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 a public notice period that lasts through
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IPG Legal’s Korean Commercial Law Practice
IPG Legal is a prominent client-focused law firm with its Korean Office based in Seoul, South Korea. IPG Legal’s Commercial Law Practice provides legal services to individuals and businesses. IPG Legal’s Commercial Law Practice is widely recognized as a leading law practice in South Korea based on its numerous ratings in legal rating services and its reputation in the legal community. A U.S. lawyer working for IPG Legal, Sean Hayes, was rated in Asia Business Law Journal’s Top 100. IPG Legal has a team of highly skilled
Continue readingWhat 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 Overall Assistance for Start-up Immigration System (Oasis)
Continue readingTrade and Investment Opportunities for Indian Businesses in Korea
India and South Korea’s Comprehensive Economic Partnership Agreement CEPA is effective from Jan 2010, and the revised Double Taxation Avoidance Agreement-2015, contributed immensely to the expanded opportunities for investments and trade in goods and services for both countries. IPG Legal assists numerous companies entering the Korean market and we have a number of Indian clients doing business in Korea at this time. The bilateral trade, between India and Korea, grew 40% to $23.7 billion in 2021 with further increases expected. Exports from India to South Korea are
Continue readingMergers & 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 merger was, obviously, because of increased competition
Continue readingKorea’s Fairness in Subcontracting Transactions Act Amendments of July 2021
The Korean National Assembly passed a bill in July of 2021 that amends the Fairness in Subcontracting Transactions Act (“Subcontracting Act”). The Act makes major changes with regard to discovery in litigation and aims to protect the intellectual property/confidential data/technical data (“Technical Data”) of subcontractors from poaching by prime contractors. For another article on Korea’s Subcontracting Act please see: Fair Transactions in Subcontracting Act of Korea: So Buyer Beware or Simply Avoid the Risk and Buy the Seller. 2021 Amendments to the Fairness in Subcontracting Transaction Act
Continue readingKorea emerges as an Arbitration Hub in East Asia
With several major international companies now calling Seoul home and many international construction contracts choosing Seoul as the venue for arbitration, international arbitration matters are on the rise in Korea. American, Australian, British, Chinese, Indian, German have expanded their interest in the growing Korean market. International conglomerates in Korea have long understood the value of the arbitration process. Regrettably, few Korean attorneys are capable of handling international arbitration cases in the English language, because of the lack of experience in complex international arbitration matters and the lack
Continue readingLast week’s Recap of the Top Legal Headlines in South Korea for the week of August 9, 2021:
Samsung leader Jay Y Lee wins parole from prison South Korean school teacher sentenced in Bitcoin assault case Korean politicans to amend sex crime laws criminalising semen terrorism Press freedom to nose dive after Korean parliament introduces fake news bill Former government official wins discrimination case against Korean government You may schedule a free initial consultation with a lawyer at: Please Schedule a Call with an Attorney. Latest Posts: The Signs of a Great Criminal Lawyer in Korea | English-Speaking Criminal Defense Attorney in Seoul English-Speaking Criminal
Continue readingKoreans Hold Unique View on Foreign Firms by Tom Coyner
For many years, the Korean market has been synonymous with protectionism in many foreign marketers’ minds. However, with the advent of a strong middle class and its successful struggle to gain a genuine democracy during the past two decades, many of the trade barriers have fallen. As more foreign products and services have become integrated into the Korean economy, a wider acceptance of foreign corporations has taken place. However, it would be a mistake to say this is a trend. A number of counter factors remain —
Continue readingKorean Statute of Limitation in Civil Cases in Korea
The period of the Korean statute of limitations varies based on the type of wrong/breach, the type of parties to the case, and the details of the matter. Failure to file within the applicable period can result in the complete loss of legal rights in Korea, even if the underlying claim is valid. A statute of limitations in Korea (소멸시효) is the legally prescribed period within which a claimant must assert a right through litigation or other legal action. Under the Korean Civil Act (민법) and Korean Commercial
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