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📋 Korean Law Insight | Startup & Investment Law

By Attorney NOH UJIN | HANBYOL LAW LLC, Seoul

Startup Investment Agreements: Term Sheets Under Korean Law

South Korea's startup ecosystem has become one of the most dynamic in Asia. With the government's active support for venture capital, the proliferation of accelerators, and increasing participation by foreign investors, the legal architecture governing startup investments has grown increasingly sophisticated. At the center of any venture investment transaction sits the term sheet—a non-binding (and sometimes partially binding) document that sets out the commercial terms that will govern the deal.

Understanding how Korean law treats term sheets, preferred equity structures, investor protections, and exit mechanisms is critical for both foreign investors entering Korea and Korean startups seeking international capital. This guide provides a comprehensive analysis of the key legal issues.

1. The Legal Nature of Term Sheets in Korea

Under Korean law, a term sheet is generally treated as a pre-contractual document (합의각서, MOU, or 투자의향서). It is typically non-binding as a whole, though specific provisions—such as confidentiality clauses, exclusivity (no-shop) provisions, and cost-allocation clauses—may be binding if clearly expressed as such.

The key statutes governing investment contracts and corporate structure in Korea include:

Commercial Act (상법): Governs corporate structure, share issuance, shareholder rights, and governance.
Act on External Audit of Stock Companies (외부감사에 관한 법률): Imposes financial transparency requirements for larger companies.
Venture Business Promotion Act (벤처기업육성에 관한 특별조치법): Provides the legal basis for venture capital investments and related tax incentives.
Foreign Investment Promotion Act (외국인투자 촉진법, FIPA): Governs foreign investors' participation in Korean companies, including registration requirements and incentive programs.

2. Common Share Structures in Korean Startup Investments

Korean startups typically issue the following types of shares to investors:

2.1 Preferred Shares (우선주)

Convertible preferred shares are the most common instrument in Korean venture transactions. They typically carry:

Liquidation preference: Priority return of invested capital (and sometimes a multiple) in the event of liquidation, dissolution, or a deemed liquidation event (M&A, asset sale).
Conversion rights: The right to convert to ordinary shares, typically at the investor's option or automatically upon IPO.
Anti-dilution protection: Either weighted average or full ratchet adjustment mechanisms to protect investors against down-round dilution.
Dividend preference: A preferred cumulative or non-cumulative dividend rate before ordinary shareholders receive dividends.

2.2 Convertible Notes and SAFE-like Instruments

For early-stage investments, Korean startups increasingly use convertible loan agreements (전환사채, CB) or convertible bonds with warrant (신주인수권부사채, BW). Pure SAFE (Simple Agreement for Future Equity) instruments are not yet codified under Korean law but may be structured as customized convertible notes.

3. Key Term Sheet Provisions Under Korean Law

3.1 Valuation and Pre-Money Cap

Korean term sheets specify a pre-money valuation or a valuation cap. The resulting post-money valuation determines the investor's ownership percentage. Under the Commercial Act, shares must be issued at or above par value (면액), so the share price must be set above the par value (typically KRW 100 or KRW 500 per share for Korean companies).

3.2 Investor Rights and Protective Provisions

Standard Korean term sheets include protective provisions requiring investor approval (often a special class vote) for:

Amendments to the company's articles of incorporation affecting investor rights;
Issuance of new shares or securities with superior or equal rights;
Mergers, acquisitions, or dissolution;
Capital reductions;
Transactions with related parties above a specified threshold.

3.3 Board Representation

Lead investors typically negotiate a seat on the board of directors (이사회). Under the Commercial Act, a board director (이사) must be a natural person and is subject to Korean directors' duties of care and loyalty (선관주의의무, 충실의무). Foreign investors should ensure their nominee directors understand these obligations.

3.4 Drag-Along and Tag-Along Rights

Drag-along rights allow the majority (often investors holding a threshold percentage) to compel other shareholders to sell their shares in an approved exit transaction. Tag-along rights (공동매도참여권) give minority shareholders the right to participate in a sale by majority shareholders on the same terms. Both are commonly included in Korean shareholders' agreements (주주간 계약).

