IP Insight

Any right relating to intellectual property recognized or protected according to the Acts and subordinate statutes, treaties, etc. (Article 3 of the Framework Act on Intellectual Property)

The term "intellectual property" means knowledge, information, technology, the expression of thoughts or feelings, the indication of a business or goods, the varieties of organism or genetic resources and other intangibles created or discovered by creative activities, experience, etc. of human beings, the value of property of which may be realized (subparagraph 1 under the same Article)

The term in Korean was recently coined by the Korean Intellectual Property Office as a different term had been in use prior to the new term, and often in an abbreviated form is used instead.  Although the term “intellectual property” is now formally used, the mixed use of the current term and the previous term are still largely found across different laws and regulations. 

The intellectual property right is designed to protect all property rights of an intangible knowledge, such as educational, research, culture, art, and technology, extending beyond the traditional property right that protects tangible properties to grant various rights.  It may be referred to as a tool that offers protection for human beings to fully engage in creative activities. 

Religions and other associated religious cultures can also be subject to protection as it encompasses all creations of human beings with the practical use to be protected.  For example, Catholicism or Buddhism also falls into the category.

The intellectual property right (intangible property right) is transferable, and the party who holds this right may benefit from the possession itself or the industry derived from the right. The intellectual property is also reflected in the gross domestic product.  In addition, if another person infringes upon the right, the right holder can claim for damages and most of the rights are limited in duration. 

The right holder can also liquidate the intellectual property and benefit from reduced tax by legitimate means. 

The first article in most of the statutes associated with the intellectual property offers its purpose to contribute towards the development of culture, etc. and benefit society. 

The intellectual property rights protected in the Republic of Korea are classified into three categories.

Industrial property rights for the industrial sector (Patent Act, Utility Model Act, Trademark Act, Design Protection Act, etc.)

A Copyright Act in the arts and culture sector

Due to the change in society and technology, there is also a new form of right, a new intellectual property right, involving the Act on the Layout-Designs of Semiconductor Integrated Circuits