Commercial Lease in Korea: A Seoul Restaurant Owner's Checklist
A commercial lease in Korea comes with specific legal protections for restaurant tenants. Under the Commercial Building Lease Protection Act, you can ask to renew your lease for up to 10 years in total, and your landlord cannot block you from collecting key money from the next tenant without a legal reason. Both rights have deadlines, and what the landlord tells you at signing, such as a rebuilding plan, can limit them later. I run two restaurants in Gangnam, Seoul. One of them is Deungchon Shabu Kalguksu (Eonju branch), a Korean shabu-shabu place near Yeoksam Station. This post is the checklist I would hand to a friend from abroad, or a Korean coming home from overseas, who wants to rent a restaurant space in Seoul. It is general information from an owner, not legal advice, so have a Korean lawyer check your own contract before you sign. The checklist before you sign Print this and take it to the viewing. Mark 6 months and 1 month before expiry Get any rebuilding plan in writin...