Korea’s U-Turn Program: Enticing Korean Companies to Return to Korea – Will it work?

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?  
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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.