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
Continue readingTag: Korean Business Startup
Tips for Start-up Success in Korea: Korean Business Basics
Despite the economic challenges presented by the COVID pandemic, there are still plenty of opportunities for start-up companies in South Korea. Many of the long-term foreign attorneys in Korea shall advise that South Korea remains a perfect testbed for foreign companies in the East Asian marketplace. Local and national governments remain committed to fostering long-term partnerships with foreign start-ups within Korea. The attorneys at IPG Legal have put together a list of their top tips to help your start-up succeed
Continue readingExpanding your business into Asia? Use Korea as a Test Bed
So you want to expand into China, Japan, Korea, Southeast Asia (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 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
Continue readingKorean Act on Special Cases Concerning the Establishment and Operation of Internet Banks
In September 2018 the Korean National Assembly passed the Korean Act on Special Cases Concerning the Establishment and Operation of Internet Banks (hereinafter as “Act on Internet-Only Banks”), which is in force since January 2019. The major facial intent of the Act on Internet-Only Banks is to “…encourage innovative enterprises to enter the financial market while laying the legal framework for the convergence of information and communications technologies (ICT) with financial services, and the creation of new economic growth drivers.”
Continue readingSean Hayes attended the Korea Business Forum
The Korean Business Forum is one of the leading private groups of senior executives in leading companies doing business in Korea. The group meets, at least, monthly to discuss major issues affecting businesses in Korea. I, highly, recommend applying for membership in the Korean Business Forum. This month’s meeting addressed issues facing the Korean economy, the new labor policy of the Moon Administration, and major reasons why Korea is still important for international businesses. Some interesting takeaways: Korea is the
Continue readingStarting a Company in Korea: Establishing a Foreign Capital-Invested Korean Company, Branch or Liaison Office
Korea, for many businesses, is an excellent market to enter. We assist numerous franchisers, tech companies, chemical companies, oil & gas companies, automotive suppliers, defense companies and basic manufacturing companies on compliance and contentious issues related to their business in Korea. We, also, assist entrepreneurial individuals in establishing and doing business in Korea. To establish a company in Korea, there are, in short, three legal manners for a foreign company or individual to do business in the Korean Market. A
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