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Business Establishment & Liquidation

Business Establishment

Bookkeeping & Financial Reporting

  • Prepare vouchers for cash receipts and disbursement transactions

  • Prepare and maintain accounting records including journal entries, general and sub-ledgers etc.

  • Prepare various financial reports such as AR & AP aging report, inventory report etc.

  • Perform monthly closing of general ledger and prepare monthly financial statements in compliance with the Korean GAAP

  • Report financial package to the head office or parent company

Bookkeeping & Financial Reporting

Payroll & Statutory Social Insurance Administration

  • Maintain payroll records for all concerned employees

  • Prepare monthly payroll report

  • Prepare monthly pay slip and distribute to each employee

  • Arrange for the deposit of net monthly salaries to each employee’s bank account

  • File monthly payroll withholding tax return with the tax office together with the tax payment

  • Perform year-end settlement of exact payroll withholding taxes

  • Compute severance payments and income tax thereon for terminated/resigning local employees

  • Statutory Korean social security schemes related assistance

Payroll & Statutory Social Insurance Administration

Tax Filing & Consultation Services

■ Tax filing service

  • Prepare and file the quarterly VAT Return with the tax office
  • Prepare and file the Corporate Income Tax Return with the tax office
  • Prepare and file the Individual Income Tax Return with the tax office
  • Prepare and file the Withholding Tax Return on interest, dividend, royalty and other income
  • Prepare and file the amended tax return and claim for rectification
  • Review of the issues with regard to tax exemption and tax credit/deductions

■ Consultation services on various taxation matters

  • Provide taxation strategies regarding the establishment/liquidation of a corporation, restructuring of a corporation, share transfer etc.
  • Provide advices on the international taxation pertaining to
    – Permanent establishments
    – Tax treaty and avoidance of double taxation
    – Transfer Pricing (TP) taxation
    – Thin capitalization taxation
    – Tax haven issues

■ Tax audit support and other services

  • Legal advice and support on tax audits
  • Support for filing of tax appeals with competent tax authorities
  • Perform preliminary tax reviews for potential tax risk identification and in preparation for a future tax audit
  • Obtain tax rulings from the tax authorities for settling disputes
  • Represent the company with the Office of National Tax Service and District Tax Office regarding all tax related matters
Tax Filing & Consultation Services
Tax Filing & Consultation Services

Corporate Secretarial & Management

■ Annual Corporate Secretarial Service

  • Prepare minutes of annual general meeting of shareholders/members
  • Custody and maintenance of corporate legal documents and materials

■ Modification of registered items with relevant governmental authorities as follows: 

  • Name of the company
  • Address of principal office
  • Representative director / Director / Auditor
  • Capital injection or reduction

■ Management 

  • Document storage
  • Opening bank account
  • Reporting intercompany loan to the relevant authorities
Corporate Secretarial & Management

Other Services

■ Cash management & Payment Administration

  • Manage the Client’s bank account and arrange disbursements including payment of salaries, payment to vendors, settlement of petty cash replenishment vouchers etc.
  • Obtain bank statements and perform bank reconciliation
  • Prepare and submit regular/non-regular cash balance report and fund request to the head office
  • Keep bank related documents in line with the internal control system

■ Issuance of Electronic Sales VAT invoice 

  • Support issuance of electronic sales invoices which should be issued to the other transaction party when a registered taxpayer supplies goods or services

■ Others  

  • Visa application service for the expats and his/her dependents
  • Financial audit support (external regulatory and internal)
  • Change of a legal entity type
  • Assist in preparation and submission of various special documents and reports to the tax office and other relevant authorities
  • Other ad-hoc services as per the clients’ request
business process outsourcing
business process outsourcing