Launch of Advisory Group Composed of Startup Specialist Lawyers
Providing Free Overseas Legal Consultation with Major Law Firms
The Ministry of SMEs and Startups is partnering with major law firms to provide legal support for new industry startups.
On the 2nd, the Ministry announced that it signed a business agreement with four firms?Kim & Chang Law Office, Bae, Kim & Lee LLC, Lee & Ko, and Barun Law LLC?and held the launch ceremony for the Startup Legal Advisory Group.
The Ministry will offer free legal consultations through agreements with law firms to resolve legal issues faced by startups expanding globally. This initiative was established in response to the growing demand for legal problem-solving as startups increasingly expand overseas.
The four firms that signed the agreement will provide customized legal support free of charge to startups, including contract signing with local companies and intellectual property protection, based on their expertise in overseas legal matters and networks such as foreign offices.
The support targets countries where the law firms have overseas offices as well as countries where startups have recently been actively expanding. These include nine countries such as Japan, Vietnam, Indonesia, and Singapore. The overseas legal advisory service is effective from today and can be applied for anytime via the K-Startup website.
Additionally, at the event, the Ministry awarded appointment letters to 58 legal advisors specializing in the startup sector. The advisory group was formed to support the 'Startup Online Legal Advisory Project,' which has been in operation since April.
Attorney Song Tae-wook, appointed as an advisor, stated at the launch ceremony, "Startups in new industries realistically lack the capacity to properly review the viability of their business itself," and added, "As a partner to startups, I promise to do my best to provide professional legal services."
Startup representatives who participated in the launch ceremony mentioned that receiving legal reference materials and lawyers’ opinions was very helpful. Shin Min, CEO of Mobiation, and Jo Yoo-joo, CEO of R&PT, said, "We were able to receive appropriate legal support tailored to our difficulties," and expressed hope that more in-depth services will be provided for startups in the future.
On the same day, Minister Oh Young-joo of the Ministry of SMEs and Startups said, "Startups can now focus on business operations by receiving support from specialized law firms, and they can find opportunities for overseas market entry by utilizing international networks," adding, "Based on this agreement, we will continue to provide various policy supports for startups expanding overseas."
He also urged the members of the Startup Legal Advisory Group, saying, "It is important to consider the significance of legal issues faced by innovative startups," and requested, "Please do your best to provide the legal advice that startups need."
Meanwhile, starting this month, the Ministry will publish frequently asked questions commonly asked by startups regarding domestic laws such as corporate legal affairs, labor, and contracts on the Startup Support website. It will also provide legal information relevant to startups common to major overseas expansion countries.
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