Small and medium-sized enterprises gathered in one place to find a breakthrough for entering the U.S. market. They directly discussed difficulties faced locally in finance, law, insurance, and administration, and sought solutions.
The Korea Federation of Small and Medium Enterprises said on the 24th that it held a "Strategy seminar for SMEs' entry into the U.S." at Lotte Hotel Jeju. The seminar, part of the "2025 SME Leaders Forum" program, was prepared to provide information on finance, insurance, law, and administration, where small and medium-sized enterprises hoping to enter the United States face difficulties, and to discuss support measures.
In the keynote presentation, Barney Lee, president of Hanmi Bank attending from the United States, shared strategies for leveraging the U.S. investment and financial environment and the Korean American banking infrastructure. Hanmi Bank, founded in 1982, is the first and second-largest Korean bank in the United States and operates 35 branches in nine states.
Park Ki-hong, chairman of HUB International Insurance, presented on U.S. human resources risk management and liability insurance. HUB International Insurance is the world's fifth-largest insurance brokerage. Scott Lee, a partner attorney at the law firm LBBS, also conveyed legal considerations for corporations entering the United States.
In the ensuing panel discussion, Lee Sang-myeong, a Hanyang University professor, served as moderator and, together with the presenters, discussed solutions centered on the obstacles faced by corporations that have entered the United States and those hoping to do so. Kang Dong-han, CEO of Hanho Industry, a corporation that has entered the U.S., cited ▲ the complexity of local financial transaction procedures such as remittance and payment methods ▲ high legal expense and time required due to differences in state tax and labor laws.
Scott Lee, a partner attorney at the law firm LBBS, said, "Corporations must carefully review and apply for visas that match the purpose of stay and job duties of dispatched personnel," and noted, "It is important to strictly comply with immigration laws and visa regulations."
Han Jong-u, CEO of Hanul Natural Products, a corporation hoping to enter the U.S., shared difficulties including ▲ risk management measures in response to strengthened environmental and consumer regulations in the United States, such as product labeling obligations ▲ challenges in portfolio construction and premium calculation due to differences between Korean and U.S. insurance systems ▲ selection of entry regions due to differences in culture and systems by state.
Park Ki-hong, chairman of HUB International Insurance, said, "Corporations entering the U.S. must mandatorily enroll in workers' compensation insurance, product liability insurance, and employer's liability insurance," and noted, "Failure to enroll can lead to enormous compensation or a penalty surcharge, and even criminal liability."
Kim Ki-moon, president of the Korea Federation of Small and Medium Enterprises, said, "Korean SMEs are very interested in entering the United States due to the Trump administration's high-tariff policy, but as seen in the detention of Koreans related to visas in Georgia, the United States requires many elements to be checked and prepared in advance, such as local laws and regulations," and added, "Leveraging the highly skilled Korean American infrastructure could also be a good solution."