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.
- Confirm the selection of a business entity type.
- Advise with the initial capital amount, if applicable.
- Assist with the selection of entity name.
- 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.
The complex employment regulations in South Korea demands a legal counsel who can ensure full compliance with the employment regulations. NNRoad can help Companies manage the payroll of their staff in South Korea as it is one of the most important things that determine the professional efficiency. NNRoad manages 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 more reliable option and we ensure smooth operations with full compliance.
- 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.