Long term foreign residents will note that the Korean Constitutional Court has upheld the rule banning the use of cellphones while driving. The court ruling stipulates that the ban isn’t a violation of the Korean Constitution. Using cellphones while driving increases the risk of traffic accident and should be banned to protect the life, body, and property of the people. The law allows certain exceptions that permit the use of cellphones in emergency situations, minimizing unecessary inconvenience. Korean Constitutional Court’s
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Korean Tax Law Amendments for Individuals for 2021
The Korean National Assembly passed a proposal by the Ministry of Economy & Finance and the Ministry of Interior & Safety related to Taxation of Businesses and Individuals in December of 2020. The Amendments shall take effect in 2021. The following is a summary of the major amendments to Korea’s Tax Code and regulations related to individuals in 2021. For an article on Taxation for Corporations please see: Korean Corporate Tax Law Amendments for 2021. 1. Amendment to Administrative Fines
Continue readingNew Korean Corruption Investigative Unit Established to Investigate High-Ranking Public Officials in Korea
Korean established a new investigative unit with the independent power to investigate High-Ranking Public Officials, family members of High-Ranking Public Officials and those associated in alleged crimes with High-Ranking Public Officials. This office shall be called the Corruption Investigation Office (“CIO”) for High-Ranking Public Officials. This independent investigative agency’s scope of power includes the investigation of the President of Korea, members of the Korean National Assembly, prosecutors, judges, senior public officials (Rank of Grade III or higher) and some senior
Continue readingKorean Intestate Succession Law: Inheriting Property from your Korean-National Parents
We assist numerous clients concerning intestate succession issues in Korea. Many of these clients are foreigners who are children of a Korean decedent who passed away without a will. Typically, the clients are in need of an asset scrub and assistance in the transfer of the assets to the name of the client and forwarding of the funds overseas. Please note this present article deals, solely, with Interstate Succession under Korean Law. If your parent was, solely, a national of
Continue readingFinding a Korean Lawyer/Law Firm for your Business in Korea
We obtain numerous emails and calls from potential clients in search of a great Korean lawyer for companies doing business in Korea. The majority of these intakes come from referrals from present clients, referrals from other lawyers and a couple trickle in via this blog. From our contacts, we believe that many businesses in Korea are having a difficult finding attorneys in Korea that have business savvy, the ability to efficiently work for the client and/or an inability to handle
Continue readingHow to Invest in Korean Free Economic Zones (KFEZs): Korean Market Entry
Korean Free Economic Zones (KFEZs) are specially designated areas designed to improve the business and living environments for foreign firms looking to invest in Korea. In 2003, Korea’s very first KFEZ was launched in Incheon following the passing of the adoption of the “Act on Designation and Management of the Free Economic Zones.” Since then an additional seven have begun operation, bringing the grand total of KFEZs in Korea to eight. Companies with business in KFEZs are eligible for tax
Continue readingKorean Waste Control Act Amendments of 2019
As a reaction to several accidents in waste storage facilities, the Korean National Assembly passed an an Amendment to the Korean Waste Control Act on March 28, 2019. The amendment puts in place, a more transparent measures and rules for waste-storage facilities. Major Amendments to the Korean Wastes Control Act Set of safety measures for waste-collecting vehicles. More specific safety rules for waste-storage facilities. Implementation by the Korean Ministry of Environment to conduct an annual safety inspection and survey on
Continue readingThe Korean Corporate Restructuring Promotion Act of 2018: Korean Insolvency Law Updates
The recently enacted Korean Corporate Restructuring Promotion Act (hereinafter as “CRPA”) focuses on facilitating “…constant corporate restructuring and promotes the stabilization of financial markets and the development of the national economy, by providing for matters necessary to promptly and efficiently implement corporate improvement of enterprises with signs of insolvency.” (Art 1 (Purpose) CRPA). The CRPA is intended to facilitate out-of-Korean-court restructuring procedures. Often, debtors prefer out-of-court proceedings over in-court proceeding, because the belief that out-of-court proceedings shall lead to more
Continue readingKorean Data Privacy Act: Need for Compliance Audit for your Korean Company
The European Union General Data Protection Regulation (EU GDPR) focuses on the data security of personal data of users of the internet. As the EU offers a potentially lucrative market for online businesses for many Korean companies, South Korea was eager to amend its existing Act on the Promotion of IT Network Use and Information Protection of Korea (“Korean Network Act”) based, at least, partially on bench-marking of the EU GDPR. We suggest all companies, doing business in Korea, conduct
Continue readingExclusion of Japan from Export/Import White List
South Korea is on track toward barring Japan from its export control white list this month, in a blow for blow reaction to Tokyo’s prior choice to expel Seoul from its favored nation trading regime. On July 1, 2019 the Japanese government restricted the export to Korea of three classes of materials: fluorinated polyimide, photoresist and hydrogen fluoride. These chemicals are utilized in important export-driven manufacturing operations in Korea. Seemingly, the restriction is in reaction to a Korean Supreme Court
Continue readingAmendment to Korea’s Occupational Safety and Health Act in 2019
The amended Occupational Safety and Health Act of Korea (hereinafter as “OSHA”) entered into force on January 15, 2019. One major aspect of the revision is that it has raised the risk of liability of representatives of institutions and companies and companies for workplace industries in Korea. The amended Korean OSHA law is expected to increase the risk to company management, increase liability of companies and increase options for employees that are perceived to have been harmed because of the
Continue readingSucceeding in Business in Korea
Since 1977, I have observed the rise and fall of many foreign companies in South Korea. I have witnessed the trials and tribulations as a bank employee, a high-tech salesman, a country manager and as a business consultant of foreign and Korean companies doing business in Korea . Bluntly speaking, while some foreign ventures have had some unlucky breaks, those companies that have succeeded in the Korean market have done so for good reasons. And those who have failed have done
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
Continue readingLeading Attorneys in Korea: Sean Hayes One of Only Two Non-Koreans on List of Top Lawyers in South Korea
We are proud to announce that Sean Hayes has recently been listed by Asia Law as one of the top attorneys working in South Korea. Leading Lawyers/Law Firms in Korea by AsiaLaw. Sean Hayes, IPG Legal Yong Seok Ahn, Lee & Ko Heejae Ahn, Yoon & Yang LLC Jay Ahn, Kim & Chang Henry An, Samil PricewatersCoopers Woo Hyun Baik, Kim & Chang Chad Chang Hoon Lee, Muhann Patent & Law Firm Yong-Jae Chang, Lee & Ko Tae Yeon Cho,
Continue reading[News] Ex-governor Found Guilty and Sentenced for Rape
The Supreme Court reached a consensus for former South Chungcheong Province Governor An Hee-jung’s sentence for raping his female assistant, in the nation’s most noteworthy profile #Metoo movement scandal. The Supreme Court on September 9, 2019 confirmed that An Hee-Jung should serve a 3 ½ year prison sentence for his crime against his secretary. The Supreme Court stated that “The victim’s testimony is deemed credible given that it is consistent and very detailed without parts that are inconsistent.” The Supreme
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