Case Studies
[Consultation] Review of legal matters regarding the resignation of a director, including whether payment of retirement benefits is necessary, regarding the status of an employee of the director.
Law firm Veat undertook legal review for IT startup A’s request regarding the resignation of a director and registration, and the matters related to it. Law firm Veat provided guidance on the employment status, necessity of payment of retirement benefits, and resignation agreement regarding a director who was a partner, as well as the decisions of the board of directors in the absence of board members. The decision is made depending on whether the registered executive receives specific instruction and supervision from the representative director, whether work is conducted according to designated work locations and hours without discretionary authority, and whether the executive is working under the direction and supervision of the representative director or user while providing labor as payment in exchange for the work. Whether the employee is covered by the Labor Standard Act is determined based on whether the employee is in a dependent relationship with the user where the employee provides labor in exchange for wages, regardless of the form of the contract. Therefore, even if the executive is a director or auditor of the company, if their status or name is merely formal and nominal, but they actually report to work daily and exercise the right to execute tasks under the direction and supervision of the representative director or user while receiving compensation for the work, or they handle company-delegated affairs under the direction and supervision of the representative director or user, then such executive is covered by the Labor Standard Act as an employee. September 26, 2003, Judgement No. 2002da64681 In addition, Law firm Veat provided guidance on the conversion of common stock-priority stock (stock with excluded voting rights) and matters related to board of directors’ decisions when the board of directors is absent. Law firm Veat provides optimal legal counsel by conducting legal review based on its experience reviewing numerous employment contract cases. If you need legal advice regarding the Labor Standard Act, the resignation of executives and registered directors, and retirement benefits, please contact Law firm Veat. Thank you. Law firm Veat
[Legal Review of Service Contract]
Law firm Veat was commissioned by A, which operates an online education platform, to conduct legal review of the service agreement regarding the service agreement. A, which operates an online education platform, won a service agreement for the construction and operation support of an online education site prior to winning the agreement, and commissioned Law firm Veat for service agreement review. Accordingly, Law firm Veat thoroughly reviewed the service agreement from the bidder's perspective, clarifying the service content not specifically defined. In case of non-payment of service fees, a clause allowing for interest payments and suspension of use was added. In the case of a service contract, it is necessary to clearly and specifically record all agreed terms regarding service content, service scope, service period, service fee claims and payment to obtain satisfactory results for both parties, as well as reduce the possibility of disputes that may arise later. Even if a dispute arises, it can be led in a favorable direction based on the contents of the service agreement, so it is good to receive expert help when drafting the service agreement from the beginning. In particular, in this case, the service content of the service agreement was not specifically defined, which created a high risk of future disputes. Law firm Veat is drafting service agreements containing the necessary contract terms for clients based on its diverse experience in drafting and reviewing service agreements. If you need assistance with review and drafting of service agreements, and related service agreements, please feel free to contact Law firm Veat at any time. Thank you. Law firm Veat
[Legal Advice] Online Marketing Service Terms of Use, Personal Information Processing Policy Legal Advice
Law firm Veat received a referral from startup A, which provides online marketing services, and conducted legal review of A’s terms of use, privacy policy, and legal review for its marketing analysis services, B2B services. We carefully reviewed whether there were any points to be cautious about unfavorable terms of use, the issue of liability when company or service user’s intentional or negligent conduct occurs jointly, exclusive jurisdiction agreement, and any specific matters that Startup A prioritized for review. In addition, we provided comprehensive legal review and counsel on other areas that online marketing service providers should be cautious about. Law firm Veat provides comprehensive legal consulting to businesses that offer online services such as electronic commerce and telemarketing, ensuring compliance with the “Act on Protection of Consumers in Electronic Transactions” (abbreviated: Electronic Transactions Act), the “Act on Promotion of Information and Communications Network Utilization and Protection of Information,” and the “Act on Regulation of Contracts” (abbreviated: Contract Act). If you need legal advice regarding terms of use and privacy policy, please feel free to contact Law firm Veat at any time. Thank you. Law firm Veat
[Consulting] Full agency services for stock redemptions and overall execution related to investors.
