Squeezing-out Minority Shareholders under Korean Corporate Law
The Korean Law Blog
by Sean Hayes
3w ago
The amended Commercial Code of Korea provides for “squeeze-out” rights for shareholders holding 95% or more of the shares of a company. This Korean law was promulgated in April of 2012. The law also provides for a right of minority shareholders of Korean companies to demand a “sell-out.” It seems possible, under the very vague wording of the amended clauses, for a sell-out to take place at the same time as a squeeze-out with the potential of conflicting appraisals and procedures. For a squeeze-out, in Korea, the majority shareholder must establish that: The squeeze-out is “necessary” to accom ..read more
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Opening & Managing a Bank Account in Korea
The Korean Law Blog
by Sean Hayes
2M ago
My friends at the Korean Tax Blog have an article on some difficulties with banking in Korea. I recommend reading the article. The blog post notes, in part, that: “I have often received questions from foreigners about the banking system in Korea. Even for Koreans, it is notoriously complicated. Although difficult to adequately explain the nuances of Korean banking (and the numerous issues surrounding online banking caused by Internet Explorer), I offer you a general guideline for using our system. If you’re an Apple Lover, forget it! After completing your tax registration at a tax office, it ..read more
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Establishing Business with Korea via an Agent: Korean Agency Law Basics
The Korean Law Blog
by Sean Hayes
2M ago
For some companies wishing to establish business with Korea, the use of a commercial agency relationship may be an ideal way to establish your business presence in Korea. However, this type of agreement comes with risk. Please see: Termination of an Agency Agreement in Korea. https://www.thekoreanlawblog.com/2020/08/distribution-agreement-termination-korea-law.html An agent relationship is often ideal when a company seeks to sell its products in Korea, but wishes to first evaluate and familiarize itself with the Korean market prior to establishing a distributorship relationship or establishin ..read more
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Forming a Joint Venture in Korea, China & Southeast Asia: Listen to My Mother
The Korean Law Blog
by Sean Hayes
3M ago
My mother often told me, when I was much younger, to look both ways before crossing the street; carry an umbrella in the spring; and don’t go out alone in the dark. The advice can go a long way for Korean companies doing business outside Korea and for expats doing business in Korea. As we all know, Korean companies and many foreign companies lament over the fact that it is nearly impossible for Korean companies, with the exception of the most savvy and cash-flush mega-conglomerates, to enter the Chinese, Indian, and Southeast Asian markets without local partners if they intend to attempt to p ..read more
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Korea-Ecuador Free Trade Agreement
The Korean Law Blog
by Sean Hayes
3M ago
The Republic of Korea (“South Korea”) and the Republic of Ecuador (“Ecuador”) executed this month a Strategic Economic Cooperation Agreement. Under this agreement between Ecuador and Korea, South Korea shall eliminate tariffs on 96.4 percent of items and Ecuador shall eliminate tariffs on 92.8 percent of items. Korea expects an increase in exports of automobiles, appliances, food products, Korean films, music, and other cultural content. While, Ecuador expects an increase in the export of raw materials including copper, silver, and zinc. We expect to see more Korean companies opening shop in ..read more
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Korea to Allow Visas for Foreign Restaurant Workers: Korean E-9 Visa Updates
The Korean Law Blog
by Sean Hayes
3M ago
The major Korean and English-language vernaculars announced that non-skilled (e.g. not chefs) foreign workers wishing to work in restaurants shall be allowed to be sponsored for E-9 visas by restaurant employers. Restaurants in Korea with less than five workers shall be allowed one visa and restaurants with five or more workers shall be allowed a maximum of two E-9 visas. Additionally, Korea extended, also, the E-9 visa to those working in the Korean forestry and the Korean mining industries. The latest updates on Korean Immigration Law Changes from IPG Legal The amendment to the application o ..read more
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Korean Independent Contractor Risks: Korean Labor Standards Act Basics
The Korean Law Blog
by Sean Hayes
3M ago
The Korean Court System has been less reluctant, in recent years, to deem a Korean independent contractor an “employee” under the Korean Labor Standards Act (LSA). This fact remains true even when an employer in Korea establishes that the independent contractor is aware that he/she was contracted as an independent contractor and, thus, not a regular employee of the Korean company. Upon the establishment of the status as “employee” in Korea, the individual is entitled to all of the benefits of an employee including, inter alia, severance and employment security, thus, increasing the compliance ..read more
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Korean Exit Bans for Not Paying Taxes, Custom Duties and Violations of Korean Law
The Korean Law Blog
by Sean Hayes
3M ago
The Korean Immigration Control Act and related acts allow the potential to permanently impose an exit ban from Korea on foreigners for nearly all acts that are determined by the Korean Ministry of Justice as “harming the interest, public safety or order in the economy of the Republic of Korea” until the reason for the exit ban ceases to exist. (Immigration Control Act of Korea Article 4(1)5.) However, IPG Legal has successfully challenged these exit bans in Korea and is consistently ranked Top Korean Dispute Resolution Law Firm for our success in litigation in Korea. For an article on Korean D ..read more
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Collecting an Unpaid Invoice from a Korean Bankrupt Debtor
The Korean Law Blog
by Sean Hayes
3M ago
The number of bankruptcy and rehabilitation filings in Korea is on the rise. The last creditor to be paid is, typically, the foreign company. We receive emails, on nearly a weekly basis, from companies and individuals attempting to collect commercial debts in Korea. Many of these creditors are not aware that the Korean debtor has filed for bankruptcy or is experiencing financial difficulties.   Before Engaging in a Relationship with a Korean Company 1. Before engaging in any work or giving a Korean company money – please do a little due diligence. Many SMEs and even conglomerates (m ..read more
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Filing a Petition to a Korean Ministry of Employment & Labor’s Labor Office in South Korea
The Korean Law Blog
by Sean Hayes
3M ago
Filing a petition to the Korean Labor Office in Korea in your area is the first step for some employees in Korea who assert that their labor rights under Korean Labor Law are violated. In many cases, it is advisable to not file with the Ministry of Employment & Labor’s (MOEL) Labor Office, but file, directly, to a Korean District Court. This discussion of the proper forum for a dispute in a Korean labor law case is beyond the scope of this article and shall be addressed in a future post. If you are an expat executive in Korea working for a Korean-based or international company with an offi ..read more
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