(Jeju = Yonhap News) Reporter Kang Ae-ran — More than 400 small and medium-sized business leaders gathered in Jeju to explore pathways for entering the U.S. market, including securing professional visas and navigating financial, insurance, and legal challenges.

At the “U.S. Market Entry Strategy Seminar for SMEs” held during the SME Leaders Forum hosted by the Korea Federation of SMEs at Lotte Hotel Jeju on the 24th, Hwang Byung-goo, Chairman of the Korean American Chambers of Commerce USA (KACCUSA), emphasized the importance of specialized visas.

“Building a factory in the U.S. and installing machinery requires highly skilled technicians,” Hwang said. “But when companies invest, they often need to bring in technicians whose expertise cannot be found within the U.S. It is unfortunate that investment conditions have not allowed us to request visas for these essential workers.”

He added, “Securing these visas requires a technical approach. We are discussing this issue with the Korea Federation of SMEs and other organizations, and we will work toward establishing a dedicated visa quota for these technicians.”

During the seminar, participants also discussed support measures for SMEs operating in the United States in areas such as finance, insurance, legal compliance, and administrative processes.

Kang Dong-han, CEO of Hanho Industry—which has already established operations in the United States—shared difficulties related to complex financial procedures and the fact that tax and labor laws differ from state to state, resulting in significant legal costs and delays.

Han Jong-woo, CEO of Hanyul Biopharm and a business leader preparing for U.S. expansion, noted challenges arising from differences between the Korean and U.S. insurance systems, increasing regulatory requirements, and stricter product labeling rules.

Scott Lee, partner attorney at LBBS Law Firm, warned of the rising number of environmental and consumer lawsuits in the U.S., stressing that advertising claims and product labels must be supported by scientific testing and documentation.

Herb International Insurance Chairman Park Ki-hong advised that U.S. operations must carry workers’ compensation insurance, product liability insurance, and employer liability insurance without exception. Failure to do so may result in substantial penalties, civil liabilities, or even criminal charges.

Bonnie Lee, President of Hanmi Bank, introduced strategies for leveraging Korean American banking infrastructure. Hanmi Bank, the second-largest Korean American bank in the U.S., operates 35 branches across nine states.

“Hanmi Bank deeply understands the institutional differences between Korea and the U.S. and provides Korean-language services, helping companies minimize mistakes when entering the U.S. market,” she said.

Kim Ki-moon, Chairman of the Korea Federation of SMEs, noted: “The U.S. requires thorough preparation, particularly regarding local laws and regulations. For the most challenging areas—finance, insurance, legal matters, and administrative processes—leveraging Korean American infrastructure that understands Korean business culture can offer effective solutions.”

aeran@yna.co.kr