Doing business in South Korea
What are the key recent developments affecting doing business in your jurisdiction?
South Korea has seen the following key recent developments:
According to the Act on External Audit of Stock Companies, limited liability companies
(except for small-sized companies) which are the most common legal entity with regard to
foreign investment also have been obligated to prepare financial statements and undergo an
audit performed by extremal auditor as well as stock companies.
According to the revised Act on Promotion of Information and Communications Network
Utilisation and Information Protection, a large-sized foreign company with a liaison office in
South Korea must appoint an agent (person) in order to communicate with public
authorities and to deal with grievance filings, or requests for submissions.
According to the recently revised Labour Standards Act, the maximum number of working
hours in each week was reduced from 68 hours to 52 hours.
The South Korean Government plans to submit an amendment bill in relation to class
actions. According to the amendment bill, an additional five categories (products, fair trade,
advertisements, public information, food) of class actions will be permitted. As of now, only
investors in securities may file class actions.
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