Image from Invest Korea (https://www.investkorea.org) Why Establish a Business in South Korea? South Korea offers a dynamic and business-friendly environment, making it an attractive destination for foreign companies. However, setting up a company involves multiple legal and administrative steps. Our team provides fast, compliant, and efficient incorporation services to help businesses enter the […]
Author Archives: koreantaxexpert
Korean Tax & Accounting Services for Foreign Corporations Expert Bilingual Tax & Accounting Services for International Businesses Operating in South Korea We provide specialized Korean tax, accounting, and payroll services exclusively for foreign corporations. Our bilingual experts ensure compliance with Korean corporate tax laws while delivering financial reporting in English for international headquarters. If your […]
For businesses operating in Korea, staying compliant with corporate tax (CIT) and withholding tax (WHT) deadlines is crucial to avoiding penalties. Below is a comprehensive guide to help businesses navigate the key tax deadlines for 2025. 1. Corporate Income Tax (CIT) Deadlines Corporations in Korea are required to file and pay corporate tax based on […]
South Korea has 16 public holidays in 2025, offering ample opportunities for rest and relaxation. The holidays range from national celebrations to traditional festivals. Let’s dive into the list! 2025 Public Holidays New Year’s Day: Wednesday, January 1 The first day of the year is celebrated nationwide as a time for reflection and renewal. […]
The first page of Korea’s VAT return form is designed to summarize the filing details. It includes the company’s basic information along with a concise overview of the main contents of the VAT filing. The image above is a sample to demonstrate the structure of the first page of a VAT return form for a […]
The image above shows the actual screen from our ledger. All company transactions are recorded here and are used to prepare the company’s balance sheet, income statement, and other financial statements. Why Companies Should Use Accounting/Bookkeeping Services? Introduction Efficient and accurate financial management is essential for business success. Companies, whether large or small, often […]
The image above shows the screen you will see when you access the Korean corporate disclosure website at https://englishdart.fss.or.kr/dsba001/main.do. External Audit Criteria Based on the Enforcement Decree of the Act on External Audit of Stock Companies 1. Asset Threshold: Companies with total assets of 50 billion KRW or more at the end of […]
On one of the hottest summer days in 2024 — during what felt like the longest heatwave ever in Korea — we gathered in the cool of our conference room for another important discussion. The heat outside wasn’t going to slow us down. Who was there? Mrs. Kang – Chief Partner at Star Law […]
Establishing a Limited Liability Company (LLC) in Korea is a common choice for foreign investors due to its less stringent disclosure obligations and restricted share trading. Below is a concise guide outlining the necessary documents and the responsible parties for each step in the process when foreign investors are injecting capital. Initial Requirements Provide Office […]
The image is sourced from the National Health Insurance Service (NHIS) of Korea. For more detailed information, you can visit their official website. In Korea, both employees and employers contribute to several social insurance programs designed to provide financial security and support for workers. For 2024, these contributions are distributed across […]
Income tax in Korea can seem complex, especially for foreign workers who may be unfamiliar with the country’s taxation system. This blog post aims to provide an overview of the current income tax rates in Korea, with a particular focus on the unique tax rate applied to foreign workers. General Income Tax Rates in Korea […]
We are thrilled to introduce Hyun Jee (Faith) Kim, a distinguished partner attorney at STAR LAW, specializing in services for foreign clients. With a wealth of experience and a robust educational background, Faith is a key asset to our firm, offering comprehensive legal services that cater to the unique needs of foreign businesses operating […]
Our clients in Korea have diverse tax advisory needs. Given that our primary clientele is startups, we regularly organize tax seminars to address their unique challenges. A key focus is on the taxation of stock transfers, a crucial area where tax risks must be assessed in advance. The Korean tax authorities closely monitor these […]
Why Clients Choose Us? Today, we take a moment to consider why our clients consistently choose our services. Professional and Dedicated Team First and foremost, we are a dedicated team of professionals. About 50% of our clients come to us after using other tax advisors, choosing to switch after consulting with us. Around 20% […]
In Korea, the standard VAT rate is 10%. Similar to other countries, Korea exempts certain transactions from VAT. Specifically, when a Korean resident company provides services to a foreign entity, VAT can be exempted under the following conditions. It is crucial for foreign corporations engaged in frequent international transactions to understand these criteria, as it […]