My friends at The Korean Tax Blog have an excellent post called Your Complete Guide to Estate Registration in Korea. The accounting firm at the Korean Tax Blog assists IPG Legal in all inheritance tax matters. For more information on Korean Inheritance Law please see: Who Inherits What, When, and How in Korea?, Renouncing an Estate in Korea and Korean Legal Reserve of Inheritance. The article, notes, in part tips for a successful inheritance. The article notes that for a
Continue readingAuthor: Sean Hayes
Sean Hayes is the first non-Korean employed as a foreign attorney by the Korean Court System (Constitutional Court of Korea) and one of the first non-Koreans to be a full-time regular member of a Korean law faculty. He is rated a Top Attorney by numerous legal rating agencies and is known for his street-smart advice, candor, aggressive & non-conflicted advocacy.
Sean has been quoted by The New York Times, The Wall Street Journal, Bloomberg, CNN, Money Today, US Today, The Korea Times, The Korea Herald, France 24, Asia Legal Business and other leading news sources.
IPG was, recently, rated a top Dispute Resolution Law Firm and Sean a Top 100 Lawyer for International Law.
Happy Veterans Day
Wishing all that served their country in the military, a happy and healthy Veterans Day.
Continue readingRenouncing an Estate/Inheritance under Korean Law
A typical matter of a party renouncing an estate in Korea commences when a family member in Korea requests the waiver/disclaimer of the right to a Korean inheritance. In some cases, this request is for nefarious reasons. A typical, situation involves the estate of a Korean national decadent with non-Korean family abroad. The estate, often, includes assets in Korea and sometimes abroad. The Korean-based family, often, requests the non-Korean based family to sign a power of attorney or a document
Continue readingExercising Korean Stock Options in Companies in Korea under the Korean Commercial Code
Stock options, in Korea, are often provided to senior foreign and domestic employees of companies in Korea. For stock options, in non-listed/non-public companies in Korea, to be exercisable by employees in Korea (thus a valid option) the option must be approved, in most cases, at a general shareholders meeting of the Korean company. Another article that may be of interest can be found at: Granting & Exercising Stock Options in Korea. The articles of incorporation of the Korean stock granting
Continue readingKorean Constitutional Court Strikes Down North Korean Anti-Pamphlet Law
The Constitutional Court of the Republic of Korea, a court I worked for six years, struck down a law from 2020 that criminalized the spreading of anti-Northern Korean pamphlets into North Korea by balloon and other means. The law imposed a potential penalty of up to three years in jail or a fine of up to KRW 30,000,000 (US$ 22,000). The Court voted 7-2 to invalidate the law, but noted that the Korean government can regulate the sending of pamphlets
Continue readingMinimum Capital Requirements for Setting Up a Corporation in Korea
My friend at the Korean Tax Blog has an excellent post on the minimum capital requirement for setting up a company in Korea. The post notes that: Before 2009, Korean law required a minimum capital of 50 million KRW to estabish a corporation. However, since February 2009, there are no longer any restrictions related to mimimum capital in Korean Law. www.thekoreantaxblog.com This amendment to Korean Law has made it easier to open a company in Korea. However, to open a
Continue readingLegal Reserve of Inheritance for an Estate in Korea
Korea’s Legal Reserve of Inheritance/mandatory share of inheritance (유류분/遺留分) is a specific portion of an inheritance given to heirs notwithstanding the will. Therefore, for example, even if the will notes that a certain estranged child shall not receive any of the inheritance, Korean Law imposes a mandatory share of the estate for this heir. Therefore, the deceased is forced by Korean law to provide a certain percentage of the estate to all legal heirs under Korea’s Inheritance Reserve Law. For an article
Continue readingPunishment in Korea for Not Paying Korean Child Support
Korea has legal tools in place to punish a person who refuses to pay child support. We advise, if you have a child support order to not sit on your rights, and if payment is not made, consult an attorney and get the process moving in order to enforce your rights. If you have not been awarded child support it is advisable to read the following article: Korean Child Support Basics explained by IPG Legal and Calculating Child Support in
Continue readingKorean Corporate Tax Rate
The Korean Corporate Income Tax law was amended to lower Korean corporate income taxes for 2023. The amendment is applicable for the year 2023 or until amended. For an article on the reduction in Korean Stock Transaction Taxes please see: Korean Stock Transaction Taxes. Tax Basis 2022 (Local Income Tax) 2023 (Local Income Tax) Less than KRW 200 million 10% (11%) 9% (9.9%) KRW 200 million to KRW 20 billion 20% (22%) 19% (20.9%) KRW 20 to KRW 300 billion
Continue readingKorean Statute of Limitations for Unpaid Wages in Illegal Worker Dispatch Cases in Korea
The Supreme Court of Korea ruled in April of 2023 for the first time on the statute of limitation for damages claims based on an illegal dispatch of workers in Korea. The Supreme Court of Korea ruled that the statute of limitations clause under Article 766 of the Korean Civil Code and not the statute of limitations clause under Article 49 of the Korean Labor Standards Act should be applied to unpaid wage claims filed by a subcontractor’s employee against
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