Case Studies
[Consultation] Drafting Terms of Service for Location-Based Services and Privacy Policy]
Law firm Veat reviews and drafts terms and conditions and personal information processing policies, and personal information collection · consent documents. A, a company that provides enterprise resource planning (ERP) services based on digital technology, requested that Law firm Veat supplement its terms and conditions and personal information processing policies as it operates applications. Accordingly, Law firm Veat drafted terms and conditions based on the “Act on the Protection of Personal Information” (Terms of Service) and terms and conditions for location-based services in accordance with the “Act on the Promotion and Protection of Personal Information” (Location Information Act) considering A’s specific service provision details, and drafted personal information processing policies and personal information collection · consent documents in accordance with the location-based service provider, noting that A is registered as a location-based service provider using location information in order to manage customers through QR codes for A’s ERP services. Recently, the Communications Commission has investigated dozens of mobile application operators for violating the Location Information Act due to the unauthorized use of location information of smartphone users. Location-based service providers who operate businesses using location information must comply with the obligations under the Location Information Act, such as registering as a location-based service provider and publicly disclosing its terms and conditions, therefore, businesses seeking to provide location-based services should be cautious. If you need assistance with drafting terms and conditions for location-based services, personal information processing policies, and personal information collection consent documents during the business operation process related to location-based services, please feel free to contact Law firm Veat. Thank you.
[Consulting] Domestic Startup Acquisition Advisory for Indonesian Companies]
Law Firm Veat advised Indonesian Company A during the process of A acquiring Korean startup B, as A sought to expand its presence in the Indonesian market. Indonesian Company A, an e-commerce platform, aimed to acquire Korean startup B to drive growth in the Indonesian gaming item trading industry. In this process, Law Firm Veat represented Company A, providing legal advice and handling all related legal matters, including due diligence, drafting the stock exchange agreement, filing with the Korea Exchange Bank (Stock Acquisition Report), and finalizing the process. Law Firm Veat leverages its experience with diverse types of foreign investments and foreign M&A transactions to proactively respond to the rapidly changing international trading environment. It also effectively supports communication with multiple stakeholders while resolving conflicts of interest. If you require comprehensive legal advice during foreign investment or foreign M&A processes – whether you are a domestic company seeking to acquire a foreign entity or a foreign entity seeking to attract investment from a domestic company – please contact Law Firm Veat. Thank you.
[202105] Monthly Veat 5th Issue_ Overseas Law Firm Flip(Flip)
Law firm Veat https://stib.ee/APQ3
[Consultation] Review of Listing Agreement for Virtual Currency Exchange
Law firm Veat conducted business to draft and review token listing agreements based on a request from Virtual Currency Exchange A’s virtual currency exchange. Virtual Currency Exchange A sought to clearly define responsibility in the event of issues with the token issuer’s soundness and other matters after token listing, to prepare for potential disputes. Accordingly, Law firm Veat provided token listing agreements containing ▲Regulations on duties and responsibilities between a virtual currency exchange and a token issuer, ▲content to block the occurrence of such problems to the greatest extent possible in advance, and ▲a token listing agreement including a token listing delisting clause to allow the virtual currency exchange to quickly and effectively delist the token if such a problem occurs. The virtual currency market is growing explosively. Amidst the rising trend of virtual currency investors, numerous new tokens and coins are listing, and consequently, the delisting of tokens and coins with insufficient trading volume or technological development is also increasing. Amidst the growing opinion that virtual currency exchanges that have indiscriminately permitted listings should bear responsibility for investor protection due to token and coin delistings, there is also increased attention to the scope of operation and responsibility of virtual currency exchanges. Law firm Veat provides diverse and professional legal counsel as a consultant/advisor lawyer for domestic and foreign famous virtual currency, blockchain companies. If you need legal advice, including token listing agreements, during the operation of virtual currency exchanges, please contact Law firm Veat at any time. Thank you.
[경상일보] Songdo-yeong Partner Attorney attends the Forum for the Development of Regulatory Sandbox Industries
Veat’s partner attorney Songdo Young attended the ‘2021 Regulatory Sandbox Industry Development Forum’ hosted by the Ulsan Regional Headquarters of the Korea Industrial Park Corporation. On October 10th, the ‘2021 Regulatory Sandbox Industry Development Forum’ held in the Korea Industrial Park Corporation’s conference room was attended by 8 industry experts and approximately 20 small and medium-sized enterprises’ online panel members. Veat’s partner attorney Songdo Young conducted a presentation on the topic of ‘Introduction of Regulatory Sandbox System and Government Policies’ at the ‘2021 Regulatory Sandbox Industry Development Forum.’ For more details, please refer to the Gyeongju Ilbo article: Gyeongju Ilbo article. Veat established a Regulatory Sandbox Team (Team Leader Songdo Young Partner Attorney) in 2018 and has been conducting consulting projects related to regulatory sandbox and legislation consulting. Particularly, partner attorney Songdo Young has been recognized for his contribution to the growth of startups through the establishment and spread of the regulatory sandbox system and has received the Minister of Information and Communications Award from the Prime Minister in the Information and Communications Development sector for ‘2020 Science & Information & Communications Day.’ Thank you. Veat Dream
Law firm Veat: “[Thefirstmedia] The flexibility of technology and the rigidity of law in one hand.”
