The following Commercial practice note Produced in partnership with Paul S Rhee of Yoon & Yang provides comprehensive and up to date legal information covering:
Updated in August 2020
The business environment
Forming a company
Opening a branch office
Financing a company
Opening a bank account
Utilising office space
Key employment laws
Contracting with third parties
Protecting key assets and employees
The Republic of Korea (Korea) maintains favourable conditions for entry into the East Asia market due in part to its geographically central location in East Asia’s transport networks. Korea currently has free trade agreements with a total of 58 trading partners, including the US, the EU, China, ASEAN, India, and Chile, and it is emerging as a centre for commerce worldwide, not just East Asia. Korea systematically encourages inbound foreign investment through various legislation to provide foreign investors with some incentives including tax benefits. As a result, the World Bank’s 'Doing Business 2020' ranks Korea the fifth easiest jurisdiction worldwide to do business.
There are a variety of ways of structuring a business operation in Korea. The aim of this guide is to highlight some of the key areas that a new business will need to address before it begins to operate in Korea. This guide should not be considered to be an all-inclusive guide and specific Korean legal advice should always be sought before setting up and running a business in Korea.
Under the Korean Constitution, liberal democracy and free-market capitalism are fundamental socio-political and economic principles, and constitutionalism based on due process
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