1. Do you Have a Registered Company/Business? Operating in Korea is not as simple as just leasing an office. All businesses whether in the form of a corporation or sole proprietorship in Korea are required to register as business with the tax office and local government offices. For some businesses the approval of a government agency will be required. Other articles on Korean corporate forms may be found at:
- Establishing a Company in Korea: Under Revised Corporate Code
- Limited Liability Companies Under the Revised Korean Commercial Code
No your U.S. agreements are not good enough. Other articles on the need for Korean-tailored agreements that may be of interest may be found at:
- Basic Agreements for Doing Business in Korea
- Doing Business in Asia: Due Diligence, Agreements, Lawyers and Street Smarts
- Negotiating a Joint Venture Agreement in Korea
- You Can Succeed in Korea without Resorting to Bribery
- Foreign Corrupt Practices Act: Don't Forget Your Business in Korea
- How to Protect your Brands, Trademarks and other IP in Korea
- Nine Musts for a Successful License Agreement in Korea
- Don't Only Trust Us: Trademarks in Korea
- Korea Due Diligence: Not So Different from China
- Stock Purchase and M & A Due Diligence Checklist
- Beware the Grey Market Trap: Due Diligence, Agreements and Street Smarts
- Top 10 Mistakes of Companies Operating in Korea
- Compliance Control Standards in Korea Under the Amended KCC
- I should write more about this issue.
Please - this is not to be taken as an exhaustive checklist. Please scroll the blog for more issues that may arise in your operations in Korea.
Sean Hayes is co-chair of the Korea Practice Team at IPG Legal. He is the only non-Korean to have worked as an attorney for the Korean court system (Constitutional Court of Korea) and one of the first non-Koreans to be a regular member of a Korean law faculty.