Gyeonggi-do Requires Over 1,200 Franchise Headquarters to Complete 'Regular Change Registration' by the End of This Month
[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province has urged franchise startup hopefuls to complete the regular change registration of the 'Information Disclosure Document,' a document that allows verification of the franchisor's information before signing a contract, by the 29th of this month. There are about 1,200 franchisors in the province subject to regular change registration.
According to the current Franchise Business Act, franchisors must apply for the change registration of the Information Disclosure Document within 120 days after the end of the business year, and individual business operators who prepare financial statements must apply within 180 days.
The application deadline is the 29th of this month for franchisors in the province and June 29th for individual business operators. Failure to comply will result in fines.
However, to ease the burden on businesses struggling due to COVID-19, the province plans to exempt those who submit a statement of reasons for difficulties in submitting financial status or other documents due to COVID-19 from fines or registration refusal.
Additionally, to minimize in-person submissions due to COVID-19, an 'Online Registration Guideline' will be provided.
Applications can be submitted through the Fair Trade Commission's Franchise Business Transaction website for regular change registration or by mail or visit to the Gyeonggi Province Fair Trade Support Center.
More detailed information can be found on the Gyeonggi Province Fair Trade Support Center website (https://www.gg.go.kr/ubwutcc-main). Consultations are also available through the Gyeonggi Province Fair Trade Support Center at 031-8008-5550.
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A provincial official said, "Due to COVID-19, please submit applications online rather than visiting in person whenever possible," and promised, "We will do our best to ensure franchisors can apply for registration more conveniently and that registration reviews are conducted promptly."
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