Services

Legal

The mainstay of the services offered by HKA are legal advice and representation in relation on behalf of foreign investors interested in one way or another in doing business with or in the DPRK, or otherwise already established. Unlike the DPRK's internal governmental legal bodies, HKA is not a representative of the DPRK Government.

The DPRK legal system is in fact relatively sophisticated, and the country is engaged in an ongoing review and revision of the country's framework of legislation concerning foreign investment. This includes only the basic laws, but also the underlying regulations that implement the principles set forth in these laws. So far, there are well over sixty such laws and regulations, including such areas as the three main vehicles for foreign investment (Wholly Owned Foreign Enterprise, Equity Joint Venture, and Contractual Joint Venture), foreign exchange; banking and insurance; land-leasing; corporate and individual taxation; customs and excise; environmental protection; processing on commission (POC); special trade zones; foreign advanced technology and many others.

Currently, one of the few sources on legal issues pertaining to the North lies in the Internet, which, when trawled, turns up a large number of "laws and regulations" that are not only poorly translated but sorely out-of-date, compared to those actually in place in the North. Through HKA, clients are able to receive up-to-date and accurate advice regarding the status of their areas of interest in the country.

Accounting

Under the License granted to the firm, HKA has a tie up with the central authority in the nation charged, which has offices nationwide, that is charged with auditing and accounting services in the country. Through its association with HKA, that entity is able to provide on the spot advice to foreign corporations regarding their needs and inquiries concerning auditing and accounting practices in the country. Up until now, there has been no foreign-invested entity operating such services in the DPRK, and therefore HKA represents another first in this field.

In addition to the foreign investment into HKA and the participation of the DPRK accounting representatives in the field, HKA is actively in discussions with foreign CPAs with a view to enhancing the international nature of the practice.

Business Consultancy

HKA's third arm is the business consultancy, which covers the full range of services required by foreign investors, including market entry; entry procedures and visa procedures for clients; strategic and tactical business advice, both prior to, during and after negotiations; negotiations, in English and Korean on behalf of the foreign party; facilitation with business documentation; corporate briefings tailored to the specific needs of the client; industry and sector reports and related services, included post-visit briefings.

In Short ...

HKA is a multidisciplinary practice for the simple reason that it covers three areas critical to any business entering a foreign market. First, the legal environment; second, the “business” and “market conditions” for establishing oneself or otherwise doing business in or with the DPRK; and third, accounting services.

As for what it is not -- HKA's legal arm is not a substitute for your company's in-house counsel, or indeed external counsel; and the consulting arm is not a substitute for your commercial managers or technical engineers.