Brief description of Koean competition laws

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In Korea, unfair trade practices and anti-competitive behavior of enterprises are regulated under Monopoly Regulation and Fair Trade Act (“MRFTA”), which was enacted on December 31, 1980 and which have underwent several revisions since its enactment. Article 1 of MRFTA sets forth the purpose of the Act as preventing the abuse of market dominance and …

Scope of activities allowed for a liasion office

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One question that is frequently asked by foreign companies intending to build business presence in Korea is the scope of activities that a liaison office could undertake and the legal requirements for setting up such an office. Obviously, as the term “liaison office” denotes, a liaison office cannot be involved in any revenue generating activities …

social insurance system in Korea outlined

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One of the questions we are frequently asked from a foreign company establishing a branch or corporate subsidiary in Korea is the level of social insurance contribution which such branch or subsidiary is require to make.  So, we briefly introduce below the social insurance systems of Korea.   Korea has four social insurance components, which …

Incorporation procedures outlined

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Below is a brief account of the procedures and requirements for incorporating a company (“Chushik hoesa” in Korean language) in Korea from a foreign investor’s perspective.   REPORT ON FOREIGN INVESTMENT   Prior to the establishment of the company (the “Company”), the foreign investor which will officially invest foreign capital in the Company must submit …

Duties and liabilities of a director in Korea

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Duties and liability of directors under Korean law   Oftentimes, a foreign direct investment under the Foreign Investment Promotion Act of Korea via share acquisition is accompanied by the relevant foreign investor’s participation in the board of directors of the Korean company in which the foreign investment is made.  And, as for the foreign individuals …