Establishing a System to Ease the Burden of Foreign Exchange Reporting
Korea Venture Investment Corp. (KVIC) announced on December 1 that it held the opening ceremony for the Venture Investment Foreign Exchange Center (K-Invest Hub) at its headquarters in Seocho-gu, Seoul, on November 28, officially launching its foreign exchange reporting support service for overseas investors.
At the opening ceremony of the Venture Investment Foreign Exchange Center (K-Invest Hub) held on the 28th of last month at the Korea Venture Investment headquarters in Seocho-gu, Seoul, attendees are taking a commemorative photo. Korea Venture Investment
The opening ceremony was attended by Kim Youngil, Head of Foreign Exchange Business Division at KB Kookmin Bank, and Lee Kiback, Head of the Korea Venture Capital Association. They expressed their commitment to strengthening the foundation for the global growth of promising domestic venture companies through public-private cooperation.
A KVIC representative stated, "The domestic venture investment market continues to grow, and as a result, the demand from overseas investors to enter the Korean market is also increasing. However, overseas investors have faced difficulties in reviewing domestic venture investments due to complex foreign exchange transaction reporting and tax procedures, as well as the absence of local staff." The representative added, "To address these challenges, the Venture Investment Foreign Exchange Center has established a collaborative system with dedicated law firms and foreign exchange banks, and will operate a one-stop support platform for overseas investors."
To provide stable and standardized foreign exchange reporting support, the Venture Investment Foreign Exchange Center signed a business agreement (MOU) with KB Kookmin Bank on June 27. KB Kookmin Bank operates a customized consultation system for overseas investors and has established specialized branches in major locations such as Seolleung, Gangnam, and Hongdae (Seogyo-dong) to professionally support foreign exchange work related to venture investment. This is expected to improve accessibility for overseas investors and shorten processing times. In addition, a dedicated law firm has been selected to review and handle foreign exchange reporting, forming a professional team to provide accurate and reliable agency and consulting services.
The center has also launched official websites in both Korean and English, enabling overseas investors to apply online for foreign exchange reporting agency services. Upon application, the center provides review and agency services for foreign exchange reporting, allowing overseas investors to receive one-stop services from submission to processing with just simple information input, greatly enhancing convenience.
Lee Daehee, CEO of KVIC, stated, "We aim to serve as a key platform supporting the smooth entry of overseas investors into Korea and strengthening the global competitiveness of the Korean venture investment market."
The center announced plans to evolve into a comprehensive hub that not only provides foreign exchange reporting agency services but also supports investment attraction and policy linkage, ensuring the stable inflow of global investment funds into the domestic venture investment market. The center will continue to strengthen its integrated support system-based on reporting, consulting, and dedicated bank cooperation-so that global venture capital firms and overseas institutional investors can more easily invest in domestic venture companies.
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