Doing Business In Korea

A Guide for business setup in South Korea for foreign investors - information on the three types of entities which a foreign investor generally establishes in Korea together with a comparative analysis of the three types of entities and a brief outline of business set up procedures. [...]

Korean Taxation - Corporate Income Tax | A resident corporation and a non-resident corporation which has a permanent establishment in Korea are required to pay interim corporate income taxes and annual corporate income taxes together with the filing of interim and annual corporate tax return. [...]

Korean Taxation - Value Added Tax | A person who engages in the supply of goods or services independently in the course of business, whether for profit or not, is subject to the VAT. The current tax rate is 10% and the VAT is imposed on the supply of goods and services and importation of goods. [...]

Korean Taxation - Individual Income Tax | Korean citizens and foreigners who are considered to be residents for tax purposes are subject to taxation on worldwide income derived from sources both inside and outside of Korea. A foreigner deemed to be a non-resident is taxed only on income derived from sources within Korea, [...]

Under the various Korean social security related laws, companies in Korea (including foreign-invested companies) are required to participate in the four (4) social security programs including national pension, national health insurance, employment insurance, and industrial accident compensation insurance. [...]

Under the Employee Retirement Benefit Security Law (ERBSL), an employee with one (1) full year of service or more with a company is entitled to receive severance pay from the company in the amount of at least thirty (30) days’ average salary for each year of service, upon resignation or termination of employment. [...]