South Korea has a straightforward process when it comes to importing goods into the country. The start of the process is the conclusion of a contract, and the culmination is the import payments. The import payments encompass a large number of activities, including the conclusion of import contracts, establishing import permission, clearance of customs regulations, and actual payment. There are other steps that are usually optional, on which the nature of the actual goods and the kind of transaction that was carried out has a direct consequence.

Imported goods must enter through one of the established channels: the ports of entry. The duties that are then calculated by the customs officials need to be disbursed, and the delivery is then carried out. There are occasions when the item that needs to be imported is deemed to be an import restricted item, at this time the import authorization is strictly required. As per the Mitt's Export and Import Notice, the restricted item must have an import recommendation, which can be obtained from a competent authority or association. The organization must be in accordance with the regulations of import announcements and must conform to the special notice outlined by the Ministry of Trade and Industry. However, freely importable items do not need any recommendation.

An import license is mandatory in South Korea, and can be obtained from the Ministry of Trade and Industry. It is also possible to appoint the president of a foreign bank as a delegate, who can issue import licenses. This is applicable except in the case of counter-trade.

South Korean foreign trade is subject to a great deal of legislation. One of these is the External Trade Act, which specifies the procedure for the export and import of goods. There is also the Foreign Exchange Management Act which related to foreign exchange matters, including matters such as the settlement of export or import payments. And lastly there is the Customs act, which deals mainly with customs clearance, among other things.

The External Trade Act has been applied from July 1, 1987, and has precedence over three other laws:
- The Export Union Act of 1961, the Trade Transaction Act of 1967, and the Plant Export Promotion Act of 1978.
- The Foreign Exchange Control Act (FECA) is set of regulations for foreign exchange transactions.
It also covers the exchange rate system, among other things, like transactions of foreign exchange, concentration of foreign exchange, payment and receipt of foreign exchange.