Tuesday, February 19, 2019

The prior announcement of amendment of Act on the Implementation of the Hague Child Abduction Convention

According to the prior announcement of amendment of Act on the Implementation of the Hague Child Abduction Convention, of which title will be changed, by Ministry of Justice on February 8, the family court will be able to prevent a parent from leaving Korea with his or her child for one year at the longest, by the other parent’s filing for the order, in case there is a concern for abduction of the child to another country.

Monday, February 4, 2019

Invest Korea!

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Foreign direct investment (hereafter referred to as “FDI) in Republic of Korea has continuously increased. I’ve been often asked about how to invest in Korea by foreign investors. In this post, I’d like to briefly introduce the process of FDI.

First, what is FDI? Based on the first paragraph of the Article 2 of Foreign Investment Promotion Act, foreign investment means a foreign investor’s acquiring shares or stocks of a Korean corporation, a foreigner’s establishing or managing a Korean corporation and a foreign parent company’s lending money to a Korean corporation for more than five years.     

Second, when investing in a Korean corporation, a foreign investor will need a Korean business partner. Accordingly, FDI usually involves with entering into an investment agreement, for instance, a joint venture company agreement. If you are a foreign investor, please closely look into the terms of the agreement on the management issues.
   
Second, if you are to establish or manage a corporation with staying in Korea, you will have to get D8 visa. There are several sub-categories of D8 visa according to your investment type. Therefore, it is necessary to check out the requirements of the visa you are to receive. Basically, if you are to establish or manage a Korean corporation, you will be required to invest 100,000,000 KRW to it.

Third, it is required to make a report on foreign investment with details of a foreign capital inflow to a foreign exchange bank. The capital shall be transferred as a foreign currency in order to be acknowledged as a foreign investment.

Fourth, if a foreign investor establishes a new corporation in Korea, the process of establishment is quite complicated from drafting articles of association to electing directors. Or if a foreign investor is to acquire shares of an established corporation, it is necessary to check out if it is possible under current articles of association of the corporation, and if necessary, it is required to change the articles of association.

Fifth, whether a corporation is established or the shares or stocks of established are acquired by a foreign investor, commercial registration is needed.

Sixth, after the completion of investment, a corporation which is invested shall be reported to a foreign exchange bank in order for it to registered as a foreign-capital invested company. Additionally, the changes on the company including its name, address and ration of share shall be reported if there are any after the registration.  

I’d give you an overall view of the flow of FDI in Korea so the detailed explanation on the process is not provided in this post. If you have any further inquiries, please send me an email (yhwang618@gmail.com). My office is located near Seoul District Court and Gyodae subway station in Seoul.


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Sunday, February 3, 2019

Do you want to live with your spouse?

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Many couples go through hardships during marriage. Some of them decide to divorce and to go their respective ways. However, as you might know, divorce may not be always the answer to solving the conflicts. If you want to continue your marriage, but your spouse moves out your home without getting your consent, how would you deal with the situation? You may consider filing for divorce, but before doing so, if you intend to recover your relationship with your spouse, you may file for adjudication to live together with the family court.

The first paragraph of the Article 826 of Civil Act states, “(h)usband and wife shall live together, and shall support, and aid each other: Provided, That both parties must tolerate, if they do not live together temporarily for a due reason”. Based on the Article above and Article 2 of Family Litigation Act, you may file for adjudication to live together. If necessary, you may also claim that your spouse pay the living expense when filing for adjudication to live together according to Article 833 of Civil Act prescribing that “(t)he expenses necessary for communal life of husband and wife shall be jointly and severally borne by them, unless a special stipulation has been made between them”.    

The family court will rule, in favor of you, that your spouse shall live with you if your claim is justifiable. However, what if your spouse does not come back after receiving the decision? Actually, it is impossible that the court forces your spouse to live with you. Nevertheless, the fact that your spouse does not follow the decision shall be an important factor for the court to consider the amount of compensation for your mental anguish in case you file for civil or divorce suit against your spouse in the future.    

It might not be desirable to simply say that living together will be better for the couple having difficulties, but I’d inform that there is an option to be worthy of consideration for many troubled couples. If you have any further inquiries, please send me an email (yhwang618@gmail.com). My office is located near Seoul District Court and Gyodae subway station in Seoul.


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Find Out the Option for Less Painful Divorce!

Embed from Getty Images It is not easy to divorce and the proceedings are usually painful. If you make up your mind to go your separate ...