Forming a Joint Venture in Korea, China & Southeast Asia: Listen to My Mother

My mother often told me, when I was much younger, to look both ways before crossing the street; carry an umbrella in the spring; and don’t go out alone in the dark. The advice can go a long way for Korean companies doing business outside Korea and for expats doing business in Korea. As we all know, Korean companies and many foreign companies lament over the fact that it is nearly impossible for Korean companies, with the exception of the

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Top 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. The article by 10 Magazine on the law firms in Korea

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Material Breach of Korean Contracts Under Korean Law: Primary Obligations vs. Secondary Obligations in Korea Courts

In most Western nations a “material” breach of a contract leads to the non-breaching party not having to perform its obligations under the contract, while allowing the non-breaching party to immediately sue for all damages (or performance).The Restatement (Second) of Contracts 241 notes that the following criteria can be used to determine whether a specific action/inaction constitutes a material breach: “In determining whether a failure to render or to offer performance is material, the following circumstances are significant: (a) the

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Korean Currency Control Laws Revised: Korea Won – Yuan

Yonhap News, a Korean-language wire service, reported today that the South Korean government has revised currency control law in order to allow the direct trade of South Korean Won and Yuan.   The Korean Government is expecting this move will increase trade, while allowing the diversification of foreign currency holdings. Yonhap notes, in part, that: “The [M]inistry [of Strategy & Finance] said South Korea’s Hana Bank and Woori Bank have been designated as the clearing banks to take charge of

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Capturing Chinese Tourist Money in Korea: Retail Opportunities in Korea

The NPR blog has an interesting article on the frenzy to learn Chinese by Koreans in order to satisfy the hoards of Chinese tourists entering the Korean market.  These young students and their future employers are capturing the Chinese tourist business via understanding the unique buying characteristic of Chinese tourists and, also, learning their language.  The article notes that the major reason for Chinese tourist visiting Korea is shopping. This recent development has, also, benefited many foreign brands doing business

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Why we should care about North Korea?: North’s Harsh Reality by Senior Advisor Tom Coyner

While reading Foreign Minister Yun Byung-se’s essay “Preparing for Reunification” in the Feb. 13 edition of the Korea JoongAng Daily, I felt both empathy and frustration. But in the end, I can understand why diplomats continue to make seemingly ludicrous, even quixotic, demands of North Korea. The minister’s column reminded me of a white paper I recently edited for a major Korean research center. The white paper summarized extensive investigations by think tanks of the six-party talk nations, with the

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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

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South Korea Begins 7th Round of Negotiations with China on Free Trade Agreement

Today, China and South Korea began the 7th round of Free Trade Agreement (FTA) negotiations in Shandong Province, China. The negotiations are expected to last until September 5th. According to Xinhua News, the previously-held 6th round of the negotiations led to resolutions in the countries’ disagreements over “services, investment, rules of origins, customs clearance, trade remedies and intellectual property rights.” The current round of talks should be focusing on “agriculture, manufacturing industries, including automobile, machinery and oil sectors.” China is

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Korean Legal News for the Week of January 20, 2013

This Week’s Legal News Reported by Media Korean Washer Makers Vow Legal Action Against US Duties Korean Patent and Trade Mark Filings Increase in Face of Economic Climate Korean Giant LG Threatens to Disrupt View of Palisades with Office Tower N. Korea Issues Blunt New Threat to US Experts Suggest Korea Fortify Economic Ties with China Korea Grows Less than Forecast as Won Strengthens Korea President’s Brother Gets Two-Year Jail Term for Corruption Whirlpool Wins Duties on Washers from Mexico,

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The U.S. Military Presence in Korea: New Focus for U.S. Foreign Policy?

Those who don’t doubt their faith generally prove in the end to be less resilient than those who do. Doubt is good. It tests and often affirms, but it also challenges cherished assumptions and beliefs that were formed once upon a time to be reconciled with current realities. A few days back, I circulated a lengthy interview of BR Myers by the Wall St. Journal where he challenged the premises of the current US Forces deployment in Korea. Brian is

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