Top 10 Business Opportunities for Entrepreneurs in Korea

IPG Legal and I have been helping Korean entrepreneurs and businesses navigate the Korean business climate for over two decades. I have seen my share of successful businesses and my share of failed business. With the right management, a deep understanding of the Korean market, a good local guide and some street smarts the following Korean industries are ripe with opportunities. The following is my list of the top Korean businesses for Entrepreneurs in Korea for 2023. This is not

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Proposed Amendments to the Monopoly Regulation and Fair Trade Law: 2023

Proposed Amendments to the Monopoly Regulation and Fair Trade Law: Extending Merger Notification Exemptions and Adding a Voluntary Commitment System. The Monopoly Regulation and Fair Trade Act (MRFTA) is being revised, and the Korea Fair Trade Commission (KFTC) has released an advance notice of these proposed changes, which include, among other things, (i) expanding merger notification exemptions; and (ii) introducing commitment processes for merger control. (the “Proposed Revisions”). The KFTC will solicit and compile feedback on the Proposed Revisions during

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What are the Administrative Hurdles for Foreign Entrepreneurs to Start a Business in Korea?

Starting a business is rarely simple, and doing so as an expat in Korea involves not just financial challenges, but also the complex and constantly-changing Korean Immigration regulations that foreigners must follow in order to remain and legally launch a business in Korea. This law blog post is intended as a basic guide to Immigration challenges for entrepreneurs. Although the Korean government has launched a number of initiatives, recently, to draw in international expertise. The K-Startup Grand Challenge and the

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Mergers & Acquisitions in The Korean E-Commerce Market: Opportunities for Foreign Niche E-Commerce Sites

First-generation Korean e-commerce enterprises are currently working to integrate recently acquired businesses and create new business prospects in the fiercely competitive E-commerce market of Korea. Last month, Korea Center, the owner of Enuri.com, the nation’s oldest online shopping mall and Danawa, another local e-commerce business, merged. In order to increase their ability to compete in the market, the two businesses intend to operate their e-commerce platforms independently while eventually building an integrated system forthe analysis of online shopping data. The

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Opportunities in the K-Beauty Export/Import Business

The Success of K- Beauty Exports and The Impact on Economy One of the top 10 beauty markets in the world, South Korea is renowned for its inventiveness, gentle ingredients, and attractive packaging. Due to the effects of COVID-19, the market size was projected to be $6.8 billion in 2020, a considerable decrease from the $9.4 billion it was the previous year. The total export of K-beauty products and the balance of trade have improved by about 16% and 14%

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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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The Ten Commandments of Labor Relations in South Korea: Korean Human Resources Basics

Korea has one of the most capricious and least efficient labor forces in the world (which the exception of a few industries) and China is catching up with Korea very fast. Vietnam, Cambodia, Laos, Malaysia, Indonesia and the Philippines will soon follow. The fault is not only on the employees, but on the employers.  Korean companies have departed for greener fields in China to discover that the fields are not as green as originally imagined. Many of these same companies,

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Distribution Agreement in Korea: Factors to Always Keep in Mind

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 or a Korean Agent. We see too many distribution agreements that are mere spun U.S. distribution or agent agreements. Please have your distribution agreement and all agreements you have in Korea

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How to Invest in Korean Free Economic Zones (KFEZs): Korean Market Entry

Korean Free Economic Zones (KFEZs) are specially designated areas designed to improve the business and living environments for foreign firms looking to invest in Korea. In 2003, Korea’s very first KFEZ was launched in Incheon following the passing of the adoption of the “Act on Designation and Management of the Free Economic Zones.” Since then an additional seven have begun operation, bringing the grand total of KFEZs in Korea to eight. Companies with business in KFEZs are eligible for tax

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Korean Smart City Opportunities for Foreign and Domestic Companies Doing Business in Korea

The Korean government’s “2020 Smart Challenge” is officially rolling out with the Act on the Promotion of Smart City Development and Industry of Korea. The Act is coming into effect on Feb. 27, 2020. The Korean government is, specifically, launching three separate projects called: Korean City Challenge Open to large, SMEs and startup companies. Intended to encourage creative and technological solutions to problems in cities. Smart-mobility may be a large focus of the governments initiative. Korean Town Challenge Open to

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