Author Archives: koreantaxexpert

Introducing Hyun Jee (Faith) Kim: Partner Attorney for Foreign Clients at STAR LAW

  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 […]

Why Choose Us?

  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% […]

Understanding Zero-Rate VAT in Korea

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 […]

Introduction to STAR GROUP: The Legal and Tax Experts in Korea

As of May 1, 2024, we are thrilled to announce the formation of STAR GROUP through our collaboration with STAR LAW FIRM. Our core mission is to provide comprehensive assistance to foreign clients navigating legal and tax matters in Korea, drawing on our extensive and diverse expertise. Over the years, we have observed numerous crises […]

Importing E-Certificates in Korea (공인인증서 가져오기)

In Korea, every business must possess an e-certificate (공인인증서). This electronic identification is essential for interactions with governmental websites, banks, and other entities for company registration verifications. Typically, the bank provides the e-certificate when a company opens a bank account. Below, we’ll explain how to download (you first need to “import” the e-certificate into your […]

Understanding Corporate Seals in Korea

  In Korea, the use of electronic signatures is not yet widespread. Instead, it is common practice to rely on a corporate seal registered (법인인감) with the court for various transactions, including the drafting of important contracts and visits to financial institutions. When utilizing a corporate seal, you will be requested to bring the most […]

Easy Steps for Company Registration in Korea

  Today, we’re breaking down the process of setting up a company in Korea, tailored specifically for foreigners or foreign-invested entities. With over 15 years of experience, we’ve crafted this guide to be straightforward and accessible, ensuring it’s easy to follow and helpful for you.   1. Choose Your Company Type: Select a Limited Liability […]

Closing Business in Korea: Essential Steps and Requirements

Closing a business in Korea, whether it’s a domestic corporation (including a LLC) or a foreign branch office, involves several legal and administrative steps. Below is an outline of the corporate dissolution and liquidation process in South Korea, highlighting key steps and requirements. Board Resolution: The initial step in the dissolution process is for the […]

Korean National Health Insurance – Korean Social Insurances Part (1)

Korea’s 4 Major Insurances stand out distinctly from those of other countries, presenting numerous distinctive features. In this article, we aim to delve into the specifics of the Korean National Health Insurance within the 4 Major Insurances, highlighting its unique aspects. I. Brief Introduction of Korean National Health Insurance for Employees Mandatory Enrollment and National […]

Simplifying Taxation for Foreign Employees in Korea: Understanding NET Payment Contracts

In the dynamic world of global business, cross-border mobility of employees has become a norm. Many companies send their employees abroad on assignments, and South Korea is no exception. For foreign employees stationed in Korea, one common practice is the adoption of NET payment contracts. Let’s delve into the concept of NET payment contracts and […]

Companies Subject to External Audit Requirements in South Korea

In South Korea, companies are required to undergo external audits to enhance transparency and ensure responsible management practices. External audits involve an independent review of a company’s financial condition and operational activities, with the audit report prepared in accordance with the External Audit Act. This blog explores the criteria for companies subject to external audit […]

Understanding Foreign Direct Investment (FDI) in Korea

Introduction: Foreign Direct Investment (FDI) plays a pivotal role in fueling South Korea’s economic growth and development. In recent years, the Korean government has actively promoted and facilitated FDI to attract foreign capital and expertise. Whether you are considering investing in South Korea or establishing a business here, understanding the FDI regulations is paramount. This […]

Tax Settlement Process for Resigned Employees in South Korea

Introduction: In South Korea, the tax settlement process for resigned employees involves several important steps. While specific details may vary, for the purpose of this blog, let’s assume that the employee’s salary and bonuses have been finalized. This article will cover the key aspects of the tax settlement process that every resigning employee should be […]

Navigating Korea’s Business Environment: Doing Business in Korea

I have been working as a USCPA in Korea for over 15 years, primarily assisting foreign companies looking to start businesses in Korea. After assisting with the establishment of their corporations, I provide advisory services and various compliance services, including tax reporting within Korea. I would like to offer some brief advice on a few […]