Under the Korean Commercial Law and related tax laws, a company is required to keep its accounting records using “double-entry” bookkeeping system, and prepare financial statements and maintain them for at least five (5) years.
Also, once you start a business in Korea, you would be required for following reporting requirements :
- Value Added Tax Return filings (on every quarter)
- Payroll report (on a monthly or half-yearly basis)
- Corporate Income Tax Return (on a yearly basis)
Please feel free to contact us for any questions regarding those mandatory requirements in Korea!