3.5 Right of First Refusal (ROFR) and Co-Sale Rights

ROFR provisions (우선매수권) give existing shareholders the right to purchase shares before they are sold to a third party. Co-sale rights allow investors to sell alongside a selling founder on the same terms and at the same price.

3.6 Anti-Dilution Provisions

The most common form in Korea is the weighted average anti-dilution mechanism (광의가중평균), which adjusts the conversion price in the event of a down round using a formula that accounts for the number of shares issued and the price at which they are issued. Full ratchet anti-dilution (전환가격 재조정, full ratchet) is more aggressive and adjusts the conversion price to the price of any new issuance, regardless of size.

3.7 Redemption Rights

Korean preferred shares may include redemption rights (상환권) allowing investors to require the company to repurchase shares after a specified period (typically 3–5 years) if an IPO or exit has not occurred. The Commercial Act permits redeemable preferred shares (상환우선주) subject to available surplus funds.

4. Foreign Investment Considerations Under FIPA

Foreign investors making investments in Korean startups must comply with the Foreign Investment Promotion Act:

Foreign direct investment (FDI) reporting is required for investments of USD 100,000 or more through the Foreign Investment Registration process with the Korea Trade-Investment Promotion Agency (KOTRA) or designated foreign exchange banks.
Certain sectors remain restricted or require approval under the Foreign Investment Promotion Act and applicable regulations (e.g., broadcasting, defense, nuclear energy).
Foreign investors benefit from available tax incentives under FIPA, including corporate tax exemptions for up to 5 years for qualifying investments in designated industries.
Dividend repatriation and capital repatriation are generally freely permitted for registered foreign investments.

5. Shareholders' Agreement (주주간 계약) vs. Articles of Incorporation

In Korean practice, investor rights are documented in both the company's articles of incorporation (정관) and a separate shareholders' agreement (SHA). Under the Commercial Act, only rights registered in the articles of incorporation are enforceable against third parties. Rights documented solely in a SHA are enforceable between the contracting parties but may not bind subsequent purchasers of shares.

This creates an important practical consideration: critical rights such as liquidation preferences, anti-dilution protections, and redemption rights should be incorporated into the articles of incorporation to ensure full legal protection. This requires notarization and registration with the Korean Corporate Registry (법인등기부).

6. Typical Timeline for a Series A Investment in Korea

Term sheet execution: 1–2 weeks of negotiation
Due diligence: 3–6 weeks (legal, financial, IP, regulatory)
Transaction documentation: 2–4 weeks (investment agreement, SHA, articles amendment)
Regulatory filings: 1–2 weeks (FIPA registration if foreign investor, corporate registry update)
Closing and fund transfer: 1 week

Total typical timeline: 8–15 weeks from term sheet to closing.

7. Exit Mechanisms Under Korean Law

Investors in Korean startups typically seek exits through:

IPO on KOSPI or KOSDAQ: The most common exit for large Korean unicorns. Foreign investors should note that IPO lock-up periods apply (typically 3–6 months for major shareholders).
M&A / Strategic Sale: Subject to Competition Act (공정거래법) merger filing requirements for transactions meeting financial thresholds (combined revenue exceeding KRW 300 billion, or each party exceeding KRW 30 billion).
Secondary Share Sale: Direct sale of shares to a new investor, subject to ROFR and co-sale rights in the SHA.
Redemption by Company: Exercise of redeemable preferred share rights if an IPO has not occurred within the agreed period.

Frequently Asked Questions (FAQ)

Q1: Are SAFE (Simple Agreement for Future Equity) instruments legally recognized in Korea?

Korean law does not specifically codify SAFE instruments. However, SAFE-like arrangements can be structured as convertible loan agreements (전환사채) or as customized investment contracts. It is critical to ensure that the conversion mechanism complies with the Commercial Act's requirements for share issuance, including par value rules and preemptive rights procedures.

Q2: Can foreign investors hold convertible preferred shares in a Korean startup?

Yes. Foreign investors may hold convertible preferred shares in Korean companies. The investment must be registered as Foreign Direct Investment (FDI) under FIPA if it meets the minimum threshold (USD 100,000 and 10% or more equity stake, or less than 10% with board representation rights). Proper registration is essential for dividend and capital repatriation rights.

