Doing Business
in Korea

Think of bookkeeping as an essential tool  to track the financial heartbeat of your company.  Whether you are a sole trader, a new business, or an established organization, the timely records of your finances in South Korea are downright essential—not just to comply with the law but also to ensure the success of your venture in this thriving nation.  The past few years have seen fluctuations in the Korean tax system , meaning that you have to pay attention to every detail mor

The South Korean regulatory landscape is known for its strict guidelines and no tolerance for compliance lapses. Still, many foreign companies believe that going by global or Western norms of  compliance is enough to operate in the nation. This belief can lead to a range of mistakes, resulting in heavy fines, business  interruption, and loss of reputation. This blog delves into the most common and critical corporate compliance mistakes in South Korea that international compan

On July 31, 2025, South Korea’s Ministry of Economy and Finance issued a tax reform proposal. While it is still awaiting approval from the National Assembly, companies—particularly foreign entities—should start preparing for the likely new regulations.  It helps them lower immediate tax risks as well as gives them a window to adjust operations before the new changes take effect.  The scope of these reforms is broad and includes changes to the corporate income tax and complian

Released by the Ministry of Economy and Finance on July 31, 2025, the 2025 tax reform proposal highlights significant changes regarding corporate, personal, indirect, and international taxation. Therefore, it is important for corporations, foreign investors, and multinational enterprises to stay updated on impactful changes awaiting legislative approval.  The following summary outlines such proposals.  1. Corporate Income Tax Reform Rate Reversal: The proposal would raise the

The end of the fiscal year is often a critical time to review the books of your company. However, the third quarter, or Q3, spanning July...

Here is a question for you— If you hire someone to be in charge of customers, how can you not hire someone to be in charge of your...

Doing business in South Korea—Asia’s tech and manufacturing powerhouse—offers immense opportunities, but it also demands full compliance...

January marks the start of a new year and, for business owners in South Korea, the critical period for corporate VAT filing. Navigating...

The word audit  can strike fear into the heart of even the most meticulous taxpayer—but understanding what a tax audit is and why it...

If you're at the helm of a corporate business in South Korea, understanding the intricacies of corporate tax is not just a requirement –...

For business owners, managing taxes is a critical aspect of financial planning. Corporate taxes, in particular, can pose a significant...

Understanding the corporate tax landscape in South Korea is quite important for businesses operating in or entering this dynamic market....

Running a small business in South Korea presents both opportunities and challenges, with business corporation tax being a critical area...

Value-added tax (VAT) is a fundamental aspect of business in South Korea. Whether you're a domestic company or a foreign business...

Many businesses are likely to overlook the tax implications while choosing their business structure.  How you choose your business setup...

If you’re visiting South Korea and planning to shop, you’ll be happy to know that you may be eligible for a tax refund on your purchases....

In South Korea, whether you are a self-employed independent contractor or an employee, understanding your tax obligations is crucial. ...

For new business owners and CEOs, taxes can seem like a daunting subject. The complexities, deadlines, and legalities involved often make...

A simple question— What is your core responsibility as a business owner? You are there to lead, make strategic decisions, and make your...

Of course, getting a bonus is often a delightful moment for any worker.  It’s a reward for hard work, a recognition of contributions,...