South Korea Company Formation

South Korea company formation is an ideal way to legitimately conduct business in this highly advanced Asian economy. The following information will help you determine whether South Korea company formation is the optimum corporate structure to meet your business objectives:
Advantages of South Korea Company Formation
1.	South Korea company formation allows 100% foreign ownership. The minimum number of shareholders required for a South Korea company formation is two for a Yuhan Hoesa (limited liability company).
2.	South Korea company formation requires a minimum of one director.
3.	Corporation tax is a low 15% on income up to 100 million Won (US$106,000). A rate of 27% applies if income exceeds 100 million Won. Non-resident individuals are liable to personal income tax only on assessable income derived in Korea. South Korea is positively ranked as the world's 41st freest economy in the Heritage Foundation’s 2008 Index of Economic Freedom, a measure of freedom enjoyed in business, trade, monetary, financial, investment and labour markets.
4.	The country is a member of the Organisation for Economic Cooperation and Development (OECD) and has a high gross domestic product (GDP). As such, the local market is attractive for foreign investors planning South Korea company formation.
5.	According to the Doing Business 2007 survey by the World Bank, South Korea is the world's 23rd easiest place to do business. The survey measures factors including business start up procedures, time, cost and minimum capital required to start a business.
6.	It is easy to open global corporate bank accounts to support South Korea company formation. Healy Consultants works with internationally recognised banks such as HSBC, Standard Chartered and Citibank to provide corporate bank account services.
Disadvantages of South Korea Company Formation
1.	A minimum capital of 50 million Won (US$ 53,040) is required for South Korea company formation.
2.	Following South Korea company formation, all companies are required to maintain accounts and keep a register of shareholders at the registered office. These records must be kept in Korean.
3.	Annual tax returns must be filed to the National Tax Service of South Korea following South Korea company formation.
4.	South Korea company formation is complex for foreign investors who have no working knowledge of the Korean language. All company documentation is in Korean and official translations are expensive.
5.	South Korea is negatively ranked as the 43rd least corrupt country in the 2007 Corruption Perceptions Index by Transparency International, a global measure of corruption amongst public officials and politicians.
Other Information
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Contact Us
For more information on South Korea company formation, email email@healyconsultants.com or call us in Singapore at (+65) 6735 0120.
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