Our law firm has worked with foreign clients of all shapes and sizes doing business in Korea. Surprisingly, we see many of the same issues with our multinational clients as with our SME clients, so we drafted this post. TOP TEN ERRORS OF COMPANIES IN THE KOREA MARKET Am I missing anything? Sean Hayes Sean Hayes 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
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Succeeding in a Retail Business in Korea by Tom Coyner
The following is an article written by Tom Coyner in 2007 that still has relevance in today’s evolving retail market in Korea. Interesting read on an issue that hasn’t changed much since 2007. It’s amazing what a decade can bring in a rapidly evolving economy such as Korea. In my recent article, I discussed how traditional stores have seen their markets nibbled away by first department stores and later convenience stores. As important as these developments may be, Korean consumers are now being offered new alternatives. Consider
Continue readingSelling Traditional Korean Products to the World by Tom Coyner
This is a repost of an article from over 10 years ago, but it has practical relevance today and motivated us to share it again. Even foreigners living in Korea cannot help but notice how makgeolli has taken on a new air of respectability. As a long-time imbiber of the brew – we are dubbed “makgeoholics” – this is good news! I once was a Peace Corps volunteer who lived on a monthly stipend of 43,000 won for lodging, food, and entertainment. That meant beer and other
Continue readingSucceeding in Business in Korea by Tom Coyner Business Advisor for IPG Legal
Since 1977, I have observed the rise and fall of many foreign companies in South Korea. I have witnessed the trials and tribulations as a bank employee, a high-tech salesman, a country manager, and as a business consultant of foreign and Korean companies doing business in Korea. Bluntly speaking, while some foreign ventures have had some unlucky breaks, those companies that have succeeded in the Korean market have done so for good reasons. And those who have failed have done so largely because of their own inadequacies
Continue readingAre MOUs & LOIs Legally Binding in Korea? Enforceability of MOUs and LOIs under Korean Law
Foreign companies and individual investors entering the Korean market sometimes assume that a Memorandum of Understanding (MOU) is merely a non-binding document used to outline preliminary discussions and thus not enforceable under Korean Law. Under Korean law, that assumption is frequently wrong and sometimes leads to litigation and even criminal complaints being filed to the Korean Prosecution Services. An MOU in Korea may be fully enforceable, partially binding, or non-binding, depending not on its title but on its content, structure, the parties’ course of dealing, and their
Continue readingDrafting & Negotiating Korean Joint Venture/Shareholder Agreements in Korea: Why Language, Governance, and Arbitration Clauses Matter
We have many clients who find it advisable to enter the Korean market through joint ventures with Korean partners. In many cases, this structure makes commercial sense: the Korean partner brings local market knowledge, relationships, regulatory familiarity, and operational experience, while the foreign partner contributes capital, technology, branding, and/or international distribution. However, joint ventures in Korea generate a disproportionate number of disputes involving foreign investors. In our experience advising multinational companies, many of these conflicts do not arise from bad faith or intentional misconduct. Instead, they arise
Continue readingIPG Legal Expert Opinions on Korean Law for Foreign Courts and Law Firms
As complex cross-border litigation, arbitration, and international transactions continue to increase in Korea, foreign courts and overseas counsel are frequently required to apply or assess Korean law and the Korean legal system. In such cases, accurate and nuanced interpretation of Korean statutes, judicial precedent, and regulatory practice is essential. IPG Legal regularly works with foreign lawyers and courts to provide expert opinions on matters governed by Korean law. We often appear in court and provide legal opinions worldwide. The Role of Korean Law Expert Opinions in Cross-Border
Continue readingTraits of a Great Korean Criminal Defense Lawyer in Korea: Hiring an English-Speaking Defense Lawyer in South Korea
There are only a few great Korean criminal defense lawyers serving expats in Korea due to the nature of the Korean criminal justice system, ongoing conflicts, and other legal realities. In Korea, in all cases, where you are accused of a Korean crime and you fear that you may be sentenced to time in a Korean jail, may be deported from Korea or the Korean conviction may harm your future – hire, quickly, an experienced and proactive attorney in Korea with experience in Korean criminal law prior
Continue readingDistribution Agreements in Korea: Crawl Before you Walk
Prior to going into any relationship with a distributor/agent in Korea, please read my post entitled: Finding a Korean Distributor: The Top 10 Things to Know Before Going to Bed with a Distributor in Korea. Please read that post in combination with this post, prior to engaging a distributor in Korea. We see too many Korean distribution and agency agreements that are merely spun U.S. or European agreements. Please have your Korean distribution agreement and all agreements you have in Korea drafted by an experienced and proactive attorney who
Continue readingDoing Business in Korea (by Tom Coyner: IPG Legal’s Senior Adviser)
IPG Legal’s Senior Business Adviser, Tom L. Coyner, has published the second edition of his book on Korean business. The book is entitled “Doing Business in Korea” and may be purchased through Amazon or at most bookstores in Korea. While the book was written a few years back, it is still a useful guide and should be on everyone’s bookshelves. The book is highly recommended reading for anyone with business interests in Korea. Sean Hayes has been noted as a contributor to the legal chapter of the
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