Case Studies
[Consultation] Review of questions regarding requirements for exercising stock purchase options.
Law firm Veat was commissioned by music content startup A to conduct legal review related to the requirements for exercising stock options (stock options) regarding the stock purchase options. Music content startup A inquired when the employee went on leave if it was within two years from the date of approval by the shareholders' meeting, regarding the requirements for exercising stock options (stock options). Law firm Veat reviewed the relevant laws, such as the “Companies Act” and the “Special Act on Promotion of Venture Companies” (Venture Companies Act), regarding whether the period of leave included in the calculation of the period of employment for the stock option exercise requirements, when the employee went on leave within two years from the date of approval by the shareholders' meeting. When the stock option exercise requirements are concerned, it is necessary to comprehensively review the Companies Act, the articles of association, and the relevant stock option (stock option) agreement. Law firm Veat provides legal advice based on its experience of assisting with the drafting and creation of articles of association and stock option (stock options) agreements, complying with relevant laws such as the Companies Act and the Venture Companies Act, in order to ensure that both the company and key personnel are satisfied. If you need legal consultation on the drafting of articles of association and relevant contracts related to stock options, stock options, please contact Law firm Veat. Thank you. Law firm Veat
[Consultation] Drafting of Stock Transfer Agreement, Subscription Agreement, and Shareholder Agreement for the appointment of Co-Representative Director
Law firm Veat received a referral from marketing platform A and drafted stock transfer agreements, new share subscription agreements, and shareholder agreements. A requested a stock transfer agreement, a new share subscription agreement, and a shareholder agreement between A’s existing representative director B and newly appointed co-representative director C for Law firm Veat to handle related contract drafting and legal advice. Accordingly, Law firm Veat drafted stock transfer agreements, new share subscription agreements, and shareholder agreements between the existing representative director A and the co-representative director B who was scheduled to take office, reflecting restrictions on stock transfer for B, the obligation period for co-representative appointment, and a non-compete clause. Stock transfer agreements, new share subscription agreements, and shareholder agreements, even if concluded through mutual agreement between the parties, can be void if they violate relevant laws such as the Commercial Code. Therefore, it is necessary to consult with an expert to ensure that the company’s situation is well reflected and the agreements are compliant with the Commercial Code. Law firm Veat provides free stock transfer agreements, new share subscription agreements, and shareholder agreement templates through its official website. If you need a professional legal review of the draft you have prepared, please contact us at any time. Thank you. Law firm Veat
[Hankyang Business] “Paradise or Nightmare?” The Interview with Partner Attorney Songdo Young of Veat Law Firm “
The opinion of Veat Law Firm Partner Attorney Songdo-yeong’s introduction of metaverse work has been featured in the Korea Economic Newspaper article “Paradise or Nightmare?” regarding Kakao’s metaverse work arrangements. Please refer to the following article link for more details. Korea Economic Newspaper ‘Paradise or Nightmare?’ Kakao’s metaverse work arrangements (2022.06.15) Partner Attorney Songdo-yeong is contributing to various columns related to the metaverse and is participating as an expert in the government-wide metaverse coordination committee hosted by the Ministry of Science and ICT. He is widely recognized for his expertise in many areas. Thank you.