Q3: What is the standard liquidation preference structure used in Korean term sheets?

The most common structure in Korean venture investments is a 1x non-participating liquidation preference. This means preferred shareholders receive back their invested capital first in a liquidation or exit event, but do not additionally participate in the remaining proceeds alongside common shareholders. Participating preferred (which allows double-dipping) is less common but does appear in later-stage transactions.

Q4: How are anti-dilution provisions enforced in Korea?

Anti-dilution provisions are enforced through adjustment of the conversion ratio of preferred shares. When a down-round occurs, the conversion price is adjusted downward (so each preferred share converts into more ordinary shares), effectively increasing the investor's ownership percentage. The adjustment must be documented in an amendment to the articles of incorporation to be enforceable against the company.

Q5: What are the key due diligence items for investing in a Korean startup?

Standard due diligence for Korean startups includes: (1) Corporate records review (articles of incorporation, board minutes, shareholder registry); (2) IP ownership verification (patents, trademarks, software copyrights); (3) Employment law compliance (labor contracts, severance provisions, labor union status); (4) Tax compliance review; (5) Regulatory licenses and permits; (6) Material contracts review; (7) Litigation history check; (8) FIPA compliance if prior foreign investments were made.

Q6: Are drag-along rights enforceable in Korea?

Drag-along rights are generally enforceable in Korea as a matter of contract law when documented in a shareholders' agreement. However, there are limits: Korean courts have shown reluctance to enforce drag-along provisions that are applied in a commercially unreasonable or oppressive manner. It is advisable to include a minimum price protection for dragged shareholders and to ensure the drag-along threshold is clearly defined.

Q7: What happens if a Korean startup fails to redeem preferred shares upon request?

If a company fails to honor a redemption right due to insufficient distributable surplus (as required under the Commercial Act), the investor's remedy is typically to bring a contractual claim for damages. Some investors also negotiate a put option structured as an obligation on the founders personally to purchase the shares if the company cannot, though such arrangements require careful legal structuring to be enforceable.

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📋 韩国法律洞察 | 创业投资法

作者：律师 NOH UJIN | HANBYOL LAW LLC，首尔

韩国创业投资协议：依据韩国法律的投资条款清单（Term Sheet）

韩国的创业生态系统已成为亚洲最具活力的生态系统之一。对于进入韩国市场的外国投资者和寻求国际资本的韩国初创企业而言，了解韩国法律如何处理投资条款清单、优先股结构、投资者保护和退出机制至关重要。

1. 韩国法律对投资条款清单的法律性质

在韩国法律框架下，投资条款清单通常被视为预合同文件（投资意向书或谅解备忘录），原则上不具有法律约束力。但保密条款、排他性（禁止购物）条款和费用分配条款等特定条款若明确表述为具有约束力，则可具备法律效力。

规范韩国投资合同和公司结构的主要法律包括：

《商法》（상법）：规定公司结构、股份发行、股东权利和公司治理；
《创业企业培育特别法》：为风险资本投资提供法律基础和税收优惠；
《外国人投资促进法》（FIPA）：规定外国投资者参与韩国公司的条件。

2. 韩国创业投资中常见的股权结构

2.1 优先股（우선주）

可转换优先股是韩国风险投资交易中最常见的工具，通常包含以下权利：

清算优先权：在清算、解散或视同清算事件时优先获得已投资资本的返还；
转换权：可转换为普通股，通常在IPO时自动转换；
反稀释保护：加权平均或全棘轮调整机制，保护投资者免受低价轮次稀释；
股息优先权：在普通股股东获得股息前，优先获得固定股息。

