Ministry of SMEs and Startups and 8 Law Firms Become Partners for Startups' Global Expansion

Minister Oh Young-joo Signs MOU with 8 Law Firms for Startup Overseas Legal FAQ Collaboration

The Ministry of SMEs and Startups announced on the 15th that it has established a cooperative system for frequently asked questions (FAQ) necessary for the overseas expansion of new industry startups with major law firms and created a forum to resolve legal and regulatory difficulties for startups.

The Ministry signed a business agreement with eight law firms, including Kim & Chang Law Office, Bae, Kim & Lee LLC, Lee & Ko, Shin & Kim, Yulchon LLC, Barun Law LLC, Mission Law LLC, and TMI Comprehensive Law Office.

Oh Young-joo, Minister of SMEs and Startups, is giving a greeting at the 'Startup Overseas Legal FAQ Launch MOU' held on the 15th at Front1 in Mapo-gu, Seoul.

On July 2nd, the Ministry signed a business agreement with four law firms?Kim & Chang, Bae, Kim & Lee, Lee & Ko, and Shin & Kim?and has been providing customized legal support free of charge to help startups settle locally overseas by utilizing their abundant expertise and networks in overseas legal fields. Furthermore, recognizing the need to support common legal difficulties faced by startups in new industries when expanding overseas, the Ministry has been building an overseas legal FAQ together with a total of eight law firms, including Yulchon, Barun, Mission, and TMI, in addition to the four law firms that provided customized legal support.

As a result, a total of 365 overseas legal FAQs containing major questions and answers commonly asked by new industry startups were completed, targeting six countries of high interest: the United States, China, Japan, Vietnam, Singapore, and Indonesia.

Oh Young-joo, Minister of SMEs and Startups, said at the business agreement ceremony with the eight law firms, “Now startups can easily and quickly resolve legal and regulatory issues through the overseas legal and regulatory FAQ provided by top law firms with abundant expertise,” adding, “We will continue to provide various policy supports for startups expanding overseas, using this agreement as a stepping stone.”