Korean Prosecutors & Police Powers under Amended Criminal Procedure Law

One of the most substantial changes in the powers between the Prosecutors’ Office and Police Office was enacted by the Korean National Assembly through amendments to the Korean Criminal Procedure Act and Prosecutors’ Office Act. These Amendments were made to the Criminal Procedure Act of Korea and the Prosecutors’ Office Act of Korea that shall take effect in 2021. The Amendment reduce the power of the Korean Prosecutions to initiate investigations in certain types of cases, while expanding the powers

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Korea emerges as an Arbitration Hub in East Asia

With several major international companies now calling Seoul home and many international construction contracts choosing Seoul as the venue for arbitration, international arbitration matters are on the rise in Korea. American, Australian, British, Chinese, Indian, German have expanded their interest in the growing Korean market. International conglomerates in Korea have long understood the value of the arbitration process. Regrettably, few Korean attorneys are capable of handling international arbitration cases in the English language, because of the lack of experience in

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International Arbitrations in Korea under the IBA Rules

Procedural Arbitration rules are key to the efficient and effective adjudication of arbitration disputes in Korea and, also, worldwide.  These arbitration rules govern and set out the framework for the arbitration process. Evidence gathering and presentation are important aspects of the above procedure, and yet, institutional and ad hoc rules that provide arbitration guidelines on other matters such as the appointment of arbitrators and the nature of award and costs are, usually, silent on this point. Advantages of such a

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Last week’s Recap of the Top Legal Headlines in South Korea for the week of August 2, 2021:

Korean Telecos winning the war against Netflix in the streaming battle New Fake news law set to damage press freedom FTC investigates Korean Bar Association over law talk ban Supreme Court upholads fine for Nissan Korea Korean government to compensate nurse paralysed by COVID shot You may schedule a free initial consultation with a lawyer at: Please Schedule a Call with an Attorney. Latest Posts: The Signs of a Great Criminal Lawyer in Korea | English-Speaking Criminal Defense Attorney in

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Last week’s Recap of the Top Legal Headlines in South Korea for the week of July 26, 2021:

South Korea tables law to remove app stores’ in-app purchase monopolies Korean parliament set to allow direct seizure of crypto assets Anti-Google law gaining strong support from US business groups in Korea Korean crypto exchanges set to come under extra pressure from authorities Employers set to be punished with imprisonment over workplace disasters You may schedule a free initial consultation with a lawyer at: Please Schedule a Call with an Attorney. Latest Posts: The Signs of a Great Criminal Lawyer

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Content Opportunities for Int’l Entertainment Companies in Korea

The global success of BTS hasn’t gone unnoticed in the US, as Korea remains an excellent market for foreign companies actively pursuing content partnerships in Asia. Over the last decade, IPG Legal has built significant relationships with major entertainment companies in Korea and abroad and worked on several international collaborations. British singer Ed Sheeran is the latest foreign entertainer to collaborate with a K-Pop band. Sheeran co-wrote the lyrics for the BTS single “Permission to Dance.” International content and entertainment

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Proposed Korean Law Aims to Break In-App Purchase Monopolies of Apple and Google

In an article that appeared in The Register, it was reported that legislators in Korea are proposing a law that aims to break the monopolies of App Stores such as Google and Apple. In-app purchase (IAP) is defined by Real Simple as “any fee (beyond the initial cost of downloading the app, if there is one) an app may ask for.” Currently Google and Apple require their app developers to use their in-app payment services when someone wishes to make

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How Foreign Companies and Individuals can Collect Debts from Debtors in South Korea?

Many foreigners, both companies and individuals, seek our advice on how they can effectively collect debts from debtors with assets, businesses and/or residences in Korea. The following article details the major means of collecting on a debt in Korea. Collecting a Debt in South Korea from a Korean Debtor Hire an Experienced English-Speaking Korean Law FirmIt is crucial that you hire a Korean law firm with experience in collecting on debts for non-Korean or foreign-capital invested companies. Not all lawyers

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Wrongful Termination in South Korea

South Korea is not an “at-will” employment country which means that employer may not dismiss an employee for any reason nor without warning or notice. And under the Labor Standard Act, an employer who has five or more employees may not dismiss or suspend from work any of its employee without justifiable cause. And even with the presence of justifiable cause for dismissal, the employer is still required to give a minimum of 30 days advance notice to the employee

