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Company Incorporation in South-Korea
Company Incorporation in South-Korea
South Korea, is an East Asian nation on the southern half of the Korean Peninsula. South Korea is a highly developed country. It is also the 9th largest importer and exporter.
We highly recommend our clients hire a bilingual manager to settle their government affairs efficiently since all government transactions are in Korean.
Types of companies
1. General partnership
2. Limited partnership
3. Limited liability company
4. Public Company
No matter what type of entity you decide on, it must have at least one shareholder and one director. Please be noted there are no citizenship or residency requirements.
Limited liability company (LLC)
• Minimum share capital requires for LTD USD 1
• At least one shareholder is required to open a company in Korea
• Local director required? No
• Timeframe; approx. 4 weeks
• Corporate tax rate is levied at rates ranging from 10% to 25% percent depending on the annual profits.
• Dividend tax rate 15.4% for payments made to residents and 20% for payments made to non-residents
• VAT rate; 10%
• Number of double tax treaties (approx.); approx. 90 double tax treaties
• Tax exemptions? Foreign tax credits, corporate tax exemptions for SMEs, tax exemptions for increasing employment, or R&D incentives.
Why South Korea?
• Great infrastructure, like modern and well maintained makes logistics a breeze.
• Culture of getting things done.
• Perceptive and educated customers.
• Government incentives. These include economic free trade zones and tax rebates.
• Lower duties on good. Korea has a generous FTA with the U.S, U.K, and E.U. This makes it easier to sell some products in Korea.
• Diverse market with a variety of industries. This includes shipbuilding or solar energy technology, for example.
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