Want to Expand Overseas Without a Branch Office? Launch of Overseas Branch Service

World-OKTA Begins Recruiting Companies for Overseas Branch Project Participation

[Asia Economy Reporter Park Sun-mi] As more companies face difficulties with overseas business trips due to COVID-19, the demand for branch office services that support export and overseas expansion without directly operating branches abroad is increasing.

According to the industry on the 4th, the Ministry of Trade, Industry and Energy will continue this year to support exports and overseas expansion of domestic small and medium-sized enterprises (SMEs) and mid-sized companies that do not have the capacity to open branches overseas through the World-OKTA (World Federation of Overseas Korean Traders Associations), KOTRA, and the Small and Medium Business Corporation. World-OKTA operates with local Korean CEOs and traders in each region, KOTRA operates through local trade offices, and the Small and Medium Business Corporation uses local consulting firms to provide branch office services.

This year, World-OKTA has started recruiting companies to participate in the overseas branch office project, aiming to support 1,100 companies with 444 global marketers from 96 chapters in 48 countries. The application period is until the 11th of this month, and selected companies will receive support for six months from September 1 to February 28 of next year to begin their overseas expansion.

Companies applying for the project can freely choose and receive support according to their situation. For those at the initial stage of overseas expansion, services such as basic market research, potential buyer investigation, network exchange, translation of basic promotional materials into the local language, and trial sales are provided. Companies that have completed the basic stages but face difficulties entering the market can receive support for export contract assistance, participation in exhibitions and consultation meetings, logistics and customs advice, business trip support, management of existing clients, entry into local distribution channels, acquisition of permits and licenses, brand promotion, project participation, IP registration, and support for establishing local corporations.

If a company has completed all permits and licenses but struggles with the sales stage due to difficulties in establishing a local branch, they can apply for support such as technology export (partnership), entry into the global value chain, accelerating services, data science consulting, procurement entry, item-specific target market entry, incubating services, local investment support (corporate establishment), and legal advice.

Applications for branch office services by companies have also led to export achievements. Last year, World-OKTA supported a total of 1,021 projects through the participation of 410 global marketers and 652 domestic companies across 89 chapters in 48 countries, achieving export results worth $7,957,821.

Jang Young-sik, President of World-OKTA, said, "To enhance the performance of the overseas branch office project, we are leading network exchanges among Korean traders by hosting the World Representatives Conference and the World Korean Businessmen’s Convention, and encouraging chapter activation through the operation of global marketer organizations centered on local Korean CEOs and traders. We plan to actively support not only simple consulting but also practical services such as research, translation, and exhibition participation."

Meanwhile, companies wishing to participate can directly select the desired services, target regions, and executing organizations when applying, and the selected companies will be announced on the 23rd of this month.

This content was produced with the assistance of AI translation services.