FOR IMMEDIATE RELEASE
Nov. 18, 2024
Ministry of SMEs and Startups Signs Agreements with Eight Law Firms and Holds Consultation Meeting to Address Legal and Regulatory Challenges for Startup Expansion Abroad
SEJONG – The Ministry of SMEs and Startups (MSS) has established a cooperative system to address frequently asked questions (FAQ) related to the overseas expansion of major law firms and emerging industry startups, alongside a platform to tackle the legal and regulatory challenges faced by startups. On November 15, 2024, at Front1 in Seoul, the MSS held a signing ceremony with eight prominent law firms—Kim & Chang, Lee & Ko, Bae, Kim & Lee, Shin & Kim, Yulchon, Barun Law, Mission Law Firm, and TMI Association—and hosted a consultation meeting aimed at resolving legal and regulatory obstacles for startups expanding internationally.
Minister OH Youngju of SMEs and Startups remarked at the signing ceremony with the eight law firms, “Startups will now be able to easily and swiftly address legal and regulatory challenges through the overseas legal and regulatory FAQ, provided by top law firms with extensive expertise.” She further stated, “We will leverage this agreement as a stepping stone to continue our comprehensive policy support for startups expanding abroad.”
On July 2, 2023, the Ministry of SMEs and Startups (MSS) signed a partnership agreement with four law firms—Kim & Chang, Bae, Kim & Lee, Lee & Ko, and Shin & Kim—to provide customized legal support free of charge for startups seeking to localize their operations overseas, leveraging the firms' extensive expertise and networks in international law. Recognizing the need to address common legal challenges faced by startups in emerging industries during their overseas expansion, the MSS subsequently partnered with an additional four law firms—Yulchon, Barun, Mission, and TMI. This collaboration has resulted in a total of eight law firms working together to develop an overseas legal FAQ. As a result, the MSS has compiled 365 FAQs covering key legal questions frequently raised by startups expanding into six countries: the United States, China, Japan, Vietnam, Singapore, and Indonesia.
During the first part of the MOU event, the Ministry of SMEs and Startups (MSS) signed a partnership agreement with the eight law firms that have been collaborating on the development of the overseas legal FAQ. Moving forward, there are plans to continuously update the FAQ in response to changes in local laws and regulations, as well as to regularly analyze international issues and add new FAQs. Prior to the main consultation session, Kim Sung-hoon, the representative attorney of Mission Law Firm, delivered a lecture on key checkpoints for successful overseas expansion. Additionally, Han Ji-hyung, the representative of Autonomous a2z, shared case studies on overcoming legal and regulatory challenges in the global autonomous driving market.
Following the MOU signing, the Ministry of SMEs and Startups (MSS) hosted the second part of the event, a consultation meeting tailored for startups interested in or already operating in the six target countries featured in the FAQ. During the consultation, each law firm was assigned to specific countries based on their expertise and matched with startups seeking to expand into those markets. This arrangement allowed for in-depth, one-on-one consultations, addressing a range of issues, from unfamiliar legal systems to complex regulations abroad. Among the participating startups, Yoo Seung-hwan, the representative of GeneStory Korea, commented, “It was incredibly helpful to receive guidance on legal documentation and hear the attorneys' insights on the challenges we face in expanding our business.” He added, “I hope there will be more events like this, where experts can continue to support startups in navigating new industries and markets.”
The responses to frequently asked questions (FAQ) for startups expanding overseas can be found on the startup support program website (K-Startup.go.kr).