Weekly Korean Legal News From International Law Firm – IPG Legal for the Week of July 7, 2014

Weekly Korean Legal News From International Law Firm – IPG Legal For the Week of July 7, 2014Korean Legal News Reported by the Media on the Week of July 7, 2014 Science Ministry to Introduce Laws for Better Mobile Service Plans Validity of Financial Holding Firms in Question Bank of Korea Hints at Rate Cut Pantech Sinking into Deeper Liquidity Crisis Samsung Chief Marks 2 Months in Hospital Most Recent

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Witholdings Taxes on Transactions between Korean & Hong Kong Companies

The Republic of Korea and Hong Kong signed a double taxation treaty on July of 2014.  The treaty will come into force, if ratified, by the respective assemblies.  Under Korea Tax Law, the, normal, withholding tax is 22%.  The main purpose of the treaty is to reduce this rate and, also, allow the governments to share information on potential tax evaders.  This double taxation treaty, among other things, includes provisions

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Weekly Korean Legal News From International Law Firm – IPG Legal for the Week of June 30, 2014

Weekly Korean Legal News From International Law Firm – IPG Legal for the Week of June 30, 2014Korean Legal News Reported by the Media on the Week of June 30, 2014 FSS Chief Pledges to Back Foreign Firms Cho Steering Hanjin Shipping Out of Liquidity Crunch Park, Xi Boost Security, Business Ties Korea, China to Seal FTA by Year’s End Won Goes from Strength to Strength Most Recent Posts from

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Weekly Korean Legal News From International Law Firm – IPG Legal for the Week of June 23, 2014

Weekly Korean Legal News From International Law Firm – IPG Legal for the Week of June 23, 2014Korean Legal News Reported by the Media on the Week of June 23, 2014 Samsung, LG at War over Android Wearables Hyundai Motor to Be Fined for Overstated Fuel Economy Korea Recognized for Combating Money Laundering Asiana Accepts Responsibility for Crash Penalties Likely for Woori Bank Most Recent Posts from the Korean Law

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Korean Immigration Law’s 20% Rule Challenged

Increased direct foreign investment to Korea is, facially, Park Gun Hye’s Administration’s top priority. However, according to the Korea Herald, it seems like the Korean bureaucracy is not following the Park Administration. The Korea Herald reported that foreign companies have increased complainants about the current Korean immigration law as exemplified in at a government-organized forum in Seoul last week.   The complaints have come, in part, because “[u]nder Korean immigration

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Korean Start-up Visa: First Visa Issued to Korean American Entrepreneur

A Korean government news portal announced that the first “Start-up Visa” has been issued to Jason Lee of J.J. Lee Company.  Ignoring the fact that he, most likely, qualified, for an Ethnic-Korean visa (F-4), the entrepreneur obtained the visa, apparently, with few issues.  We are unsure how difficult it will be for other entrepreneurs to obtain this visa.  The major requirements for the visa are:1.  Intellectual Property registered in Korea

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Korean Visa Rules Still not Strict Enough for Some in the Korean Government

According to a new article in the Korea Herald based on government data, nearly 3 out of 10 short-term foreign visitors to South Korea stay here illegally.  The story didn’t specify exactly what an “illegal stay” meant, but it did take the time to classify the nationalities of the offending foreigners – 43.7% of them were Chinese, with the next-biggest group of offenders being Thais at 19.4%. What we found

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Visa Benefits for Korean Homosexuals in America: Defense of Marriage Act Held Unconstitutional

The U.S. Supreme Court, in a 5-4 holding that was split on the typical ideological camps, declared unconstitutional the U.S. Defense of Marriage Act.  The Defense of Marriage Act denied federal benefits to same-sex spouses.  In declaring the law unconstitutional the majority opinion by Justice Kennedy opined that the law simply; “writes inequality into the entire United States code.”   Justice Kennedy went on to opine that the law, in of

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10 Top Cities in Asia for FDI in 2012- One Korean City on the List

The Financial Times, yearly,  posts on its Financial Intelligence site a ranking of the top 10 destinations in Asia for Foreign Direct Investment.  One Korean city appears on the list, three Chinese cities and four Australian cities along with the usual characters.   1.   Singapore2.   Melbourne3.   Hong Kong4.   Brisbane5.   Sydney6.   Busan7.   Auckland8.   Perth9.   Guangzhou10. Chengdu ________Sean Hayes may be contacted at: [email protected] Sean Hayes is co-chair of the Korea Practice

