Talk on the Street
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Talk on the Street
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Franchising experts All State Franchise Finders share their knowledge about franchising into South Korea and why it is a great place to test the East Asia market.
South Korea, located in Eastern Asia, has a population of approximately 49 million people. Since the 1950s, South Korea has experienced huge economic growth and development. With a national GDP of over S1.6 trillion, South Korea is now considered one of the largest economies in the world.
Over the past 10 or so years, South Korea has really opened up to the concept of franchising in a big way. South Korea is currently ranked eighth out of 185 countries in the World Bank Group’s Ease of Doing Business Ranking.
Franchising Laws in South Korea
South Korea’s franchising industry is governed by specific franchising laws. The Fair Transactions in Franchise Business Act (Franchise Act) and the Enforcement Decree are the primary laws governing the franchise industry in South Korea. The Korean Fair Trade Commission (KFTC) is the regulating body that oversees South Korea’s franchising industry.
According to the KFTC, there were more than 3,500 registered franchisors throughout Korea, operating more than 13,000 units and franchising an additional 200,000 units in 2015.
Derek Cafferata, CEO of franchising experts All State Franchise Finders says that many foreign companies looking to franchise into the East Asian market often look to South Korea first.
“The franchising laws in South Korea are some of the most advanced and sophisticated of their kind throughout the Asian market,” says Derek. “This is one of the main reasons why many choose South Korea to launch their brand into Asia.”
Derek goes on to say that choosing to use a master franchisor who is already well established in the local market is a great way to enter into South Korea.
While there are a wide range of franchise fee and non-royalty payment options available to franchisors, the majority of international franchisors operate a typical royalty franchise fee model that includes the payment of an initial franchise fee, marketing fees, ongoing royalty fees and ongoing training and support fees.
This franchise fee model is very similar to what international franchisors would already be familiar with in the U.S.
All State Franchise Finders the Franchising Experts
All State Franchise Finders have more than 30 years’ experience in the franchising industry, helping businesses multiply their brand across the United States and internationally into Europe, Asia Australasia and more. With their headquarters based in Fort Worth, TX, Derek Cafferata and his team use their franchising knowledge and experience to perfectly match franchisors with the ideal franchisee, across a wide range of industries.
Their international franchising knowledge and experience is second-to-none, providing accurate and reliable advice for those looking to expand their brand internationally, particularly into the Asian marketplace.
For more information, contact All State Franchise Finders on 1-800-544-6121 or visit allstateff.com today. All State Franchise Finders are highly respected as the franchising experts.