3. 主要条款清单条款

3.1 估值与股份发行

根据《商法》，股份必须以不低于面值（면액，通常为每股100韩元或500韩元）的价格发行。投资方持股比例由投后估值决定。

3.2 投资者权利与保护性条款

标准的韩国条款清单通常包含要求投资者批准的保护性条款，例如修改影响投资者权利的公司章程、发行具有同等或更高权利的新股、合并或解散等。

3.3 拖售权与随售权

拖售权允许多数股东在批准的退出交易中强制其他股东出售股份；随售权赋予少数股东在相同条件下参与多数股东出售交易的权利。两者均常见于韩国股东协议（주주간 계약）中。

3.4 赎回权

韩国优先股可设置赎回权，允许投资者在指定期限（通常3至5年）内未发生IPO或退出时，要求公司回购股份。此权利需在章程中载明，并受《商法》关于可分配盈余的限制。

4. 外国投资注意事项（FIPA）

10万美元以上的外国直接投资须通过KOTRA或指定外汇银行完成外商投资登记；
特定行业（如广播、国防）受限，须申请审批；
符合条件的外商投资可享受最长5年企业税减免；
已登记的外商投资通常可自由汇回股息和资本。

5. 股东协议与公司章程

在韩国实践中，投资者权利同时记录在公司章程（정관）和单独的股东协议（SHA）中。根据《商法》，只有在章程中登记的权利才能对抗第三方。因此，清算优先权、反稀释保护等关键权利应纳入章程，并在法人登记簿中登记。

常见问题解答

Q1：SAFE（未来股权简单协议）在韩国是否受法律认可？

韩国法律尚未对SAFE工具进行专门立法，但可通过可转换贷款协议（전환사채）或定制化投资合同来实现类似安排，需确保转换机制符合《商法》关于股份发行的要求。

Q2：外国投资者能否持有韩国初创企业的可转换优先股？

可以。外国投资者可持有韩国公司的可转换优先股。若满足最低门槛（10万美元以上，持股10%以上，或不足10%但具有董事会席位权利），须依FIPA完成外商投资登记。

Q3：韩国初创投资中常见的清算优先权结构是什么？

最常见的结构是1倍非参与型清算优先权，即优先股股东在清算或退出事件中优先收回已投资资本，但不再额外参与剩余收益的分配。

Q4：拖售权在韩国是否可强制执行？

作为合同法律事项，在股东协议中约定的拖售权通常在韩国可强制执行，但韩国法院对商业上不合理或具有压迫性的拖售权的执行持谨慎态度。建议为被拖售股东设置最低价格保护条款。

Q5：韩国A轮投资的典型时间线是多少？

从条款清单签署到交割通常需要8至15周，包括：条款清单谈判（1-2周）、尽职调查（3-6周）、交易文件起草（2-4周）、监管申报（1-2周）、交割（1周）。

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📋 韓国法律インサイト | スタートアップ投資法

弁護士 NOH UJIN | HANBYOL LAW LLC、ソウル

スタートアップ投資契約：韓国法の下での投資条件書（タームシート）

韓国のスタートアップエコシステムはアジアで最もダイナミックなものの一つとなっています。外国投資家が韓国に参入する場合、またはKorea標スタートアップが国際的な資本を求める場合、韓国法がタームシート、優先株式構造、投資家保護、エグジットメカニズムをどのように扱うかを理解することが不可欠です。

1. 韓国法におけるタームシートの法的性質

韓国法の下では、タームシートは一般的に契約前文書（投資意向書またはMOU）として扱われ、全体として拘束力を持たないことが多いですが、秘密保持条項や排他性条項は明確に表明された場合に拘束力を持つことがあります。

2. 韓国スタートアップ投資における一般的な株式構造

2.1 優先株式（우선주）

転換型優先株式は韓国ベンチャー取引で最も一般的な手段で、以下の権利を持つことが多いです：

清算優先権：清算・解散・みなし清算事由（M&A等）時の投資資本の優先返還；
転換権：通常株式への転換権（IPO時に自動転換が一般的）；
希薄化防止条項：加重平均またはフルラチェット調整による下方修正ラウンドからの保護；
配当優先権：普通株主への配当前の優先配当。

3. 韓国法における主要なタームシート条項

3.1 ドラッグアロングとタッグアロング権利

ドラッグアロング権は多数株主が承認された売却取引において他の株主に株式売却を強制できる権利、タッグアロング権（공동매도참여권）は少数株主が多数株主の売却に同条件で参加できる権利です。

