- Type of Government: One-party state, totalitarian dictatorship
- Population: Approximately 26 million
- GDP: Estimates vary; data is limited
- Corporate Tax Rate: Not publicly available
- Personal Income Tax Rate: Not publicly available
- Major Exports: Textiles, minerals, seafood
- Major Imports: Machinery, food, oil
Doing Business with North Korea
A comprehensive guide to doing business, exporting, investing, and manufacturing in North Korea.
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Research Regulations
- Understand international sanctions and restrictions related to North Korea.
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Identify Local Partners
- Find authorized and compliant partners familiar with North Korean trade.
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Prepare Documentation
- Ensure all export documentation complies with international and local laws.
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Arrange Logistics
- Secure a reliable logistics provider experienced in dealing with North Korean shipments.
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Customs and Compliance
- Work with experts to navigate North Korean customs and international trade laws.
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Monitor Political Climate
- Stay updated on geopolitical developments that could impact trade.
Key Contacts
Due to international sanctions, contact your country’s trade and foreign affairs departments for guidance.
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Understand Regulations and Sanctions
- Research international sanctions and North Korean laws that affect foreign investments.
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Consult with Experts
- Engage with legal and business consultants familiar with North Korean regulations.
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Identify Local Partners
- Find authorized entities to help navigate the local business environment.
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Conduct Feasibility Study
- Assess the viability of the project considering local resources and infrastructure.
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Prepare Documentation
- Compile necessary business proposals and required documentation.
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Submit Applications
- Work with local contacts to submit applications to relevant North Korean authorities.
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Secure Approvals
- Obtain the necessary approvals and permits from government agencies.
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Establish Operations
- Set up the physical plant, ensuring compliance with local laws and regulations.
Key Contacts
Due to restrictions, direct contacts are not available. Consult your country’s trade and foreign affairs departments for guidance.
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Consult with Experts
- Engage legal experts or firms familiar with North Korean intellectual property laws.
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Conduct a Trademark Search
- Ensure your trademark is unique and not already registered.
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Prepare Application
- Compile necessary documentation, including the trademark design and classification.
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Submit Application
- Work with local contacts to file the application with the appropriate North Korean authorities.
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Examination Process
- The application will be reviewed for compliance and conflicts.
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Registration and Certification
- If approved, complete the registration process and receive certification.
Costs
- Application Fees: Specific costs are not publicly available and may vary.
Key Contacts
Due to restrictions, direct contacts are not available. Consult with international legal experts for guidance.
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Consult with Legal Experts
- Engage legal professionals familiar with North Korean law and international trade regulations.
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Attempt Negotiation
- Begin by negotiating directly with the other party to reach a settlement.
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Engage Mediation
- Use mediation to facilitate discussions between parties with a neutral third party.
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Consider Arbitration
- If available, arbitration can provide a private and binding resolution.
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Legal Proceedings
- If other methods fail, consider legal action through the North Korean judicial system, with the assistance of local legal counsel.
Costs
- Legal Fees: Vary based on the complexity of the case and the legal assistance required.
Key Contacts
Due to restrictions, direct contacts are not available. Consult with international legal experts or your country’s foreign affairs departments for guidance.
Social and Cultural Factors
- Language: Korean is the official language.
- Cultural Norms: Business practices are influenced by local customs and etiquette.
Political Factors
- Government: Totalitarian state with centralized control.
- Stability: Political environment is tightly controlled, with limited transparency.
Economic Factors
- Economy: Largely state-controlled with limited foreign investment opportunities.
- Infrastructure: Underdeveloped infrastructure can be a challenge for business operations.
Foreign Exchange
- Currency: North Korean Won (KPW).
- Exchange Rate: Subject to strict government controls; official rates may differ from market rates.
Rule of Law
- Legal System: Governed by state policies with limited transparency.
- Contract Enforcement: Challenging due to lack of independent judiciary.
Our Members Include Leading Organizations in North Korea
Ask our Experts on Doing Business in/with North Korea
If you’re looking to do business or invest in North Korea, we can provide expert guidance, market insights, and valuable connections to help you navigate the local landscape. Contact us today to discover how we can assist in making your venture a success.