BUSINESS / CORPORATE
The Republic of Korea is an attractive investment and trade destination as Korea posted US$1,619 trillion in terms of nominal GDP in 2018, maintaining its position at 12th in the global gross domestic product (GDP) rankings in 2019.
Getting to know the Korean legal system, its culture, as well as economic and political climate, is necessary for those who plan to do business and achieve success in Korea. Consequently, when seeking business opportunities in Korea, one needs to scrutinize a variety of Korean business laws such as commercial law, trade-law, foreign investment act, foreign exchange transaction act, and other relevant regulations.
Although the Republic of Korea has liberalized foreign-exchange controls in line with OECD benchmarks, most foreign-owned enterprises and corporations still need to fulfill particular requirements to start their businesses. Foreign investments are under strict restrictions in several industries, including food crop cultivation, meat wholesale, electricity generation, telecommunications, passenger transportations, nuclear fuel processing, among others.
Law Win advises foreign business clients to support and develop their businesses to a greater extent in Korea by providing precise and realistic legal viewpoints on Korean investment rules, currency regulations, labor laws, tax laws, and other regulations related to commercial activities.