「항공안전법」상 항공기 등록제도 개선방안 연구

Over the past fifty years the aviation industry of South Korea has grown rapidly to reach the world’s No.6 position, and the country’s air transport business has developed equally rapidly. In March 2019, three more businesses joined the country’s air transport industry, in which nine airlines were already operating, in step with the country’s rising economic growth. International aviation service agreements stipulate that an airliner designated by a country shall follow ‘doctrine of substantial ownership and effective control’ by its people. Most countries, including Korea, reflect this doctrine in their domestic laws. However, non-profit private aircraft are not subject to this agreement. Matters pertaining to aircraft and air transport business are stipulated in the country’s Aviation Safety Act and its Aviation Business Act. (The two Acts used to be incorporated into one under the Aviation Act.) A party that intends to own an aircraft should register it under the Aviation Safety Act. A business that intends to engage in air transport business should obtain the mandatory license under the Aviation Business Act. The Aviation Safety Act stipulates that a corporation at least half of whose shares or equity stakes are owned by a foreign national, foreign government or foreign corporation, or whose business is substantially controlled by such a party, shall not be allowed to be registered in the country. It can be said that this clause is intended to meet the doctrine concerning a flag carrier airline operating on international air routes as mentioned earlier. For a business, the securing of investment is an important means of obtaining financial resources for its overall operation, including starting a new business. The securing of capital from a source outside the country is a very important engine that can pull a business forward, especially when the domestic economy is in a tough situation. As such, the restriction on the registration of an airliner where foreigners account for a certain portion of equity shares is a major inhibitive factor for businesses. As noted in the foregoing, the restriction on foreigners’ equity shares and Doctrine of Substantial Ownership in the registration of aircraft in a given country started with aviation service agreements designed to establish the concept of flag carriers. The said restriction is in place for just such a purpose. Therefore, it is necessary to review whether it corresponds to the original purpose to apply the restriction related to foreigners’ equity shares even to aircraft owned by a non-airliner for non-profit purposes. The restriction on the registration of aircraft in such a situation may be viewed as a measure aimed at restricting the ownership of aircraft essential for the normal operation of a domestic business, and such a restriction may result in limiting foreign investment, which is not stipulated even in the Commercial Act. The purpose of this study is to propose that the current system of aircraft registration be operated in a way that corresponds to the original purpose of the Aviation Safety Act based on an examination of the status of domestic businesses’ ownership of aircraft, the status of foreigners’ equity shares in domestic listed companies, and the results of a comparison and analysis of major countries’ systems of aircraft registration. A review of a means of placing a reasonable restriction on foreigners’ equity shares would go a long way towards settling the issues raised about businesses’ ownership of aircraft, enhance the efficacy of the system for having businesses’ ownership of aircraft registered, and enhance foreigners’ equity shares in domestic businesses.