Applying for Veteran Disability Benefits from Korea, Japan, and the Philippines

Applying for Veteran Disability Compensation can be a long, stressful and frustrating process especially when you are living abroad. We assist veterans to file for benefits from our offices in Korea and the Philippines for service-disabled veterans residing throughout Southeast Asia and the United States. Veteran Disability Compensation Basics Veteran Administration disability compensation provides a a monthly tax-free payment to all Veterans that were sick or injured while serving in the U.S. military and, also, to Veterans whose service in

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Liability of Persons who have Lent their Names for Korean Business Transactions

In Korea, the person who is actually the subject of rights and obligations, often differs from the nominee such as the holder of licenses or business registrations. Sometimes those with assets use these nominee/proxies to attempt to avoid liability. As such, under certain conditions, a counterparty to a transaction is protected, under the Korean Commercial Act, by acknowledging the liability of not only the party to the transaction, the name borrower, but also the nominee (name lender). See: Korea’s Real Name Transaction

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Valid and Enforceable Contracts in Korea: Korean Contract Law Basics

In Korea, contracts are agreements that are legally binding and enforceable under the law. They can be created for a wide range of purposes, such as employment, real estate, intellectual property, and commercial transactions. A contract, in Korea, is an agreement between two or more parties to create, modify, or terminate obligations that are legally enforceable. To constitute a legally enforceable contract in Korea, there must be: It is important to highlight that certain contracts in Korea require specific formalities

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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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Amendment to Korea’s Industrial Accident Compensation Insurance Law

Effective July 1, 2023, the scope of application of the Korean Industrial Accident Compensation Insurance Law was extended to include, also, the protection of those employees in Korea who are not “exclusively” working for a specific employer in Korea. Prior to the amendment, some employees who worked for multiple employees were not covered by the insurance. To extend the insurance benefit for these employees, the law has eliminated the exclusiveness requirement. The law’s amendment was a reflection on online “platform

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Occupational Safety in Korea: Serious Accidents Punishment Act

The Serious Accident Punishment Act (“SAPA”) was passed by the Korean National Assembly and came into effect on January 27, 2022. With the implementation and recent expansion of the SAPA, we encourage all employers to do a comprehensive compliance audit. Some law firms, including this one, have attorneys and staff that can assist your team in doing a comprehensive audit. SAPA has greatly expanded the list of accidents that are applicable and significantly increased the penalties for breaking the law.

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Korean National Pension Contributions and Tax Deductions for Freelancers and Expats Residing in Korea

Can freelance workers apply for Korean National Pension Deductions when Calculating their income tax? Yes, freelance workers in Korea can apply for Korean National Pension deductions when calculating their income tax. The National Pension System of Korea is designed to provide retirement, disability, and survivor benefits to eligible individuals, including freelancers. Thus, the system applies notwithstanding if you are self-employed or employed by a company directly in Korea. When filing Korean income tax returns, freelance workers can include their Korean

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Korean Free Trade Agreements: Korean FTA Chart

Free Trade Agreements Executed by the Republic of Korea (“South Korea” or “Korea”) South Korea currently maintains 21 comprehensive free trade agreements with a combined total of 59 countries. The chart below provides information on the countries with which these Korean FTAs are in force, the key dates of the free trade negotiation processes, and the significance of these agreements. The following chart is accurate as of December 1, 2022. References of the chart can be found at the following

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Definition of a Franchise in Korea under Korean Franchise Law and Corresponding Disclosure Requirements

A franchise, in general, in the Republic of Korea (“Korea”) is a continuous business relationship under which a Franchisor allows a franchisee to use its business marks (trademarks, service marks) to sell goods or services in accordance with certain quality standards, business methods, training and control requirements in exchange for the payment of a franchise fee (Fair Transactions in Franchise Business Act (“Franchise Act”). The Korean Fair Trade Commission and the Courts of Korea have broadly interpreted the definition to the

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Korean Flat-Tax Rate for Foreign Workers in Korea

The Special Tax Treatment Control Law of Korea extended the benefit of the Flat Tax to 20 years from the present five years. The flat tax rate with the local income tax is 20.9%. of the foreign employee’s earned income. Additionally, the National Tax Services of Korea and the Ministry of Economy & Finance of Korea agreed to deem the starting date for employment to be January 1, 2014, even if the foreigner worked in Korea prior to 2014. Thus,

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