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While this article uses Korean startups and tax regulations as illustrative examples, the fundamental challenges of corporate flips—including share swap taxation, jurisdictional requirements, and investor preferences—are common across many Asian jurisdictions. Founders should consult local legal and tax advisors for jurisdiction-specific guidance.

(중략)

But the real shock comes when Korean founders realise the price of their global ambitions. Heechul Ahn, Managing Partner at DLG Law, Korea’s leading startup law firm, has delivered this sobering news countless times: “You didn’t receive any money, just paper shares from a company created today, but the tax office wants you to pay 20 per cent on unrealised capital gains”.

(후략)