The September 2015 edition of International Bar Associations “Business Law International” has an interesting article entitled: “Fiscal Transparency – International Business Structures and Issues”
The article is useful for, also, those doing business in Korea. The articles does not, specifically, address in any detail issues in Korea, the article does a great job in explaining issues relevant to those forming partnerships/joint ventures with UK, U.S. and developed European economies.
The article notes, in part, that:
“The continued globalization of business generally and the increased burdens imposed by such measures as common reporting have brought into focus the issues arising with transparent entities and how they are regarded internationally. Most unsatisfactorily is the absence of a consistent position as to whether an entity is transparent or opaque by default. As the Anson cases demonstrated, the complexity in this area can be considerable. resolving this may prove difficult and it might be that other jurisdictions could benefit from adopting a U.S.-style election system.
Fiscal transparency will always be an attractive option for some businesses but it must be balanced against other considerations. As more and more countries introduce vehicles designed to accommodate this balancing requirement, it can be anticipated that the number and international complexity of such entities will increase.”
I will be writing over the next couple of weeks a couple articles on legal structures in Korea and the advantages and disadvantages of each structure.
I, highly, recommend reading this article. The article may be found at: Business Law International. The article was drafted by Jennifer Wheater and David Sussman of Duane Morris.
Sean Hayes may be contacted at: [email protected]
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. Sean is ranked, for Korea, as one of only two non-Korean lawyers as a Top Attorney by AsiaLaw.
Sean’s profile may be found at: Sean C. Hayes
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