Law firm Veat took on the task of representing startup A Inc. to handle the full process of stock redemption agreements and execution regarding investments for its client. Law firm Veat proceeded with the work, representing A Inc. during the process where it was decided that Veat would handle the redemption of new shares received by investment, based on agreement between investor and investee company. Furthermore, it handled the foreign investment reporting work of the investee company, A Inc., based on the agreed-upon content, including drafting the agreement. Law firm Veat is currently handling foreign exchange transaction reporting for various situations, including when receiving investments from abroad, when making overseas investments, and when engaging in share exchange transactions with foreign entities (foreign legal entities). However, due to the very diverse types of foreign exchange transaction reporting – such as securities acquisition reporting, overseas investment reporting, and foreign investment reporting – startups conducting their first overseas transactions may encounter difficulties. The fact that there were 1,408 cases of violation of overseas investment reporting and foreign exchange transaction reporting in 2021 alone demonstrates the difficulties of foreign exchange transaction reporting. Law firm Veat provides a quick one-stop service, handling the reporting agency work of collecting and submitting the actual reporting documents from identifying the type of reporting required when dealing with foreign entities to submitting the completed reports. If you are a startup experiencing difficulty with overseas investment reporting and foreign exchange reporting, or require legal advice and business handling, please feel free to contact Law firm Veat at any time. Thank you. Law firm Veat
[Consultation] Providing legal review of requirements for SMEs
Law firm Veat was commissioned by A, a development company, to provide legal review regarding inquiries related to the requirements of SMEs. To be recognized as an SME under the “Small and Medium Enterprises Act,” which defines basic matters such as revenue, total assets, and practical independence criteria, there are various requirements. A requested the opinion of a legal expert because there were unclear points regarding whether A was recognized as an SME under the “Small and Medium Enterprises Act,” and Law firm Veat reviewed the relevant inquiries from multiple angles, including basic content and practical independence criteria, to comprehensively assess whether A was an SME. Law firm Veat provides various corporate advisory and counseling services, including those for SMEs, and offers professional advice on legal issues that may arise in corporate activities. In particular, Law firm Veat provides regular legal services that are not financially burdensome for SMEs and startups, which are often difficult to establish due to various reasons. If you have any questions about general corporate legal affairs or need regular legal services, please feel free to contact Law firm Veat. Thank you. Law firm Veat
[Veat News] Law firm Veat participates in consortium for operation of One-Stop Center for Information and Communication Technology (ICT) Regulatory Sandbox and Korea Startup Forum.
Law firm Veat participated in a consortium for the operation of the Korea Startup Forum and the Information and Communication Technology (ICT) Regulatory Sandbox One-Stop Center. The Information and Communication Technology (ICT) Regulatory Sandbox is a system that exempts and postpones existing regulations for a certain period of time to allow various innovative technologies and services to establish themselves smoothly in the market. The ICT Regulatory Sandbox One-Stop Center will provide rapid and systematic support for all stages of the ICT Regulatory Sandbox with the participation of the public and private sectors, and to this end, Law firm Veat and Korea Startup Forum formed a consortium to enable more innovative technologies and services to establish themselves stably in the market, and to offer legal assistance. It will also improve the system of the scheme. Law firm Veat, based on extensive experience and numerous cases built through 2018 ICT Convergence Regulatory Improvement Consulting and 2019 ICT Regulatory Sandbox Consultation Center Operation, will provide legal assistance to enable more innovative technologies and services to establish themselves stably in the market. For detailed information regarding the ICT Regulatory Sandbox One-Stop Center, please refer to the ICT Regulatory Sandbox website, and you can check related articles through the link. Thank you. Law firm Veat
[Consulting] Review of violation of medical device advertising regulations
A, a biopharmaceutical and healthcare company, inquired Law firm Veat to receive a legal review regarding whether its advertisements attached to vehicles that mention medical devices violate the “Medical Device Act” and other related regulations. In response, Law firm Veat conducted a review of A’s violation of medical device advertising regulations on behalf of A’s request. First, Law firm Veat thoroughly examined whether the advertising methods subject to sanctions under the “Medical Device Act,” and whether the advertisements included relevant content as medical device advertising. It also provided comprehensive legal advice on ensuring that medical device advertising is carried out in a legitimate manner according to the “Act on Management of Outdoor Advertisements and Promotion of the Outdoor Advertising Industry” (hereinafter referred to as the “Outdoor Advertisement Act”) regarding the applicable regulations, such as form, area, and location. In the era of the Fourth Industrial Revolution, various industries are converging and numerous new industries or businesses, unseen in existing industries worldwide, are emerging. To align with this trend, wearable devices (wearable device), remote medical services, and other innovative technologies or services combining IT and digital technology with healthcare are emerging, and legal issues related to them are constantly raised. Law firm Veat is providing specialized legal advice on legal issues related to digital healthcare industries, such as regulations related to the “Medical Device Act” and the “Outdoor Advertisement Act.” If you need legal advice on the “Medical Device Act” and the “Outdoor Advertisement Act,” please contact Law firm Veat! Thank you. Law firm Veat
[Legal advice] Providing legal advice related to Markvision Series A investment as a representative of Eighty Investment.