[Consultation] Review of Licenses and Permits for Game Launchpad
Law firm Veat provided legal review as part of a project for game platform A, regarding the provision of game launchpad services, which involves the review of licensing requirements under the Act on the Reporting and Use of Financial Information, in the process of providing the service. A was requesting legal review regarding whether the game launchpad service, provided within its operating game platform (hereinafter “the subject platform”), which allows ordinary investors to pay for basic calls and purchase new game tokens, required licensing under the Act on the Reporting and Use of Financial Information (the Specific Financial Information Act). In response, Law firm Veat provided detailed guidance to A regarding the subject platform’s game launchpad service and whether it might be considered a virtual asset dealer under the Specific Financial Information Act, and whether it had an obligation to report as a virtual asset dealer under the Act on the Reporting and Use of Financial Information. Based on its experience advising numerous blockchain technology-based companies, Law firm Veat is providing legal advice, including reviewing blockchain business models and risk minimization strategies, and obligations and procedures related to reporting virtual asset dealers under the Act on the Reporting and Use of Financial Information. If you need legal advice regarding reviewing business models related to blockchain and virtual assets, reviewing licenses, reporting obligations for virtual asset dealers, or other legal advice related to the Act on the Reporting and Use of Financial Information, please feel free to contact Law firm Veat. Thank you. Law firm Veat
[Legal advisory] Equity financing legal advisory for foreign subsidiaries within Korea
Law firm Veat provides legal advice related to the capital increase of foreign subsidiaries in Korea, and performed the foreign exchange declaration execution for them. Especially during the process of conducting a capital increase for foreign subsidiaries in Korea, we provided specific guidance on the types and methods of reporting required, and performed the foreign exchange declaration execution. As in this case, when a foreign subsidiary in Korea undertakes a capital increase, even when the foreign affiliate invests in a Korean subsidiary in reverse, inevitably, there is movement of foreign currency or Korean won. Therefore, it is necessary to consult with experts who have extensive experience in foreign exchange issues. Failure to recognize the obligations prescribed in the foreign exchange law">, may result in notification to the investigative agency, penalties, etc. Even if they proceed, there may be delays in the approval of the report due to the submission of inadequate reporting documents, etc. Law firm Veat possesses extensive experience in executing numerous foreign exchange declaration execution">, including legal advice related to the foreign exchange law"> and communication with related institutions. If you need systematic and rapid progress, starting from the review of the types and methods of reporting required"> and preparing the actual report and submission documents for the report, please contact the Law firm Veat Overseas Investment and Foreign Exchange Declaration Center. Thank you. Law firm Veat
[Consultation] Drafting and review of GDPR-related personal information processing agreements and personal information collection consent forms, and review of requirements for transferring personal information abroad.
Law firm Veat conducted GDPR personal information processing related legal review based on the request of automotive parts manufacturer A. Law firm Veat drafted controller and processor personal information processing agreement, which stipulated the rights and obligations of the controller and processor for A’s case where it entrusted the processing of personal information. Furthermore, we conducted exterritorial transfer of personal information requirements review, and based on that, we drafted EU resident’s personal information collection consent form. If GDPR provisions are seriously violated, depending on the severity of the case, a fine of up to 4% or 2 million euros of the maximum global revenue may be imposed, so it is advisable to consult with a legal expert and proceed safely. Law firm Veat provides legal advice to customers to ensure safe compliance with EU GDPR regulations based on extensive experience in advising clients on GDPR and cross-border transfer of personal information. If you need legal advice regarding the Personal Information Protection Act, Personal Information Collection Consent Form, Cross-Border Transfer of Personal Information, and EU GDPR regulations (GDPR), please feel free to contact Law firm Veat at any time. Thank you. Law firm Veat
[Consultation] Broker for Securities Acquisition Report related to Overseas Direct Investment]
Law firm Veat took on the case of Mr. A, an individual with SAFE investments planned for a Singaporean overseas branch, and conducted the Korean Bank’s securities acquisition notification business. Mr. A inquired to Law firm Veat regarding the securities acquisition notification business for a SAFE investment in a Singaporean overseas branch. In response, Law firm Veat determined whether this SAFE investment was subject to reporting under the Foreign Exchange Act, and what type of reporting was required, and promptly conducted resident securities acquisition notification with the Korean Bank. When engaging in foreign exchange transactions, there are various reporting and reporting obligations as stipulated in the Foreign Exchange Act, and penalties such as fines may be imposed if these procedures are not followed. Therefore, we recommend that you proceed with various procedures in conjunction with a legal expert. If a resident wishes to make a foreign direct investment in a foreign local branch, they must report to the Foreign Exchange Bank Governor (Foreign Exchange Act Article 9-5). In addition, after the initial reporting, if the changes are made to the reported content such as the establishment of a subsidiary of the local branch or changes in the investment amount, a follow-up report must be submitted (Foreign Exchange Act Article 9-9). Law firm Veat provides a quick one-stop service from identifying what type of reporting is needed, to gathering the actual application forms and supporting documents for submission. If you need to submit various reports required under the Foreign Exchange Act, such as securities acquisition notification, foreign direct investment notification, and foreign investment notification, please feel free to contact the Law firm Veat Overseas Investment Notification Center at any time. Thank you. Law firm Veat
