Korea, Republic of

Korea, Republic of

Korea enacted the "Special Act on Revitalizing Companies"

13 Aug 2016

On 13 August 2016, the newly established “Special Act on Revitalizing Companies” (so called “One-shot Act”) took effect, aimed at facilitating voluntary corporate restructuring and M&As. The new law facilitates business reform by applying simplified procedures, including exemptions from the strict antitrust laws and financial market regulations. The government also provides tax benefits and subsidies for research and development on corporate restructuring. Businesses seeking to benefit from this program can apply to the government. This law will remain effective for a limited period of 3 years after its promulgation.