Starting a small business in Korea can be enjoyable and profitable if you get the business on the right track from the start. Too often we see those with “limited funds” (we all have limited funds -even multinationals have limited funds) choosing to forgo having the deals structured by a professional and just downloading a “partnership” agreement off the internet. Avoid the headaches and the costs in the future and structure all right from the start. I have learned from my two decades working in Korea (Can’t
Continue readingTag: Korean Business Lawyers
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 dust” and “precursors to fine dusts”: “Fine
Continue readingExpanding your Business into Asia? Use Korea as a Test Bed
So you want to expand your business into China, Japan, Korea, Southeast Asia? We here at IPG suggest considering Seoul, Korea as a Test Bed for your Asian expansion. The following article’s focus is on Luxury Goods and Fintech, but IPG Legal believes that the Korean Market is, also, an excellent stepping-off point for other industries including F & B, Defense, Franchise, Automotive, High Tech, New Tech, Retail, and Fourth Industrial Revolution industries. Another article that may be of interest, that we posted a few years back,
Continue readingKorea Licensing Agreements: Licensing of Technology, Trademarks and other IP in Korea
We always advise our clients for every license agreement that there is a very high probability that at the end of the agreement license payment obligations will not be honored by the Korean licensee. The same holds true for our Chinese and Southeast Asian practices. If a Korean licensee is not going to continue the relationship with the foreign licensor, many Korean companies simply choose to forego the obliged payments in favor of not responding to emails, phone calls and mail. We represent many foreign companies that retain
Continue readingKorean Distributor Sales Territory or Customer Restrictions in Korea: Korean Distributor law Agreements in Korea
Korea’s Distribution Law is governed, primarily, by the Commercial Code of Korea, Monopoly Regulation and Fair Trade Law of Korea (“FTL”), and the, newly enacted, Fairness in Distributor Transactions Act of Korea. These laws comprise a substantial body of law that is consistently evolving. The main regulatory body enforcing the FTL of Korea is the Fair Trade Commission of Korea (“FTC”). The Fair Trade Laws of Korea, in most cases, creates the most significant risk for suppliers and manufacturers doing business with distributors in Korea. A nuanced
Continue readingGuide to Establishing a Company in Korea: Branch vs. Office; FIPA vs. FETA
The establishment of a foreign enterprise in Korea is governed mainly by Korea’s Foreign Investment Promotion Act and the Korean Foreign Exchange Trade Act.Formation of a local Korean corporation of a private business in Korea is governed by the Foreign Investment Promotion Act of Korea. The establishment of a branch or office is governed by the Foreign Exchange Act of Korea. A branch or office, in Korea, is considered a domestic branch of a foreign corporation under Korean law. FOREIGN-CAPITAL INVESTED COMPANIES IN KOREA The Foreign Investment
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