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 […]
2026 Korea income tax rates for foreign employees, including progressive brackets, the 19% flat-tax option, local income tax and employer-administered Year-End Tax Settlement.
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 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 […]
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 […]
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 […]
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 […]