On March 1, 2013, South Korea adopted and ratified The Hague Convention on the Civil Aspects of International Child Abduction (concluded 25 October 1980). The main goal of the Hague Child Abduction Treaty is to protect children under the age of 16 from being illegally removed or wrongfully retained in a signatory state. The Hague Child Abduction Treaty, in short, empowers courts and government to allow a parent to return an abducted child to the nation the child was abducted
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South Korean Gambling Laws Explained
Casinos and sports betting remain a risky venture within South Korea for locals and foreigners wanting to gamble online. Gambling is still strictly taboo amongst South Koreans, as the majority of land-based casinos cater to tourists and long-term expatriates residents. South Koreans are subject to strict gambling regulations. Koreans are limited to visiting Kangwon Land Casino on the outskirts of Seoul for legalised gambling. The Special Act on the Assistance to Development of Abandoned Mines, protects locals playing at Kangwon
Continue readingKorean Tax Law Amendments for Individuals for 2021
The Korean National Assembly passed a proposal by the Ministry of Economy & Finance and the Ministry of Interior & Safety related to Taxation of Businesses and Individuals in December of 2020. The Amendments shall take effect in 2021. The following is a summary of the major amendments to Korea’s Tax Code and regulations related to individuals in 2021. For an article on Taxation for Corporations please see: Korean Corporate Tax Law Amendments for 2021. 1. Amendment to Administrative Fines
Continue readingTips for Start-up Success in Korea: Korean Business Basics
Despite the economic challenges presented by the COVID pandemic, there are still plenty of opportunities for start-up companies in South Korea. Many of the long-term foreign attorneys in Korea shall advise that South Korea remains a perfect testbed for foreign companies in the East Asian marketplace. Local and national governments remain committed to fostering long-term partnerships with foreign start-ups within Korea. The attorneys at IPG Legal have put together a list of their top tips to help your start-up succeed
Continue readingChanges to the Korean Immigration System means more Opportunities for Single Parents to Work in Korea
The Korean Times, recently, reported that the Ministry of Justice is looking at changes to the Immigration System to allow single parents to remain in South Korea with their adult children. The proposed changes are significant as it allows the provision for foreign residents to remain in the country provided they meet specific benchmarks for the resident F-2 visa. Migrants who were previously married to a Korean citizen will now be eligible for this visa, in the event of divorce
Continue readingMergers & Acquisition Arbitration Matters under Korean Law at the KCAB
Mergers & Acquisitions (M&As) lead to disputes around the world, many of which are complex and involve money that may change substantially the future of a company, shareholders, employees and other stakeholders. Korea is no different in this respect. Korea witnessed the number of its cross-border transaction disputes explode during the 1997 IMF crisis and continue to steadily increase ever since. Many of these issues ended in arbitration and many others lead to criminal charges and into the Korean courts.
Continue readingJurisdiction and Choice of Law Issues in Agency Agreements
In drafting and negotiating a Korean commercial agency agreement between a principal located in one country and an agent located in another country, proper consideration needs to be given to the choice of law regarding the governing law and jurisdiction of such an agreement. Jurisdiction determines which country’s courts will hear any proceedings that may be brought in relation to the agreement, whilst governing law is the law that shall be applied by the courts hearing any such proceedings that
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 mere spun U.S. or European agreements. Please have your Korean distribution agreement and all agreements you have in Korea drafted
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
Continue readingIPG’s Sean Hayes Received the Highest Lawyer Rating from AVVO for his Work on International Legal Issues
IPG is proud to announce that Sean Hayes received the highest rating from AVVO. Avvo is an American attorney rating site and information portal. AVVO is one of the largest and most respected attorney rating sites in the United States. Sean, frequently, receives top ratings from legal rating services for his international law work. His law firm was, recently, rated South Korea’s Top Dispute Resolution Law Firm of the Year. Sean Hayes is a member of the NY Bar. Sean
Continue readingAvvo Top-Rated Lawyer: Sean Hayes
Avvo, a website that eases the challenge of finding the right lawyer, rated Sean Hayes at the top with the highest achievable score. This superb rating is significant in the fact that it is determined after taking various factors into consideration: experience, background, legal community recognition, legal thought leadership and discipline. Reiterating a little bit of his background: over his 16+ years in Korea, Sean is known for his aggressive advocacy and candid NY-style street-smart advice. He is also one
Continue readingKorea Enhances its Scope of Eligible Persons under the Framework Act on International Development Cooperation: Korean Aide to Developing Countries
The Amendment to the Korean Framework Act on International Development Cooperation (hereinafter as “Act”) was proposed by the Korean Foreign Affairs and Unification Committee at the end of last year. The law intent is to improve the human rights of juveniles in developing countries by the establishment of a variety of international development cooperation programs for at risk and impoverished children. Main Objectives of the Korean Framework Act on International Development Cooperation The major purpose of the Act is to
Continue readingExclusion of Japan from Export/Import White List
South Korea is on track toward barring Japan from its export control white list this month, in a blow for blow reaction to Tokyo’s prior choice to expel Seoul from its favored nation trading regime. On July 1, 2019 the Japanese government restricted the export to Korea of three classes of materials: fluorinated polyimide, photoresist and hydrogen fluoride. These chemicals are utilized in important export-driven manufacturing operations in Korea. Seemingly, the restriction is in reaction to a Korean Supreme Court
Continue readingKorea Increases the List of Serious Crimes in the Act on Regulation and Punishment of Criminal Proceeds Concealment
The Chair of the Legislation and Judiciary Committee in Korea proposed an Amendment to the Korean Act on Regulation and Punishment of Criminal Proceeds Concealment (hereinafter as “Act on Punishment of Criminal Proceeds Concealment”) on April 4, 2019. Some crimes shall be added to the list of “serious crimes” stated in the aforementioned Act. Amendment to the Act on Punishment of Criminal Proceeds Concealment The list of “serious crimes” (also “specific crimes”) as defined in Art. 2 (1) Korean Act
Continue readingKorea Government Filed a Complaint with WTO Over Japan’s Export Restrictions on Korea
The South Korean government filed a complaint over Japan’s, recently imposed, export restrictions with the World Trade Organization, blaming Tokyo for taking a biased measure against Korea for political reasons. During a press conference in Seoul, the nation’s Trade Minister Myung-hee YOO said that the Japanese government’s export controls, focusing on Korea, was a direct violation of WTO regulations. Trade Minister YOO noted the Japanese government’s decision to restrict exports to Korea was, among other things, politically motivated and is
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