[Finance] Multi-Sales Company Reporting Now Done Online

The Fair Trade Commission (FTC) has completed installation of a Multi-level Marketing Management System, fully electronizing (digitizing) reporting and amendment of reports by multilevel marketing companies, effective September 1. This will help these companies save on costs while it elevates the government’s administrative efficiency. The FTC explains that someone entering the new management system for the initial time must first obtain business certification from the Ministry of Economic Affairs or an account password issued by the FTC, and carry out online registration of business certification information, business address, conditions of joining, multi-level marketing system, and commodities sold or services provided. After this is done, marketing activities can commence. Businesses that have reported via the submission of written documents prior to inauguration of the new system should enter their original report data online. With the management system now online, the submission of hard-copy reports by multi-level marketing companies will no longer be allowed unless the system crashes or in case of other exceptions permitted by the FTC. The amendment or withdrawal of reports will also be done online in the future.