1. Do we have to pay for customs duties and taxes for exhibit goods?

2. What about customs clearance? I need more information on customs clearance in Korea.

3. We imported the exhibition goods on a bonded basis. However, visitors
     want to buy those goods. In this case, is it possible to sell?

4. How much are duties & taxes?

5. Do we have to prepare the list of retail prices for goods intended for
     on-site sale?

6. Can we carry any amount of foreign currency?

7. How can we take out the exhibition goods?

8. What about security at the show?

1. Do we have to pay for customs duties and taxes for exhibit goods?

Foreign goods intended for exhibition can be temporarily imported into Korea on a bonded basis without paying customs duties and taxes on condition that the exhibit goods shall be exported after the exhibition. For bonded customs clearance, you should either bring ATA carnet or declare the "bonded importation" of exhibit goods at the customs office.

ATA Carnet is an international Customs document that a traveler may use temporarily to import certain goods into a country without having to engage in the Customs formalities usually required for the importation of goods, and without having to pay duty or value-added taxes on the goods. It simplifies the Customs formalities involved in temporarily importing goods into Korea. Without a carnet, it would be necessary to go through the Customs procedures established in each country for the temporary admission of goods.

2. What about customs clearance? I need more information on customs clearance in Korea.

A. When you bring exhibits by ATA carnet
ATA Carnet is an international Customs document that simplifies the Customs formalities involved in temporarily imported goods into Korea or other countries. If an exhibitor wishes to hand carry his or her products, he or she can get the Carnet issued by the Chamber of Commerce and Industry in his country and pass through the customs inspection without any formalities. Exhibitors with the Carnet are also allowed to sell their products on-site after the import declaration.

B. When you ship your exhibits (without ATA Carnet)

1. Find a licensed freight forwarder and they will give you the arrival schedule. You are required to complete 'Commercial Invoice & Packing List' and send it to the licensed forwarder in advance so that the agency can apply for the bonded transportation to the Customs Office.

2. When the exhibits arrive at Incheon International Airport or Busan International Seaport, they will be kept in a bonded warehouse temporarily and moved to the venue in accordance with the exhibition schedule. Please notice that only the licensed forwarder can do this bonded transportation job. This is also applied when you move out exhibits from the exhibition venue.

3. When the exhibits are moved to the bonded exhibition venue, they are required to be inspected under the presence of the shipper or the person who knows all the details of the contents. Then, you should declare bonded (temporary) customs clearance at the on-site customs office, which is placed in the exhibition venue. You do not pay customs duties and taxes on condition that the exhibit goods should be exported after the exhibition.

4. Products that are carried into the bonded exhibition venue must not be moved to other places without the permission of the Jewel Fair Korea organizer or a customs officer's approval. (Exhibits with ATA Carnet are excluded.)

C. When you hand carry (without ATA Carnet)

1. Find a licensed forwarder and arrange your arrival schedule with them. You are required to complete 'Commercial Invoice & Packing List' and send it to the licensed forwarder in advance so that the agency can apply for the bonded transportation to the Customs Office.

2. After you arrive at Incheon International Airport and meet the forwarders, they are in charge of transferring your exhibits to the show venue. Please take note that only the licensed forwarder can do this bonded transportation job. This is also applied when you move out the exhibits from the exhibition venue.

3. Same as the case of shipping your exhibits.

D. When you bring duty-free goods

Products as follows will be regarded as duty-free and exhibitors do not have to pay customs duties.

1. Free distribution of samples (except for alcoholic beverages, cigarettes and foods), giveaways (badges and medals) and supplies necessary to operate machines, which must be less than $5 per piece and reasonable in the opinion of the Customs Authorities

2. Catalogs, leaflets, pictures and promotional materials

3. Paints, varnishes and wallpapers for installing booths, provided that the total prices and the quantities are within the purview of the Customs Authorities

3. We imported the exhibition goods on a bonded basis. However, visitors want to buy those goods. In this case, is it possible to sell?

Exhibitors are allowed to sell their exhibit goods at the show venue after completing a "post" customs clearance and paying for relevant duties and taxes. Ordinarily, the post customs clearance procedure takes at least 24 hours. However, we have minimized the procedure with the cooperation and support from the Korea Customs Service. In addition, to speed up the procedure, we will establish an on-site customs office at the show venue. Briefly speaking, the procedure goes as follows.

1. Fill out the " special admission form " and turn it in to the on-site Customs Office.
2. If the Customs Office admits making sales of the merchandise brought on Carnet, they will sign the " special admission form " and levy the duties and taxes.
3. After this is confirmed, you can sell the merchandise and the purchaser should pay for
the relevant duties and taxes to the Customs Office.

4. How much are duties & taxes?

1. In the case of "Jewelry, Pearls, Watches & clocks" and "Diamond & gems, loose" exceeding 2 million won per item, Special excise tax is to be levied on each item besides Duties and VAT.
※ Reference) 2 million won = roughly US$1,700, 1$ = roughly 1,200 won

5. Do we have to prepare the list of retail prices for goods intended for on-site sale?

Yes, you do. However, we will be providing an "automatic calculation formula" in Excel format. Simply, you just need to input prices at the normal price fields, retail prices will be calculated automatically.

6. Can we carry any amount of foreign currency?

Foreign nationals who want to carry foreign currency amounting to US$10,000 or more should get the permission from the government authorities before departure. The permission procedure is a little complicated. However, you can remit any amount of sales proceeds at your bank account via foreign exchange banks. There are a couple of foreign exchange banks at COEX, the show venue.

7. How can we take out the exhibition goods?

To take out bonded exhibits from the show venue after closure of the show, you need to fill out the ‘Application for the move-out of exhibits’ and the products should be examined by the customs officer if the items and the quantity are the same as listed on your application form. To make the process simple and convenient, we will cooperate with the Seoul Customs and inspect only samples of the exhibit goods.

8. What about security at the show?

Admission to the fair will be strictly limited to the wearers of the name badge to be issued at the registration desk. The organizer will carry out identification checks and record the bar-cord that is printed on your badge. Children under 15 are strictly prohibited to enter the fair.
The organizer will place a number of security guards at the exhibition. However, exhibitors have the responsibility of guarding their stands against theft on their own expenses. Security guards may be hired directly from the Brinks.