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 company should be amended or should note
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The “2023 Proposal” to the Korean Electronic Financial Transactions Act
On May 11, 2023, the National Policy Committee of the Korean National Assembly passed a bill known as the “2023 Proposal” on the Act on the Protection of Virtual Asset Investors (“Act”). The 2023 Proposal, which focuses on enhancing the protection of virtual asset investors, shall be finalized in the plenary session of the Korean National Assembly. The 2023 Proposal introduces the following key points to enhance investor protection: During the approval process, the Korean National Policy Committee also adopted views on the second phase of the
Continue readingAre you a victim of a Scam in Korea? Filing a Civil and Criminal Complaint in Korea Against a Fraudster
Being scammed or falling into a trap by fraudsters or scammers is one of the biggest nightmares for anyone. Unfortunately, it can happen to the best of us, but what you do afterwards is what sets you apart from others. You can take legal action against your perpetrator in Korea and your case would either fall under the category of a civil case and/or a criminal case depending on the matter. In most cases, we believe it is advisable to file a civil and criminal case. For
Continue readingTrade and Investment Opportunities for Indian Businesses in Korea
India and South Korea’s Comprehensive Economic Partnership Agreement CEPA is effective from Jan 2010, and the revised Double Taxation Avoidance Agreement-2015, contributed immensely to the expanded opportunities for investments and trade in goods and services for both countries. IPG Legal assists numerous companies entering the Korean market and we have a number of Indian clients doing business in Korea at this time. The bilateral trade, between India and Korea, grew 40% to $23.7 billion in 2021 with further increases expected. Exports from India to South Korea are
Continue readingDeregulation of Korean Cloud Computing and Network Separation in the Korean Financial Sector in South Korea
Deregulation of Cloud Computing and Network Separation in the Financial Sector in Korea explained by lawyers at a leading law firm in Korea. Korean Cloud Computing and Network Separation Rules: Improvements in the Korean Financial Sector. The Korean Financial Services Commission presented its intentions to enhance the rules governing cloud computing and network separation in the Korean financial industry on April 14, 2022. This Korean government plan was created in response to the financial industry’s worries about the challenges associated with adopting and implementing new digital technologies
Continue readingTop Law Firms in Korea for English-Speaking Clients According to 10 Magazine
We are proud to note that 10 Magazine listed us in an article titled 10 Lawyers in Seoul for English-Speaking Expats in Korea. IPG is listed under the title Large/International Law Firms. Thanks for the mention 10 Magazine. We love your work. IPG Legal and many of our lawyers were listed as top attorneys by numerous legal rating services and magazines. Sean Hayes was, also, rated a top 100 Attorney. To learn more about IPG Legal please check out our website at: IPG Legal. The article by 10
Continue readingGarnishing Wages in Korea: Collection of Debts in Korea
I received a call from a friend asking about information concerning collecting on a personal debt. He loaned money to a “friend” and the friend never made a payment on the loan. I advised one of the ways to encourage payment is via garnishing wages. Korea has an effective and efficient method of garnishing wages. In Korea, after a judgment or order to pay by a court, a plaintiff can collect on an unpaid debt through garnishing wages. Garnishing of wages is normally the best way to
Continue readingProtecting your Intellectual Property Rights in Korea: Avoid “Trying Different Things & Smoking Funny Things”
A popular song regularly played on the radio proclaims that in the summer of 1989 the songwriter, Kid Rock, was “trying different things and smoking funny things.” If you have any exposure to the Korean market, do your business a favor and don’t be like the songwriter. All businesses with any exposure to the Korean market must have a plan in place to protect their intellectual property in Korea. Thus, for the sake of your company, at a bare minimum, you should follow these simple recommendations when
Continue readingKorea’s Virtual Assets/Cryptocurrency Law
For those who may not know, cryptocurrencies/virtual assets (the best known of them, at the moment, is Bitcoin), are digital representations of value that can be digitally traded or transferred. When holders are using these currencies the transaction, in short, the use is via Blockchains (in short, a decentralized databases). South Korea has been at the forefront of the global cryptocurrency boom and its spread has permeated through all levels of society. Statistics from 2017 show that more than one third of employees in Korea were active investors
Continue readingKorea prepares itself for Big Data-driven 4th Industrial Revolution: Korean Data Protection Laws Revised
On January 9, 2020, the National Assembly of Korea passed the “Three Data Act” of Korea. Implementation of the Act shall begin in June of 2020. The Korean Three Data Act iterates protections for, in general: personal information; information and communication; and business & individual credit information. IPG shall be writing more on this data protection issue over the next couple of months, please check back for more details. Three Data Act of Korea According to an article entitled the “Major Revisions and Significance of The Three
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