Most Popular
-
1
Dongduk Women’s University halts coeducation talks
-
2
Defense ministry denies special treatment for BTS’ V amid phone use allegations
-
3
Russia sent 'anti-air' missiles to Pyongyang, Yoon's aide says
-
4
OpenAI in talks with Samsung to power AI features, report says
-
5
Two jailed for forcing disabled teens into prostitution
-
6
South Korean military plans to launch new division for future warfare
-
7
Gold bars and cash bundles; authorities confiscate millions from tax dodgers
-
8
Trump picks ex-N. Korea policy official as his principal deputy national security adviser
-
9
Kia EV9 GT marks world debut at LA Motor Show
-
10
Teen smoking, drinking decline, while mental health, dietary habits worsen
EU law firms now able to set up joint ventures in South Korea
By Korea HeraldPublished : July 1, 2016 - 10:48
[THE INVESTOR] South Korea’s legal consultation market is now fully open to European law firms, with the third stage of related clauses of the Korea-EU Free Trade Agreement taking effect on July 1.
As such, European law firms are now able to set up joint ventures with Korean law firms. A JV law firm can hire Korean lawyers and provide consultations on Korean law.
As such, European law firms are now able to set up joint ventures with Korean law firms. A JV law firm can hire Korean lawyers and provide consultations on Korean law.
In anticipation of the changes, the National Assembly passed the revised Foreign Legal Consultant Act in February, but included a number of limiting clauses.
According to the revised act, a JV can only be established by the headquarters of Korean and foreign law firms. In addition foreign law firms’ stake in a Korea-based joint venture is limited to 49 percent.
By Choi He-suk (cheesuk@heraldcorp.com)
-
Articles by Korea Herald