[Veat Column] How to Prevent Software Disputes
Mobile applications, blockchain, artificial intelligence (AI), metaverse. What is the commonality of these recently trending words? There may be various answers, but the common point is that they are related to software. As the economic value and importance of software technology in the IT industry have increased, disputes related to software development have continued without end. Particularly, many disputes occur when customers are unable to receive payment for software that has been developed despite being completed. The company is dissatisfied because it paid a significant amount of money to develop software that did not meet expectations, and the developer feels wronged because they were not paid for their work. When these disputes lead to lawsuits, it is often difficult to determine who is truly at fault. Software development is a highly specialized field, and even industry professionals find it difficult to accurately assess the development quality. This is often due to accumulated communication differences during the development period, making it difficult to pinpoint the cause of the problem. In the end, many cases result in a mutually unsatisfactory conclusion after a long time and significant investment. So, how can we prevent software development disputes? Various IT software-related disputes and issues – experience and practical tips accumulated through solving them – can be found in Attorney Dong-hyun Veat’s 'STEP 1. Preventing Software Disputes' Platum Column. Law Firm Veat acts as legal advisor and consultant attorney for many IT technology-based startups and general corporations. Specifically, the attorneys at Law Firm Veat possess extensive practical experience, centered around IT-specialized attorneys and attorneys with a background in science and technology, and because they understand 'IT Software/Technology' and 'Law' simultaneously, they provide legal assistance by quickly and accurately identifying the issue. If you need legal assistance related to IT, software disputes and issues, please contact Law Firm Veat at any time. Thank you.
[Consultation] Review of copyright law/unfair competition law related to similar services and websites.
Law firm Veat was commissioned by A, a 3D modeling service provider, to conduct a legal review to determine if there was a violation of copyright laws for a similar platform. A, which operates a 3D modeling design and creative source open platform, commissioned Law firm Veat to review the matter regarding a case where B, a company that entered the site and sold designs, opened a platform for the same service, and to assess the potential for copyright infringement. Law firm Veat comprehensively reviewed the matter from multiple angles, assessing whether copyright infringement was likely, whether it fell under the provisions of the Unfair Competition Act, and provided a comprehensive legal opinion. Additionally, we advised that a specific determination was needed to ascertain whether the platform’s website was similar enough to constitute a copyright infringement. Given the increasing trend of disputes related to copyright infringement as creative works can be easily produced and distributed, Law firm Veat provides comprehensive legal advice regarding copyright and Unfair Competition Act issues that may arise in the operation of services related to design and creation. If you require legal advice regarding copyright law, the Unfair Competition Act, or copyright infringement, please contact Law firm Veat. Thank you. Law firm Veat
[Consulting] Drafting English Agency Contract for Overseas Influencer Activities
Law firm Veat received a referral from A Company, a company that operates management and content production, to draft an English agency contract. A Company, which operates management and content production, has concluded an agency contract with an influencer and agency in preparation for activities in the Asia region, and entrusted Law firm Veat with the drafting of the related English contract. In this regard, Law firm Veat, based on clauses such as ‘exclusive contract period’ and ‘revenue distribution’ commonly included in agency contract drafting, and reflecting the discussion content between A Company and the influencer, drafted an English Agency Contract to support the Asian entertainment activities of the overseas influencer free of charge. When drafting the English contract, due to the practical terms and characteristics of the English agency contract, and the necessary items to be reviewed, it is desirable to proceed through a professional with abundant experience in drafting related English agency contracts, including overseas business and international contracts, which can help prevent complex international contract disputes. Law firm Veat provides legal services based on its experience in providing legal advice for various overseas businesses and international contracts. If you need assistance with the drafting and legal review of an English contract, please feel free to contact us at any time. Thank you. Law firm Veat