My mother often told me, when I was much younger, to look both ways before crossing the street; carry an umbrella in the spring; and don’t go out alone in the dark. The advice can go a long way for Korean companies doing business outside Korea and for expats doing business in Korea. As we all know, Korean companies and many foreign companies lament over the fact that it is nearly impossible for Korean companies, with the exception of the
Continue readingThe Korean Law Blog by IPG Legal
IPG Legal is a Top-Rated Client-Centered International Law Firm that was rated a top Dispute Resolution Law Firm three years in a row. Sean Hayes, one of the blog authors, was rated a Top 100 Lawyer four years in a row. Schedule a legal consultation by the Schedule Appointment link above.
Is a Bankruptcy in the U.S. “Effective” on Assets in Korea?: Korean Bankruptcy Law Basics
The following article on the interplay between Korean Bankruptcy Law and foreign bankruptcy laws was motivated by a question from a reader from the Korea Times. The following is from a column I used to write for the Korea Times. Please note the present Bankruptcy Law in Korea was amended and the present topic, while interesting, shall not apply to present bankruptcy proceedings. However, take a read – very interesting matter. I shall be posting some of my old articles
Continue readingKorea-Ecuador Free Trade Agreement
The Republic of Korea (“South Korea”) and the Republic of Ecuador (“Ecuador”) executed this month a Strategic Economic Cooperation Agreement. Under this agreement between Ecuador and Korea, South Korea shall eliminate tariffs on 96.4 percent of items and Ecuador shall eliminate tariffs on 92.8 percent of items. Korea expects an increase in exports of automobiles, appliances, food products, Korean films, music, and other cultural content. While, Ecuador expects an increase in the export of raw materials including copper, silver, and
Continue readingKorea to Allow Visas for Foreign Restaurant Workers: Korean E-9 Visa Updates
The major Korean and English-language vernaculars announced that non-skilled (e.g. not chefs) foreign workers wishing to work in restaurants shall be allowed to be sponsored for E-9 visas by restaurant employers. Restaurants in Korea with less than five workers shall be allowed one visa and restaurants with five or more workers shall be allowed a maximum of two E-9 visas. Additionally, Korea extended, also, the E-9 visa to those working in the Korean forestry and the Korean mining industries. The
Continue readingKorean Independent Contractor Risks: Korean Labor Standards Act Basics
The Korean Court System has been less reluctant, in recent years, to deem a Korean independent contractor an “employee” under the Korean Labor Standards Act (LSA). This fact remains true even when an employer in Korea establishes that the independent contractor is aware that he/she was contracted as an independent contractor and, thus, not a regular employee of the Korean company. Upon the establishment of the status as “employee” in Korea, the individual is entitled to all of the benefits
Continue readingTop 100 Korean Lawyers & Legal Consultants in Korea
Sean Hayes, head of the Top Korean Dispute Resolution Law Firm of the Year was rated by LawAsia, one of the leading peer-reviewed publications in Asia, as a Top 100 Lawyer in Korea. Sean Hayes is one of the only non-Korean attorneys on this Korean Lawyer “A-list” and the only non-Korean that was on the list each year the list was published. Sean Hayes is the first non-Korean attorney to have worked for the Korean court system (Constitutional Court of
Continue readingKorean Exit Bans for Not Paying Taxes, Custom Duties and Violations of Korean Law
The Korean Immigration Control Act and related acts allow the potential to permanently impose an exit ban from Korea on foreigners for nearly all acts that are determined by the Korean Ministry of Justice as “harming the interest, public safety or order in the economy of the Republic of Korea” until the reason for the exit ban ceases to exist. (Immigration Control Act of Korea Article 4(1)5.) However, IPG Legal has successfully challenged these exit bans in Korea and is
Continue readingCollecting an Unpaid Invoice from a Korean Bankrupt Debtor
The number of bankruptcy and rehabilitation filings in Korea is on the rise. The last creditor to be paid is, typically, the foreign company. We receive emails, on nearly a weekly basis, from companies and individuals attempting to collect commercial debts in Korea. Many of these creditors are not aware that the Korean debtor has filed for bankruptcy or is experiencing financial difficulties. Before Engaging in a Relationship with a Korean Company 1. Before engaging in any work or giving
Continue readingConsideration and the Statute of Frauds Under Korean Contract Law
A contract, in Korea, is still binding on the parties, in most cases, even if the contract contains no consideration. Thus, a mere “gift” that contains no benefit to the giver may be an enforceable contract under Korean Law. However, in many international contacts (and even local contracts), it is best to still include the standard “consideration” clause, since enforcement of the contract could occur in another jurisdiction. For an article on the basics of Korean Contract Law please see:
Continue readingGuide to Winding-Up/Closing a Korea-based Company: Korean Company Liquidation Procedure
Any business in Korea that is registered as a corporation must wind up/liquidate the company to legally close the business in Korea. Many companies, however, choose to forgo this step thinking that no repercussions will be felt. This belief is far from the reality. I know a pending case that has led to prosecutions, a lawsuit of a related company, and a tax audit of an individual shareholder. For an article on Korean Bankruptcy please see: Korean Bankruptcy Law. The
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