1. The amount of the in-kind contribution is less than KRW 50,000,000 and accounts for less than 20% of the entire equity of the company;
2. The value of the in-kind contribution is less than the book value listed in the balance sheet of the issuing company; and
3. Listed securities are contributed at a price equal to or less than the market price.
Other posts on the amended Commercial Code of Korea:
- Korean Commercial Code Revisions Make Capital Reductions in Korea Easier
- Classification of Directors in Korea under the Korean Commercial Code: Inside, Outside and Other Directors in Korea
- Establishing a Company in Korea: New Corporate Forms Available under Revised Korean Code
- Squeezing-out Minority Shareholders under Korean Corporate Law
- Limiting Director Liability under Korean Law: Don’t Drop the Insurance Policy Yet
- Limited Liability Companies under the KCC
SeanHayes@ipglegal.com IPG is engaged in projects for companies and entrepreneurs doing business in Bangladesh, Cambodia, China, Korea, the Philippines, Laos, Myanmar, Vietnam and the U.S.