The Korean government’s “2020 Smart Challenge” is officially rolling out with the Act on the Promotion of Smart City Development and Industry of Korea. The Act is coming into effect on Feb. 27, 2020. The Korean government is, specifically, launching three separate projects called: Korean City Challenge Open to large, SMEs and startup companies. Intended to encourage creative and technological solutions to problems in cities. Smart-mobility may be a large focus of the governments initiative. Korean Town Challenge Open to large, SMEs and startup companies. Intended to
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Expanding 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 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 11th largest economy by nominal GDP in
Continue readingSean Hayes Presentation to Korea Business Forum: The Korean Labour Law v. the Fourth Industrial Revolution
Sean Hayes commented on legal issues related to Korean Labour Law and Korean startups for the Korea Business Forum on October 18, 2018 at the Grand Hyatt Hotel in Seoul, Korea. The Korean Business Forum is a group of professionals that share insight and their experience on issues related to doing business in Korea. The group is one of the most renowned business groups in Korea. “KBF meets twelve times a year and provides an opportunity for senior executives to discuss among themselves and with experts specific
Continue readingKorean Business Culture vs. Western Business Culture Explained by IPG Attorneys
We, often, have clients that proclaim that they can’t understand the way that Koreans do things. They complain about an inability to reason, keep promises, express opinions and give a straight answer. Koreans have plenty of complaints about Westerners also. Koreans, often, complain that Westerners concentrate too much on details and not enough on the big picture, care about money more than friendship and focus too much on efficiency. The root of these issues is vastly different cultural realities. Korean Business the Gangnam-Style Way The Lewis Cultural Model
Continue readingIs the Korean Market Open to Foreign Businesses 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 readingMastering Business in Korea: A Practical Guide by IPG’s Commercial Advisor
IPG is proud to, again, recommend a book written by the Tom Coyner a Senior Commercial Adviser for IPG. The following is recommendations from the foreward to Mastering Business in Korea: A Practical Guide. Nick ReillyFormer President of GM Asia-Pacific This book is written with the expatriate business professional in mind. Korea is reputed to be a tough place to do business, but much of that reputation is unfair. Well-meaning and experienced foreign businesspeople routinely make serious errors that ultimately impede their success in the world’s eleventh
Continue readingKorean Business/Service Marks Protection under the Unfair Competition Prevention and Trade Secret Protection Act
Supreme Court Decision 2008Do5897 delivered on January 30, 2009 【Violation of the Unfair Competition Prevention and Trade Secret Protection Act】 Translation of Official Court Summary The appearance of a particular singer and the unique actions of others are intangible and variable features close to an impression or image have little function as a fixed mark that differentiates a matter from another matter. If the particular appearance and action is to be regarded as a mark of a business and if the use of this is punished under
Continue readingWhy do Some Foreign Companies Fail and Some Companies Succeed in Korea?
The Chosun Ilbo posted an interesting article on why some multinational companies fail in the Korean market. The article notes, in part, that: Struggling in Korea. Swiss multinational Nestle has achieved stellar performance in global sales of its mainstay coffee and powdered milk. Not so in Korea, where the market for coffee mix is worth around W1.3 trillion (US$1=W1,128). Nestle entered the Korean market in the 1980s with its Taster’s Choice brand of instant coffee and maintained the No. 2 spot for 30 years. But it fell
Continue readingKorean Corporate Forms under the Korean Commercial Code: Forming a Company in Korea
There are four basic corporate entities under the Korean Commercial Code. The first to forms are the most usual forms for a foreign capital-invested company to form a company in Korea. 1. Chusik Hoesa (Joint Stock Company)Only form of corporate entity that is allowed to publicly issue shares. An article will be posted on the specifics of forming a Chusik Hoesa in the next couple of weeks. 2. Yuhan Hoesa (Limited Liability Company)A closely held company that is prohibited from having more than 50 shareholders. In recent
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