Korea enacted the "Special Act on Revitalizing Companies"

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.

• Type:

  • Promotion and facilitation (Investment facilitation , Investment incentives)

• Industry:

  • Not industry specific

• Sources:

  • The Korea Times, One-shot act to take effect, http://www.koreatimes.co.kr/www/news/biz/2016/08/488_211718.html, 11 Aug 2016
  • Younhap News Agency, Four firms apply for gov't approval for fast-track corporate restructuring , http://english.yonhapnews.co.kr/news/2016/08/16/0200000000AEN20160816006600320.html, 16 Aug 2016
  • Lexology, The “Special Act on Revitalizing Companies” (the so-called “One-Shot Act”), aimed at enhancing the competitiveness of industries and vitality of companies, to take effect in August 2016 , http://www.lexology.com/library/detail.aspx?g=dab6d42b-a413-41eb-9340-d3dd84ce61dc, 17 Feb 2016