GSTP Certificate for Korea - Procedure, Documents and Fees

The GSTP Certificate is a preferential trade agreement that aims to boost trade between developing nations by providing tariff concessions. Here are the key benefits of a GSTP Certificate for Korea:

• Tariff Reductions Exporters with a GSTP certificate use lower taxes when shipping goods to Korea, reducing overall trade costs. This allows businesses to save money and enhances the competitiveness of their products in the market.
• Boosting Exports The GSTP certificate supports exporters in boosting sales to Korea by providing preferential market access. This opens up new avenues for growth and encourages participation in global trade.
• Preferential Trade Certificates The GSTP certificate serves as proof that exporters qualify for reduced taxes under the GSTP agreement. It simplifies trade with Korea by enabling businesses to quickly take advantage of the agreement's benefits.
• Customs Facilitation Holding a GSTP certificate allows exporters to benefit from faster and easier customs processes when trading with Korea. It ensures they follow international trade rules, reduces the time needed for customs clearance, and helps goods move more quickly between countries.
• Enhanced Trade Advantages The GSTP certificate provides Korea with improved access to developing markets, strengthens trade ties with member countries, and supports economic growth.

The Republic of Korea is a participant country in the GSTP framework, allowing preferential tariff treatment on goods traded between member countries. Here’s the eligibility criteria for GSTP certificate for Korea:

• Exporter Location The exporter must be legally registered in the country of origin to qualify for preferential tariff treatment under the GSTP agreement.
• Product Origin Rules Products must either be wholly obtained in the exporting country or meet GSTP Rules of Origin, requiring 40% minimum domestic value addition or substantial transformation criteria.
• Direct Consignment Goods must be directly consigned from the exporting country to Korea, with strict customs control if passing through third countries to maintain preferential treatment eligibility.
• Supporting Documentation Exporters need valid documentation proving origin compliance, including invoices, bills of lading, production cost sheets, and raw material declarations as required by authorities.
• Registration with Authority Exporters must register with the appropriate trade or business registration authorities, or other designated bodies, to apply for the GSTP Certificate of Origin.
• Product Eligibility Only products listed under the exporting countries’ GSTP Concessions List or those eligible under Korea’s GSTP tariff schedule qualify for preferential treatment.

GSTP registration for Korea requires specific documents to ensure your business complies with export regulations. Here's a list of the essential documents needed for the process.

• Application Form for GSTP Certificate of Origin (Form GSTP)
• Commercial Invoice
• Packing List
• Bill of Lading (B/L) or Air Waybill
• Export Declaration (Customs Declaration)
• Manufacturing Process Statement (if applicable)
• Origin of Materials Declaration (if applicable)

The total cost for GSTP registration is ₹6,235, covering a ₹736 government fee, ₹500 one-time registration fee, ₹2,000 application fee, and ₹2,999 professional fee, ensuring a smooth registration process. Below is the detailed structure:

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Note This certificate is generally valid for one year from the date of issuance. After this period, exporters must renew the certificate for continued use in international trade.