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South Korea to Impose Taxes on Cryptocurrency in 2022

The Ministry of Economy and Finance confirmed that on the 1st of January 2022, profit from cryptocurrencies shall be subject to a 20% tax. And gifts and inheritance in the form of cryptocurrencies shall be taxed by the same rate of 20%. Exempted from Cryptocurrency Tax Any profit, gift and/or inheritance worth 2.5 million won and below will be exempted from the cryptocurrency tax. And only the profit, gift or inheritance in excess of 2.5 million won will be covered

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Korean Corporate Tax Law Amendments for FY 2021

Korean Tax Law

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Adhesion Contract in South Korea: Regulating Unfair Terms and Conditions

Adhesion Contract is a contract drafted by a party with stronger bargaining power and signed by a party with lesser bargaining power. The party that has weaker bargaining power does not have the capacity to negotiate the terms and conditions of the contract and they just adhere completely to what the party with the upper hand has to offer. In South Korea, in order to avoid such unfair one-way contract and prevent business persons from imposing unfair terms and conditions

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Tips 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

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Data Protection in Korea is set to take on new importance in 2021

Koreans have been forced into the realm of digital deliveries and contactless payment options due to the global pandemic. The change in conditions shall, likely, lead to more criminals looking to take advantage of this situation. Foreigners and international companies potentially could be exposed to significant risks from data and identity theft in Korea as the risks increase over the next 12 months. A recent report by the Police Science Institute in Korea predicts that white-collar crimes such as fraud

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Korea’s Class Action Law Proposed by Moon Administration

Class action lawsuits in South Korea are currently available in two types of civil cases: (1) under the Securities-Related Class Action Act of Korea (derivative/shareholder suits); and (2) in certain limited product liability matters under the Consumer Act of Korea. A bill that seeks to expand the scope of class actions into other areas, aside from the two instances above, has languished for years in the Korean National Assembly. However, in a statement made by the Ministry of Justice last

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SsangYong Motors files for Bankruptcy in Korea

It isn’t just foreign companies that have a robust history with Korea’s militant labor unions. The troubles of GM Korea and SsangYong Motors have been well documented over the last decade. This week SsangYong Motors finally succumbed to the pressures of the Korean market. The company filed for bankruptcy after defaulting on loan repayments of 60 billion won ($54.4m USD). SsangYong is unlikely to receive further government support, with the national government unlikely to step in to provide aid for

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Filing for a Patent in Korea: Basics of Korean Patent Law

Over the next couple of months, lawyers here at IPG Legal shall provide detailed insight and analysis of the Patent Laws of Korea. The following post details the basics of filing for a patent in South Korea. Individuals or companies can register for patents through the Korean Intellectual Property Office (KIPO). The application and registration of patents is governed by the Korean Patent Act (“the Act”). In most cases, patents may be filed in English, but extra specific measures should

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Can Foreigners buy Real Property in Korea? Korean Real Estate Law for Non-Korean Residents and Non-Residents

Unlike some Asian countries that do not allow or strictly limit foreign ownership of real properties, South Korea has a buoyant market that permits foreigners to purchase real estate and even land in Korea.  The major restrictions on ownership of real estate for non-Koreans was lifted during the 1997 Asian Financial Crisis based on the advice of the IMF.  The lifting of these restrictions, led, in part, to a commercial and residential real estate boom.  The major benefit to Korea

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Korea’s Legal Measures to Reduce Fine Dust Pollution

The Korean Special Act on Fine Dust Abatement and Management (hereinafter as “Special Act on Fine Dust”) entered into force on February 15, 2019. The law, primarily, focus is restricting producers of fine dust to reduce the fine dust level in Korea. The Special Act on Fine Dust defines different types of dust and enables officials to set certain fine dust reduction measures. Legal Definitions of Fine Dust The Special Act on Fine Dust provides definitions of “fine dust,” “micro-fine

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Calculation of Korean Hourly Wage Rate under the Minimum Wage Act of Korea

Korea’s minimum wage as per the Korean Minimum Wage Act in 2019 is determined by the Minister of Employment & Labor as KRW 8,350 per hour. The latest decisions of the Supreme Court developed a calculation standard/method for determining an hourly wage rate that is not in line with the opinion of the Ministry of Employment & Labor. In many such cases, a Ministry, simply, pushes to amend the law. This matter is important, since the standard hourly wage rate

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