corporate registration, or other documents that have a similar effect.
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