[Invest&Law] 'Helping Resolve Legal Difficulties for Startup Overseas Expansion'... Ministry of SMEs and Startups and 8 Law Firms Join Hands

Published 20 Nov.2024 07:51(KST)

Updated 20 Nov.2024 08:32(KST)

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From the left, Seonghun Kim, Chief Attorney at Mission Law Firm; Myungjae Lee, Partner Attorney at Yulchon Law Firm; Hyungseok Lee, Chief Attorney at Bae, Kim & Lee Law Firm; Kyungyoon Lee, Chief Attorney at Kim & Chang Law Office; Youngjoo Oh, Minister of SMEs and Startups; Hyunggeun Lee, Chief Attorney at Kwangjang Law Firm; Donghoon Lee, Managing Chief Attorney at Barun Law Firm; Kwangjae Kim, Deputy Director of the Public Interest Legal Support Center at Sejong Law Firm; Junhee Lee, Head Attorney of the Korean Desk at TMI Comprehensive Law Office. Photo by Yonhap News.

The Ministry of SMEs and Startups (Minister Oh Young-joo) collaborated with eight major law firms, including Kim & Chang Law Office, to hold a legal and regulatory consultation session supporting the overseas expansion of new industry startups, and established a system for building a frequently asked questions (FAQ) database.

On the 15th, at Front1 in Gongdeok-dong, Mapo-gu, Seoul, the Ministry of SMEs and Startups signed a memorandum of understanding with eight law firms and held the 'Startup Overseas Expansion Legal and Regulatory Issue Resolution Consultation Session.'

The participating law firms in the agreement are Kim & Chang Law Office (Representative Attorney Jung Kye-sung), Bae, Kim & Lee LLC (Representative Attorney Kim Sang-gon), Lee & Ko (Representative Attorney Lee Jun-ki), Sejong Law Firm (Representative Attorney Oh Jong-han), Yulchon LLC (Representative Attorney Kang Seok-hoon), Barun Law LLC (Representative Attorneys Park Jae-pil, Lee Dong-hoon, Lee Young-hee), Mission Law Firm specializing in venture investment and startups (Representative Attorney Kim Sung-hoon), and Japan's TMI Associates.

In July, the Ministry of SMEs and Startups signed MOUs with four law firms?Kim & Chang, Bae, Kim & Lee, Lee & Ko, and Sejong?and has been providing free customized legal support to help startups settle locally. Subsequently, including Yulchon, Barun, Mission, and TMI, a total of eight law firms collaborated to build an overseas legal FAQ to resolve common legal difficulties faced by new industry startups.

The completed FAQ contains 365 key questions and answers regarding regulations in six countries: the United States, China, Japan, Vietnam, Singapore, and Indonesia.

At the consultation session, each law firm was assigned a specific country and conducted one-on-one customized consultations with startups aiming to enter that country.

Jin Story Korea CEO Yoo Seung-hwan said, “It was very helpful to hear the legal basis and opinions of lawyers regarding the difficulties experienced during the business process.”

Minister Oh Young-joo of the Ministry of SMEs and Startups stated, “We will continue to expand policy support for startups expanding overseas based on this agreement.”