Whistleblower Protections and Laws in South Korea

South Korea has various legislations that protect and give rewards to whistleblowers: Act on the Prevention of Corruption, Tax Whistleblower Reward Program, and Act on the Protection of Public Interest Whistleblowers. But for this article, we are going to focus on Act on the Protection of Public Interest Whistleblowers (“Act”) which took effect on September 30, 2011. The main purpose of this Act is to make sure that whistleblowers who

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South Korea to Impose Taxes on Cryptocurrency in 2022

The Ministry of Economy and Finance confirmed that on the 1st of January 2022, profit from cryptocurrencies shall be subject to a 20% tax. And gifts and inheritance in the form of cryptocurrencies shall be taxed by the same rate of 20%. Exempted from Cryptocurrency Tax Any profit, gift and/or inheritance worth 2.5 million won and below will be exempted from the cryptocurrency tax. And only the profit, gift or

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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

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Data Protection in Korea is set to take on new importance in 2021

Koreans have been forced into the realm of digital deliveries and contactless payment options due to the global pandemic. The change in conditions shall, likely, lead to more criminals looking to take advantage of this situation. Foreigners and international companies potentially could be exposed to significant risks from data and identity theft in Korea as the risks increase over the next 12 months. A recent report by the Police Science

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Navigating Korea’s Inheritance Law: Korean Inheritance Laws Basics Explained

Sean C. Hayes and the team at IPG Legal field many inquiries from international clients for assistance with inheritance issues in South Korea. Many clients that we talk with are children of Korean descendants who have passed away without a will. This week we saw another ruling on inheritance issues with the surviving family of K-pop star Goo Hara. After a nine-month battle, the Gwanju Family Court ruled that the

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Deportation after COVID-19 Quarantine Violations in Korea

This week a bill was submitted by Korean politicians to make the deportation process easier for the Korean government to deport foreign nationals accused of submitting false testing information for COVID-19. The COVID pandemic remains an emotive issue in Korea as cases have been steadily rising domestically over this Winter season. Political leaders, within Korea, have had a long history of using the foreign population as an easy target to

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SsangYong Motors files for Bankruptcy in Korea

It isn’t just foreign companies that have a robust history with Korea’s militant labor unions. The troubles of GM Korea and SsangYong Motors have been well documented over the last decade. This week SsangYong Motors finally succumbed to the pressures of the Korean market. The company filed for bankruptcy after defaulting on loan repayments of 60 billion won ($54.4m USD). SsangYong is unlikely to receive further government support, with the

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Korean 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

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Finding 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

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EEOC Complaints in Korea at Yongsan Army Garrison, Camp Humpreys and Area I: EEO Korea Complaints

This law firm’s U.S. lawyers handle EEOC Korean complaints from our office in Korea; Merit System Protection Board (MSPB) appeals from Korea; grievances under the Negotiated Grievance Procedure from Korea; complaints to the Equal Employment Opportunity Commission (EEOC); lawsuits in U.S. federal court for federal employees working at Yongsan, Camp Humphreys, Area I and throughout the Korean peninsula.  We, also, on occasion handle matters stateside and throughout other parts of Asia. 

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Korean Criminal Law: Double Jeopardy in Courts in Korea

The double jeopardy protection afforded by the Korean Constitution in Article 13 is applied in a different manner than in, most, common law nations.  The application, in Korea, allows the prosecution to have three chances to obtain a guilty verdict. For example, in the United States, a defendant may not be tried for the same or similar offense, within a specific jurisdiction, when a “conclusion” is made in any court.

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Korean Tax Incentives for 2020: Korean Tax Law Updates

Because of increased tax liabilities of many companies in Korea and because of perceived deteriorating market conditions, the Korean government implemented programs that may assist some SMEs, and larger companies doing business in Korea. Numerous conditions apply for each of these incentive/abatement tax programs below. The following is, only, intended as a basic explanation of the programs that may be available to businesses operating in Korea. Tax Support for Investments

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Korean Arbitration Basics: Links to Relevant Resources in Korea.

IPG, over the next couple of weeks, shall be updating readers of the The Korean Law Blog on issues concerning arbitration in Korea and against Korean companies. We have posted over a dozen articles to date. We shall be posting more article on arbitration over the next couple of weeks. This present post is simply a few arbitration-related links in Korea. We shall be updating this list when more useful

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Korea prepares itself for Big Data-driven 4th Industrial Revolution: Korean Data Protection Laws Revised

On January 9, 2020, the National Assembly of Korea passed the “Three Data Act” of Korea. Implementation of the Act shall begin in June of 2020. The Korean Three Data Act iterates protections for, in general: personal information; information and communication; and business & individual credit information. IPG shall be writing more on this data protection issue over the next couple of months, please check back for more details. Three

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Expanding 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

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BCCK Christmas Lunch 2019

Through the Christmas Lunch 2019, the British Chamber of Commerce in Korea (BCCK) lived up to its claim that “even Santa knows it’s the best event in Seoul.” The BCCK event was comprised of the whole package: festive food, drinks, music, games, gifts, an auction and sing-alongs. IPG proudly won three charity prize auctions and Sean Hayes, attorneys from IPG, guests and friends of IPG attended the event and are

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Camarata Christmas Music Festival 2019 Sponsored by IPG Legal

IPG Legal is proud to be a sponsor of Camarata Music Company Studio annual Christmas Concert. We, highly, recommend participating in the event. The event is one of the most enjoyable events of the Christmas season. Tickets are still available. You can buy tickets at: Christmas 2019.

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Deutscher Club Seoul: Christmas Dinner 2019

As Christmas day is nearing this holiday season, numerous Christmas events are taking place around the city of Seoul. One of the best events that we at IPG Legal are proud to be a corporate sponsor of this event by the Deutscher Club. The Deutscher Club Seoul (the German Club Seoul) once again organized a ‘Weihnachtsdinner’ (Christmas dinner), celebrating the season with good drinks and food. The Deutscher Club created

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