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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Guide to Winding-Up/Closing a Korea-based Company: Korean Company Liquidation Procedure

Any business in Korea that is registered as a corporation must wind up/liquidate the company to legally close the business in Korea. Many companies, however, choose to forgo this step thinking that no repercussions will be felt. This belief is far from the reality. I know a pending case that has led to prosecutions, a lawsuit of a related company, and a tax audit of an individual shareholder. For an article on Korean Bankruptcy please see: Korean Bankruptcy Law. The

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Minimum Capital Requirements for Setting Up a Corporation in Korea

My friend at the Korean Tax Blog has an excellent post on the minimum capital requirement for setting up a company in Korea. The post notes that: Before 2009, Korean law required a minimum capital of 50 million KRW to estabish a corporation. However, since February 2009, there are no longer any restrictions related to mimimum capital in Korean Law. www.thekoreantaxblog.com This amendment to Korean Law has made it easier to open a company in Korea. However, to open a

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Dual-Class Shareholdings in Korea: Korean Corporate Law Updates

Prior to the recent amendment to the Special Measures for the Promotion of Venture Businesses Act, Korea was an outlier in the developed world with regard to Dual-Class Shareholdings. Most developed economies allow Dual- Class Shares for IPOs and for unlisted countries. Korea prohibited Dual-Class Shareholding for both listed and unlisted companies. Korean Commercial Code Art. 369(1) The Korean Commercial Code mandates that a shareholder may, only, receive one vote for each share. This so called “One-Share One-Vote Principle” was

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Steps to Set up a Business in South Korea

Setting up a corporate entity in South Korea involves several steps and can be complex. If you are setting up a Korean venture between multiple parties or corporations make sure you have a carefully and custom-drafted Korean shareholder agreement, bylaws, articles of incorporation, employment agreements, employment rules, vendor agreements and you have the basic systems and processes in place to help ensure working shareholder and employee compliance. Even if you are the, only, shareholder in the company make sure to

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Why you Should Setup a Corporation in South Korea?

IPG Legal has assisted clients in the process of setting up a corporate entity in South Korea. Yes, it can be complex and time-consuming, but getting started on the right food is, often, the most important part to a successful business in Korea. For a list of corporate forms in Korea, please see: Korean Corporate Forms under the Korean Commercial Code. It is advisable to seek, in all but the most exceptional of cases, the assistance of a law firm

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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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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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