3.2 希薄化防止条項

韓国で最も一般的な形式は加重平均希薄化防止メカニズムで、下方修正ラウンド発生時に転換価格を調整します。この調整は商法上の効力を持たせるために定款変更に反映させる必要があります。

3.3 償還権

韓国優先株には、指定期間（通常3〜5年）内にIPOや出口が生じない場合に会社に株式の買戻しを求める償還権を設定できます。商法上、分配可能剰余金の範囲内での買戻しが必要です。

4. 外国人投資促進法（FIPA）上の外国投資上の考慮事項

10万米ドル以上の直接投資はKOTRAまたは指定外国為替銀行を通じた外国人投資登録が必要；
放送・防衛等の特定分野は規制または承認が必要；
対象産業への適格投資は最長5年間の法人税免除が受けられる；
登録された外国投資は配当・資本の送金が原則として自由。

よくある質問（FAQ）

Q1：SAFEは韓国で法的に認められていますか？

韓国法はSAFEを明示的には規定していませんが、転換社債（전환사채）やカスタマイズされた投資契約として構成することは可能です。転換メカニズムが商法の株式発行要件（額面規則、先買権手続き）に準拠している必要があります。

Q2：外国投資家は韓国スタートアップの転換型優先株を保有できますか？

はい。FIPA上の要件（10万ドル以上、株式10%以上またはそれ未満でも取締役会の議席権を持つ場合）を満たす場合、外国人投資登録が必要です。適切な登録は配当・資本送金権の前提条件です。

Q3：韓国タームシートでの一般的な清算優先権の構造は？

最も一般的な構造は1倍非参加型清算優先権です。優先株主は清算・出口事由時に投資資本を優先回収しますが、残余財産の配当には参加しません。

Q4：ドラッグアロング権は韓国で執行可能ですか？

株主間契約に規定されたドラッグアロング権は一般的に執行可能ですが、商業的に不合理または抑圧的な方法で適用される場合には韓国の裁判所は執行に慎重な態度を示すことがあります。ドラッグされる株主への最低価格保護の設定が推奨されます。

Q5：韓国シリーズA投資の典型的なスケジュールは？

タームシート署名からクロージングまで通常8〜15週間かかります（ターム交渉1〜2週、DD3〜6週、文書作成2〜4週、規制申請1〜2週、クロージング1週）。

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📋 Perspectiva Legal Coreana | Derecho de Inversión en Startups

Por el Abogado NOH UJIN | HANBYOL LAW LLC, Seúl

Acuerdos de Inversión en Startups: Term Sheets bajo la Ley Coreana

El ecosistema de startups de Corea del Sur se ha convertido en uno de los más dinámicos de Asia. Para los inversores extranjeros que entran en Corea y las startups coreanas que buscan capital internacional, comprender cómo trata la ley coreana los term sheets, las estructuras de acciones preferentes, las protecciones de los inversores y los mecanismos de salida es fundamental.

1. Naturaleza Jurídica de los Term Sheets en Corea

Bajo la ley coreana, un term sheet se trata generalmente como un documento precontractual (carta de intención o MOU), típicamente no vinculante en su totalidad, aunque ciertas disposiciones específicas como las cláusulas de confidencialidad y exclusividad pueden ser vinculantes si se expresan claramente como tales.

2. Estructuras de Acciones Comunes en Inversiones de Startups Coreanas

2.1 Acciones Preferentes (우선주)

Las acciones preferentes convertibles son el instrumento más común en las transacciones de venture capital coreanas, e incluyen típicamente:

Preferencia de liquidación: Devolución prioritaria del capital invertido en eventos de liquidación o venta;
Derechos de conversión: Conversión a acciones ordinarias, normalmente automática en IPO;
Protección anti-dilución: Mecanismos de promedio ponderado o ratchet completo;
Preferencia de dividendo: Dividendo preferente antes de los accionistas ordinarios.

3. Disposiciones Clave del Term Sheet bajo la Ley Coreana

3.1 Derechos de Arrastre (Drag-Along) y Acompañamiento (Tag-Along)

Los derechos de arrastre permiten a la mayoría compeler a otros accionistas a vender sus acciones en una transacción de salida aprobada. Los derechos de acompañamiento (공동매도참여권) permiten a los accionistas minoritarios participar en una venta de los mayoritarios en igualdad de condiciones.

