Opening & Managing a Bank Account in Korea

My friends at the Korean Tax Blog have an article on some difficulties with banking in Korea. I recommend reading the article. The blog post notes, in part, that: “I have often received questions from foreigners about the banking system in Korea. Even for Koreans, it is notoriously complicated. Although difficult to adequately explain the nuances of Korean banking (and the numerous issues surrounding online banking caused by Internet Explorer), I offer you a general guideline for using our system.

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Is a Bankruptcy in the U.S. “Effective” on Assets in Korea?: Korean Bankruptcy Law Basics

The following article on the interplay between Korean Bankruptcy Law and foreign bankruptcy laws was motivated by a question from a reader from the Korea Times. The following is from a column I used to write for the Korea Times. Please note the present Bankruptcy Law in Korea was amended and the present topic, while interesting, shall not apply to present bankruptcy proceedings. However, take a read – very interesting matter. I shall be posting some of my old articles

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Top 100 Korean Lawyers & Legal Consultants in Korea

Sean Hayes, head of the Top Korean Dispute Resolution Law Firm of the Year was rated by LawAsia, one of the leading peer-reviewed publications in Asia, as a Top 100 Lawyer in Korea. Sean Hayes is one of the only non-Korean attorneys on this Korean Lawyer “A-list” and the only non-Korean that was on the list each year the list was published. Sean Hayes is the first non-Korean attorney to have worked for the Korean court system (Constitutional Court of

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Exercising 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

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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

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Are 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

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Deregulation 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

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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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Garnishing 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

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Protecting 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,

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