Veat’s Seungcheol Partner Attorney was introduced as a startup attorney in media outlets. Introduced as a startup attorney who has mastered the flexibility of technology and the rigor of law, please refer to the detailed article content via the link below. | Flexibility of Technology and Rigor of Law – Seungcheol Attorney (Veat Law Firm) Recently, the hottest job is developers, as people say. The war of hiring qualified developers is intensifying across industries. It’s a new spectacle in an era where digital technology drives the world. As the importance of technology increases, so does the legal issue surrounding it. There are many issues to settle, such as patent and intellectual property protection, and technology theft problems. In that respect, Seungcheol (43) Attorney, who has mastered both technology and law, is a customized expert demanded by the times. Source : TheFirstMedia article Veat Law Firm’s Seungcheol Partner Attorney is an IT specialist attorney certified by the Korean Bar Association. He possesses a background as a researcher at a major corporation after graduating from the Department of Electronic Engineering. Veat Law Firm is a law firm established by IT specialists, and provides differentiated legal services based on deep understanding of IT technology-based startups and various case examples. Veat Law Firm provides practical help in preventing and resolving problems and disputes that customers inevitably face during their growth stages, and strives to be a growth partner with customers. If you need IT or startup-related legal advice, please contact Veat Law Firm. Thank you. Veat Law Firm Dream
[Korean Venture Investment_Column] Overseas Subsidiary Conversion Flip (Flip), Prepare Like This
The most recent column by Veat Law Firm’s representative attorney, Choi Seong-ho, regarding overseas subsidiary conversion flips was featured in KB Venture Investment. Startups or startup executives preparing to invest from companies looking to expand to the United States or receive investment from U.S. venture capital firms should definitely review Veat Law Firm’s overseas subsidiary conversion flip column by representative attorney Choi Seong-ho. Image Source: KB Venture Investment A flip, which involves quickly coordinating the positions of multiple shareholders and typically takes between 2 to 3 months even with the active cooperation of Korean law firms, Korean accounting firms, and U.S. law firms, is a complex undertaking that startups should carefully consider. Furthermore, if a Korean entity has surpassed its break-even point, there is a risk of significant tax liabilities when existing Korean shareholders transfer stock to a U.S. subsidiary. It is advisable to determine whether a flip should be conducted before a Korean entity surpasses its break-even point. Excerpt from the column. Veat Law Firm’s Key Flip Cases ▶ A Company established a subsidiary in the U.S. and flipped it with A Company, creating A Company as the parent company and the U.S. subsidiary as a subsidiary. ▶ B Company newly established a corporation in the U.S. and flipped it with B Company, making the new corporation the parent company and B Company the subsidiary. ▶ C Company flipped its subsidiary in Singapore with C Company, making the Singapore subsidiary the parent company and C Company the Singapore subsidiary. Veat Law Firm provides legal counsel to numerous venture capital firms (VCs) and startups. If you require legal review regarding overseas subsidiary conversion flips, please contact Veat Law Firm. Thank you. Veat Law Firm.
[News] Law firm Veat recruits “Woo Sung, Foreign Attorney” to strengthen cross-border M&A and international business operations.
Law firm Veat strengthened its expertise and core competencies in in April 2021 by recruiting Song Woo Suck as a foreign lawyer. Song Woo Suck was a lawyer at Hua Law Firm, and has been active in . He also served as in-house counsel for multinational corporations in industries such as and secured expertise in . Moving forward, Song Woo Suck will provide strategic advice focusing on international M&A and investment related business matters to enable efficient and successful overseas expansion for its clients as a senior foreign lawyer at Law firm Veat. Thank you. Law firm Veat Regards.
[202104] Monthly Veat 4th Issue_E-commerce Use Terms and Conditions Checklist
Law firm Veat
“[Consultation] Guide to Establishing Private Investment Funds”
According to recent trends in the VC industry, interest in personal investment associations is increasing, leading to a continued flow of inquiries related to the establishment of personal investment associations. Law firm Veat responded to a request from an accelerator seeking to establish a personal investment association, providing legal guidance based on the “Act on Promotion of Venture Investment,” hereinafter referred to as the Venture Investment Act, which defines the requirements and procedures for establishing a personal investment association. Law firm Veat, based on accumulated experience related to the establishment of personal investment associations, provided a guide for rapid establishment of a personal investment association by clearly distinguishing the information and documents provided to Law firm Veat by the client and the documents drafted by Law firm Veat on behalf of the client, referring to Venture Investment Act Article 12, Article 6 of the Enforcement Decree under the Act, and Article 5 of the Enforcement Rules under the Act. Law firm Veat provides legal advice on personal investment associations, which are associations formed with the primary purpose of investing in venture capital and distributing its returns, as registered under Venture Investment Act Article 12. Please feel free to contact us at any time if you require a legal review of personal investment association related legal matters. Thank you. Law firm Veat wishes you well.