- Legal Compliance
IMS in partnership with the Korean Small and Medium Business Administration, is currently engaged in a cobranding initiative that aims to pair interested small- and medium-sized American companies with Korean businesses of similar standing. The goal of the initiative is to ultimately forge long-term partnerships – established, potentially, with the signing of a memorandum of understanding (MOU) – Between these businesses for mutual benefit.
For the American companies involved, this cobranding initiative can present an opportunity to enter new markets in the Far East, specifically China. Because of the free-trade agreement currently in place between the United States and the Republic of Korea, American companies can export their products without fee. Given Korea’s free-trade relationship with China, a Korean/American business partnership would then allow American companies to establish a foothold in the east and begin exporting their products to heretofore cost-prohibitive countries.
Concurrently, cobranding can offer Korean firms the opportunity to elevate their brand and access the American market. Depending on the circumstances of the partnership, Korean companies have the potential to reap the benefits of an established American presence and customer base. Identifying synergies between American and Korean firms’ products is also a component of this initiative.
IMS will conduct the research and facilitate the “matchmaking” process to assist each company in identifying suitable cobranding partners. Once this is complete, IMS will bring the parties together for discussions.
IMS envisions the initial partnership to be established via a legally non- binding MOU, outlining a tailored arrangement most suitable for each company. Again, the MOU is not legally binding, but instead formally establishes the intentions of each company and what each aims to achieve from the relationship