Closure of branch, retrival of liquidatation funds in Rep of Korea

A notification to the head of the designated foreign exchange bank has to be made when a person who has acquired the appropriate establishment permits, etc. according to regulations wishes to close the domestic branch or to close and dispose of assets held domestically by remitting them to the foreign country.

In such cases, the amount that may be retrieved is limited to the sum of funds brought for local operations, profit surplus and other surpluses of the local branch (minus any losses).

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