www.nkoreaconsulting.com | Business Setup in North Korea
Operating a business in North Korea isn't for everyone, coming with potential for reputational risk, international banking difficulties, and – as recent anti-Ebola measures show – occasional problems in even accessing the country.
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Business Setup in North Korea

Project Type: Business Consulting & Intelligence

Operating a business in North Korea isn’t for everyone, coming with potential for reputational risk, international banking difficulties, and – as recent anti-Ebola measures show – occasional problems in even accessing the country.

But in face of slowly tightening sanctions and bilateral measures precluding the majority of trade from countries like the United States, the presence of foreign businesses and joint ventures is nevertheless slowly developing.

Factories producing items for foreign export benefit from competitive manufacturing processes, while a nascent service industry is able to serve an increasingly wealthy North Korean population.

Yet while North Korean authorities are attempting to ease the barriers to entry, obtaining the information required to make educated decisions is still extremely difficult, with embassies and official investment bodies often unwilling to liaise with unknown actors.

NK Consulting can help clients seeking to operate in North Korea in multiple ways:

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Example 1: Market Entry Research

When considering entry into the North Korean market, the data, indicators and expertise required to estimate potential success are limited. NK Consulting can help clients interested in building a DPRK-facing business through a combination of activities in the areas of on-the-ground research, legislative understanding, risk analysis, and defector opinion gathering.

Through such a multi-faceted process, clients can be equipped with a wide-ranging, “non sugar-coated” view of the advantages, risks and hurdles they will likely face with their project.

Example 2: Sanctions and Dispute Resolution

Due to both well known UN sanctions and a myriad of bilateral measures between primarily Western countries and North Korea, the risk of breaching international law can be significant when operating business inside the DPRK. With even unwitting breaches of legislation risking significant penalties, the motivation for conducting robust due diligence is great.

And when things go wrong with business in North Korea– as shown in a major mining contract scandal involving a Chinese firm in 2012 – an understanding of DPRK law is critical in minimizing disruption to the fullest extent.

NK Consulting can help clients in these inter-twined areas, providing research and opinion assembled in collaboration with leading international practitioners and specialists in these fields.

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NK Consulting can also help entrepreneurs interested in:

  • Researching new overseas production facilities
  • An index of the DPRKs existing business and joint-ventures
  • Matchmaking with on-the-ground specialists
  • Learning about operating in the DPRK mining sector
  • Understanding the potential risks and benefits of operating in DPRK
  • Transaction advisory and corporate structuring guidance services

Have a project you need help on? Get a tailored estimation from our team today: