Foreign-invested companies in Korea must file VAT and corporate tax on time. Even without revenue, compliance is mandatory to avoid fines and forced closure.
Author Archives: koreantaxexpert
Discover why accounting and bookkeeping services are essential in Korea. Ensure compliance with K-GAAP, audits, and tax obligations while focusing on business growth.
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 […]
Understanding Korean income tax can be challenging for foreign employees and overseas HR teams. Korea applies progressive income tax rates to most employees, while eligible foreign employees may elect a special 19% flat tax rate. Another important feature of the Korean system is the Year-End Tax Settlement, under which the employer recalculates and finalizes an […]
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 Choose Us: Client Perspectives Today, we take a moment to consider why our clients consistently choose our services. Our commitment to excellence and a deep understanding of the intricacies of Korean tax law ensure that we deliver top-notch service to every client. Whether you are a small startup or a large corporation, we tailor […]
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 […]
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 […]
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 […]
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 […]
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 […]