Korea Foreign Direct Investment (FDI)

In South Korea, Foreign Direct Investment (FDI) requires an investment by non-Koreans of at least KRW 100 million. Types of FDI include the acquisition of stocks of domestic companies, long-term loans (minimum of five years) from parent companies outside of South Korea, and investments in non-profit corporations in the fields of science & technology. And […]

Not VAT Deductible Purchases for Businesses in Korea

The Korean VAT Laws specify certain purchases are not deducible (10% VAT not refundable) for the companies. For example, VAT payments on following purchases are not refundable: Books, medical expenses, fuels, parking, car maintenance fees, leisure expense such as golf, etc., luxury item purchases, public transportation expenses, tickets (i.e., movies), beauty shops, etc.   References: […]

Korea’s 4 Social Insurance Rates

South Korea has four major social security schemes: 1) national pension; 2) national health insurance & long-term care insurance; 3) employment insurance; and 4) workers’ compensation insurance. The insurance rates are increased or adjusted annually, with those shown below the latest updates from 2022. Item Employee Employer TOTAL RATE Expected Monthly Contribution (TTL) Note Case […]

Financial Review Services Korea

Sometimes we are asked for financial review services Korea. Unlike audits, financial reviews require much simpler procedures and can take less time than audits. A review includes primarily applying analytical procedures to management’s financial data. You may expect that a CPA review will address if the financial data are free from any material misstatements. Key […]

Korea’s 4 Social Insurance Rates for 2021

There’re 4 major social securities in Korea: 1) national pension, 2) national health insurance and long-term care insurance, 3) employment insurance and 4) workers’ compensation insurance. Each year, some of the insurance rates are increased or adjusted. Especially, rates for national health insurance and long-term care insurance are increased every year. During covid-19 season in […]

Global Mobility Services (GMS)

We see many companies face employment issues especially in relation to international assignment programs. With many years of experience in GMS field, we proudly offer tax strategies and advisory services that can help international assignment program in a cost efficient manner. How we can assist you I. Foreign employees assigned to Korea by foreign companies […]

Merry Christmas & a Happy New Year from THECL

  It’s the most wonderful time of the year! It is in the spirit of Christmas that we say thank you and best wishes for the holidays. Wishing you joy at Christmas and prosperity in the coming year!!   Our working hours during the holiday season: Christmas (December 25th): Closed New Year’s Day (January 1st): […]

Korea’s 4 Social Insurance Rates for 2020

Each year, the Korean Social Insurance Companies announce their insurance rates for the upcoming year. It’s been announced that Korea’s social insurance rates for 2020 will be as below. At this moment only the Workers’ Compensation Insurance rate for 2020 has not been confirmed by the government. Item 2019 2020 Note Employee Employer TOTAL RATE […]

A Guide to South Korea’s 4 Social Insurance Programs

A Guide to South Korea’s 4 Social Insurance Programs South Korea’s Social Welfare Policy & the “Safety Net” Every developed country has systems set up to make sure that people are taken care of in the event of certain challenges and time periods. European countries are famous for their strong social safety net, but Korea […]