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Korean Lawyers and Law Firms: One of the Most Comprehensive Lists of Attorneys in South Korea Capable of Handling the Needs of Expat Clients

I find the best list of major Korean law firms/attorneys can be found at HG.  Not all law firms on the list are advised to be utilized, additionally,  I suggest, always, hiring an experienced foreign lawyer to work alongside your Korean lawyer.  The best foreign lawyers are, typically, those with significant experience working alongside Korean judges and prosecutors. Few foreigner lawyers have experience with litigation, thus, if you are involved

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U.S. Taxation of American Citizens/Permanent Residents Living Abroad

TAXES.  Everyone wants to avoid them and only a few people really know how.  This goes double for US citizens who earn income in China.  This is because the US taxes foreign income as well as income earned within the States.  Even worse, the IRS requires any US person with a financial account overseas to register it with the treasury department, as long as such account has held over $10,000USD

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Korea and Myanmar Now Not as Far Apart

Good news for Korea and Myanmar.  Myanmar is anticipated to be a major investment destination for Korean companies.  Korean Air, realizing this trend, has launched the first non-stop flight from Korean to Yangon, Myanmar.  The flight will commence in early September of this year.   The flight time will, thus, be reduced from 10 hours to 6 hours. If the flight is well subscribed, expect Asiana Air to quickly follow

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Political Asylum Granted in U.S. to Former South Korean Intelligence Agent

A U.S. court has, recently, upheld a decision to grant political asylum to a South Korean former intelligence agent that revealed that the former Korean Dae-Jung KIM Administration paid a USD 500 million bribe to North Korea in exchange for North Korea hosting the inter-Korean summit between the decreased former leaders of North and South Korea. Dae-Jung KIM received the Nobel Peace Prize, primarily, because of the inter-Korean summit. Kim

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Korean “Immigration Office” to be Established?

Korean newspapers have announced that the Korean government is beginning to explore the establishment of an “Immigration Office.” The Ministry of Strategy and Finance seems particularly keen to the proposal. The power to grant a visa in Korea is given to the Immigration Bureau with some authority given to Korean embassies abroad for matters of granting permission to enter the nation. The Immigration Service is under the auspices of the

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Sean Hayes quoted by Korea Times on D-8 Investment Visa

By Cathy Rose A. Garcia Korea Times (August 27, 2010) Foreign-owned restaurants and other businesses have been slowly popping up around Seoul in recent years. There have been a growing number of foreign entrepreneurs, who are living and doing business in Korea. Foreign entrepreneurs typically carry a D-8 corporate investor visa, which is obtained after investing a minimum of 50 million won ($42,000). But the government’s plan to double the

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Korean Court Overturns Immigration’s Deportation Order

The Administrative Court in Incheon, Korea ruled in June of 2010 that a Chinese woman suspected of marrying a Korean national for the right to gain a Korean residency card (F-2-2 Visa) is not allowed to be deported on the sole grounds that both her former and present husbands were convicted of being involved in marriage fraud and the previous marriage ended only two months before the current marriage. The

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Refugee Status Granted for Pakistani Homosexual

The Administrative Court in Seoul ruled that the Korean Ministry of Justice’s determination that a gay Pakistani did not have a “well-founded fear of being persecuted” was incorrect. The man’s “well-founded” fear, according to the Administrative Court, stems from his alleged homosexuality and fear of the Pakistani government and/or family members. Pakistani has laws that allow the punishment of openly homosexual individuals. The case can be appealed to the Supreme

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No American Law Firms in Korea – YET

Posted by:  Sean Hayes (Chair, Korea Practice Group at IPG)[email protected] _____________________ The KOR-EU FTA passed and thus British law firms will be able to setup shop in Korea over a five-year three-stage phase-in period.  All of the leading British firms have begun building relationships with an eye to formal partnerships.  KOR-US FTA, however, has stalled because of opposition of some prominent lawmakers in the liberal parties even though the two FTAs are

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Korea Immigration Service’s Immigration Logic: Appeared in the Korea Times by Sean Hayes

The following article appeared in the Korea Times on January 4, 2007 and was entitled Immigration Logic. The article was part of a column written by Sean Hayes. Immigration Logic An article entitled “Misunderstanding of the New E-2 Visa” appeared in The Korea Times on Dec. 27. An Immigration official, seemingly speaking for the Ministry of Justice, wrote the article.  He said that articles by “E-2 visa holding English teachers

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