Set-up Your Company in South Korea
With a continuously growing economy, South Korea is an ideal international trading hub and source of business opportunities for many who are willing to set up business there. NNRoad provides all the necessary guidance and assistance required in setting up an entity in South Korea. Our dedicated team of professionals put in best efforts to understand your business needs and company registration requirements to provide you with the best and most compliant solutions.
Business entities you can open in South Korea
1) Joint Stock Company (chusikhoesa)
This is the most commonly used corporate vehicle, as it offers shareholders limited liability, and shares are generally freely transferable.
2) Limited liability company (yuhanhoesa)
As with a joint-stock company, the liability of all shareholders is limited to the amount of their share capital contribution to the company. However, the individual character of each shareholder is taken more into account, transfer of equity is limited, and the company is not open to the public.
3) Private limited company (yuhanchaek-imhoesa)
The liability of shareholders is also limited to the amount of their share capital contribution to the company. In contrast with a limited liability company, internally a private limited company is a type of trade association.
4) General partnership company (hapmyunghoesa)
Members bear direct, joint, and unlimited liability in relation to the business's creditors. This entity is appropriate for an enterprise jointly owned by a small number of persons with a close association.
5) Limited partnership company (hapjahoesa)
This consists of at least one member with unlimited liability and at least one member with limited liability.
6) Branch and Liaison Office
This usually occurs at the initial stage and is governed by the Foreign Exchange Transactions Act and the Commercial Act. These types of business entities are categorized as a domestic branch of a foreign corporation.
Our Company Formation Service Includes:
- Confirm the selection of a business entity type.
- Advise with the initial capital amount, if applicable.
- Assist with the selection of entity names.
- Guiding and preparing legal documents and other incorporating documents if needed.
- Consult with the entity location, address registration.
- Prepare and file entity registration (local corporation/FDI company, Branch office, liaison office).
- Assist in obtaining certificates like Corporate of Seal Impression, business registration, etc.
Payroll & Benefits Solutions South Korea
NNRoad Takes Care of Your Payroll & Benefits Administration in South Korea
NNRoad helps companies seamlessly manage the payroll and benefits administration of their staff in South Korea. The employment regulations in South Korea are complex and NNRoadensures full compliance with all rules and regulations. We manage all aspects of payroll for workers in South Korea, including, social security payments and other statutory requirements. Our experience and knowledge of the local Korean regulations make us a reliable option so your business is in full compliance and running smoothly in South Korea.
- Registering the necessary company and personnel information for payroll calculation in the payroll software and system.
- Calculation of gross salary, salary deductions (e.g. social & labor insurances, unpaid leaves, etc.), and net salary based on information provided by the Company including irregular payments such as incentive/bonus, commission, allowance, severance, annual leave, retirement payment, etc. under the local tax and social security regulations.
- Pro-rata calculation for people who join/resign.
- Providing a monthly payroll summary to the Company.
- Payroll disbursement - Issuing payment notice to the Company for payroll distribution to employees and employee’s expense claim.
- Employee’s enrollment and un-enrollment to the company’s social security insurance with the social security bureaus.
- Calculation and contribution of social security insurance (national pension, medical insurance, unemployment insurance, and industry injury compensation insurance) and other official deductions according to the local laws.
- Year-End Adjustment and Annual Declaration.
There are different challenges and hurdles that are associated with every financial situation in business and understanding the bookkeeping and tax requirements can be tricky, especially as the available resources of in-depth information about Korean accounting are limited. NNRoad; with its experienced accountants can assist in accounting, auditing, and bookkeeping services according to your business needs.
Understanding the complicated tax structure and handle accounts require a great deal of time and effort. However, our team can provide full transparency along with high-quality services in a fully compliant manner.
- Entering bookkeeping data records into accounting software.
- Sorting and matching transaction documents against bank statements/ preparation of bank reconciliation.
- Preparation of monthly and year-to-date Profit & Loss Statement.
- Preparation of year-to-date Balance sheet.
- Preparation of monthly and year-end Financial Report.
- Annual tax return preparation and filing.