Proposed Amendments to the Monopoly Regulation and Fair Trade Law: 2023

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

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Korean Electronic Travel Application (K- ETA) Explained

K-ETA (Korea Electronic Travel Authorization) is an online electronic travel authorization for travelers without a visa to Korea that can be obtained prior to entering the Republic of Korea (ROK) for leisure, business, or to visit family (except for profit-making projects). If you are planning to visit South Korea and want to apply for the K-ETA, you can visit the official K-ETA website or its mobile application and submit an application on your own behalf or on behalf of another

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Korean Dividend Distribution Procedures Amended by MOJ and FSC

At the beginning of this year Korean Financial Services Commission (“FSC”) and the Korean Ministry of Justice (“MOJ”) issued a press release outlining their plans to improve Korean dividend distribution procedures. The Press Release may be found below. For a consultation on these changes, please: Schedule a Call with Sean Hayes. We shall be writing more about these changes once more information becomes known. _________________________________________________________________________________________________________ Press ReleaseAuthorities Plan to Improve Rules Regarding Dividend in Line with Global StandardsJanuary 31, 2023

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Sean Hayes was Rated a Top 100 Attorney

Heartiest congratulations to Attorney Sean Hayes for being recognized as one of the top 100 lawyers in South Korea by the Asia Business Law Journal. It’s a great achievement to be listed twice in their Top 100 Lawyers report and it’s a testament to his excellent work for clients in the country. The A-List report is available online for those interested. Attorney Sean Hayes has a broad range of experience. He is the head of a highly regarded dispute resolution

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Appointing a Guardian in Korea under Korea’s Guardianship Law

Often we assist clients with family members or friends in Korea who are better off under the care of a trustworthy person who can manage their personal and property-related responsibilities. Under Korean law, it is possible for a Korean court to appoint a guardian to take care of the best interest of a ward. A “ward” is a person who lacks the capacity, either physically or mentally, to take care of themselves. Thus, courts in Korea can appoint a guardian

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Tax Deductibility of Meal Allowances in Korea Increases to KRW 200,000

Effective at the beginning of 2023, the non-taxable cap for meal allowances was increased from KRW 100,000 to KRW 200,000. It is advisable to discuss this with your accountant along with the myriad of other ways to save on taxes in Korea. Please see: Korean National Pension Contributions & Deductions for additional information on Korean Tax law deductions sometimes missed by foreigners residing in Korea. We find, in most cases, the accounting services utilized by expats is not adequate in

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What 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

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IPG Legal’s Korean Family & Divorce Law Practice in Korea

IPG Legal is one of the only law firms in Korea that caters to foreigners, the expat community and multinational businesses in Korea. IPG Legal is a well-known and highly-ranked law firm with a leading family law practice in South Korea. The firm’s family law practice is known for providing high-quality legal services to clients facing a wide range of family law issues in Korea. With a team of experienced attorneys in Korea who are committed to providing compassionate and effective

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Beware of these Common Scams in Korea

In South Korea, like in many other countries, there are countless scams intended to trick people into giving away their cash or personal information. People in Korea have to stay alert and aware of the most typical tricks played by scammers or con artists because these scams occur in a variety of forms and are continually growing. If you are a victim of a scam, you are not alone. Please read this article: Are you a Victim of a Scam

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Mergers & 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

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