Law firm Veat provided legal counsel to the ‘Markvision’ company, which was conducting a Series A investment of 260 million won, through its representative investment firm ‘Eighteen Investment’. 'Markvision's' Series A investment totaled 260 million won (20 million USD), with DST Global and other global venture capital firms, including ‘Eighteen Investment’, participating. 'Eighteen Investment' has focused on the core value of companies since its establishment in 1988 and actively invests and supports promising startups and venture companies both domestically and internationally. 'Markvision' provides IP protection solutions through an AI-based SaaS (Software as a Service) that automates the monitoring and removal of counterfeit products and illegal content on online platforms, a process that previously involved repetitive manual tasks. ‘Markvision’ plans to strengthen its global market by leveraging the Series A investment to enhance operations, expand new offices, and accelerate the development of a single SaaS product. Law firm Veat swiftly provided legal counsel to the ‘Markvision’ company during the Series A investment of 260 million won, through its representative investment firm ‘Eighteen Investment’, and helped the transaction successfully proceed by reviewing the investment agreement and answering questions. Law firm Veat provides prompt and efficient legal counsel based on the experience and know-how accumulated through handling over 500 investment-related legal matters. Please refer to the related article at this link. Thank you. Law firm Veat Dream
[Consultation] Review of the need for amendment of overseas direct investment report filing.
A Corporation is seeking a visa to employ citizens for nationwide employment, and because the Singaporean subsidiary is a shareholder, it decided to temporarily entrust its shares to Singaporean citizens. In this case, it inquired to Law firm Veat about whether a change in the Overseas Direct Investment Report was required. Law firm Veat examines the Foreign Exchange Transaction Regulations meticulously, including the regulations regarding foreign investment and foreign exchange transactions, and provides legal advice to ensure appropriate legal advice is provided based on various experiences. If you need legal advice related to Foreign Exchange Transaction Regulations, such as the Overseas Direct Investment Report, please contact Law firm Veat. In the case of the Supreme Court, the trust is valid within internal relationships where the trustee holds the ownership and manages and earns income while holding only the name of ownership, as seen in the rulings of the Supreme Court on May 18, 1965 (65da312) and November 23, 1982 (81da372), etc. However, in external relationships with third parties, the trustee acquires complete ownership, and any third party who acquires the trust property from the trustee acquires ownership without regard to good faith or bad faith (Supreme Court rulings of September 19, 1963 (63da388) and November 30, 1970 (70da1831), etc.). The Daejeon High Court’s ruling on September 22, 2011 (2011nu585) was also considered. Law firm Veat provides assistance to ensure appropriate legal advice can be provided by analyzing relevant regulations based on its experience with foreign investment and foreign exchange transactions. If you need legal advice related to Foreign Exchange Transaction Regulations, such as the Overseas Direct Investment Report, please contact Law firm Veat. Thank you. Law firm Veat
[Consulting] Providing investment raising advisory services for 'Big Game Studio,' a mobile RPG game development company, with a scale of 350 million won.
Law firm Veat provided overall legal counsel needed during the investment-raising process in which ‘Big Game Studio’ invested approximately 350 billion won, developed by mobile RPG game developer. This investment was conducted at approximately 350 billion won in scale, led by Gaeren, a global game developer and publisher. Law firm Veat provided overall legal counsel including review of English Subscription Agreement (SSA), review of Korean Shareholder Agreement (SHA) and consultation regarding questions related to this investment. Big Game Studio is developing mobile games based on the popular manga ‘Black Clover’, which has been serialized in Shonen Jump since 2015 and consists of 32 volumes, which sold over 17 million copies. As Black Clover is a popular work, many expectations are held for the mobile game development. Law firm Veat has successfully conducted various types of overseas investment transactions, representing promising startups, companies and investors domestically. Law firm Veat will continue to strive to achieve the successful overseas entry and growth of major companies based on its extensive overseas investment advisory experience and Veat's know-how. You can check related articles through the above link. Thank you. Law firm Veat Dream