3.2 Disposiciones Anti-Dilución

La forma más común en Corea es el mecanismo de promedio ponderado, que ajusta el precio de conversión en caso de una ronda a la baja. Este ajuste debe reflejarse en una enmienda a los estatutos sociales para ser ejecutable frente a la empresa.

3.3 Derechos de Rescate

Las acciones preferentes coreanas pueden incluir derechos de rescate que permiten a los inversores exigir la recompra de acciones si no se ha producido un IPO en el plazo acordado (generalmente 3-5 años), sujeto a los fondos de excedente distribuible disponibles.

4. Consideraciones de Inversión Extranjera bajo FIPA

Las inversiones de USD 100,000 o más deben registrarse como Inversión Extranjera Directa (IED) a través de KOTRA o bancos de divisas designados;
Ciertos sectores (como radiodifusión, defensa) están restringidos o requieren aprobación;
Las inversiones calificadas pueden beneficiarse de exenciones de impuesto corporativo durante hasta 5 años;
La repatriación de dividendos y capital es generalmente libre para inversiones registradas.

5. Acuerdo de Accionistas vs. Estatutos Sociales

En la práctica coreana, los derechos de los inversores se documentan tanto en los estatutos sociales (정관) como en un acuerdo de accionistas (SHA) separado. Solo los derechos registrados en los estatutos sociales son ejecutables frente a terceros, por lo que derechos críticos como preferencias de liquidación y anti-dilución deben incorporarse en los estatutos.

Preguntas Frecuentes (FAQ)

Q1: ¿Los instrumentos SAFE están reconocidos legalmente en Corea?

La ley coreana no codifica específicamente los instrumentos SAFE, pero pueden estructurarse como contratos de préstamo convertible (전환사채) o contratos de inversión personalizados, siempre que el mecanismo de conversión cumpla con la Ley Comercial.

Q2: ¿Pueden los inversores extranjeros poseer acciones preferentes convertibles en una startup coreana?

Sí. Si la inversión cumple el umbral mínimo (USD 100,000 y participación del 10% o más, o menos del 10% con derechos de representación en el consejo), debe registrarse como IED bajo FIPA para poder repatriar dividendos y capital.

Q3: ¿Cuál es la estructura de preferencia de liquidación estándar en los term sheets coreanos?

La estructura más común es una preferencia de liquidación no participativa de 1x: los accionistas preferentes reciben primero su capital invertido en un evento de liquidación o salida, pero no participan adicionalmente en los ingresos restantes.

Q4: ¿Son ejecutables los derechos de arrastre en Corea?

Los derechos de arrastre documentados en un acuerdo de accionistas son generalmente ejecutables en Corea, aunque los tribunales coreanos muestran reluctancia a ejecutar provisiones de arrastre aplicadas de manera comercialmente irrazonable. Se recomienda incluir protección de precio mínimo para los accionistas arrastrados.

Q5: ¿Cuál es el cronograma típico para una inversión Serie A en Corea?

De la firma del term sheet al cierre, típicamente 8-15 semanas: negociación del term (1-2 sem.), due diligence (3-6 sem.), documentación (2-4 sem.), presentaciones regulatorias (1-2 sem.), cierre (1 sem.).

Q6: ¿Qué sucede si una startup coreana no rescata las acciones preferentes cuando se le solicita?

Si la empresa no puede ejercer el rescate por insuficiencia de excedente distribuible, el inversor puede reclamar daños y perjuicios por incumplimiento contractual. Algunos inversores también negocian una opción de venta que obliga personalmente a los fundadores a adquirir las acciones si la empresa no puede hacerlo.

Q7: ¿Cuáles son los elementos clave de diligencia debida al invertir en una startup coreana?

La diligencia debida estándar incluye: revisión de registros corporativos, verificación de propiedad de IP, cumplimiento de derecho laboral, revisión fiscal, licencias regulatorias, revisión de contratos materiales, historial de litigios y cumplimiento de FIPA si hubo inversiones extranjeras previas.

📌 Referencias Oficiales

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