The Korean government has passed the Act on the Support for Korean Enterprises Re-shoring from Overseas (“U-Turn Company Support Law”). This Law, among other things, allows Korean enterprises that have setup operations overseas that return to Korea to benefit from:
- Assistance from KOTRA
- Government Paid Legal and Other Consulting Fees related to Re-shoring and windup
- Corporate Income Tax Cuts
- Land Subsidies
- Custom Clearance Support
- Use of Free Trade Zones
- Equipment Investment subsidies
- Foreign Worker “special activity visas”
- Employment subsidies
- Export Financing
More details will be available soon and I will update the reader. Will it work?
____
Sean Hayes may be contacted for a consultation by emailing him at: [email protected] or via the numbers shown to the left. Sean Hayes is co-chair of the Korea Practice Team at IPG Legal.
He is the first non-Korean attorney to have worked 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. He assists clients in their contentious, non-contentious and business developments needs in Korea and China. He has, recently, been ranked as one of only two non-Korean attorneys as a Top Attorney working in Korea by AsiaLaw.
Similar Posts:
- The Korean Corporate Restructuring Promotion Act of 2018: Korean Insolvency Law Updates
- Witholdings Taxes on Transactions between Korean & Hong Kong Companies
- Korea’s Free Trade Agreement with Canada: Will it Pass?
- Minority Squeeze-outs in Companies in Korea
- Capturing Chinese Tourist Money in Korea: Retail Opportunities in Korea
- How to Invest in Korean Free Economic Zones (KFEZs): Korean Market Entry
- Korean Currency Control Laws Revised: Korea Won – Yuan
- Distribution Agreement in Korea: Factors to Always Keep in Mind
- Samsung’s Win Against Elliott is Korea’s Loss According to Bloomberg
- Korea Due Diligence for Joint Ventures, Licensing, OEMs and Buying a Korean Company
You must log in to post a comment.