South Korea Company Formation |
|
|||||||||||
South Korea company formation is an excellent 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.
|
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.
|
|||||||||||
4.
|
Corporation tax has become less of a burden through the corporation tax rate cut from 25% to 20% for the tax base of 200 million Korean Won (KRW) (approximately US$ 166,000). A rate of 10% applies if income is 100 million KRW (approximately US$83,000) or less. Non-resident individuals are liable to personal income tax only on assessable income derived in Korea.
|
|||||||||||
5.
|
Corporation tax has become less of a burden through the corporation tax rate cut from 25% to 20% for the tax base of 200 million Korean Won (KRW) (approximately US$ 166,000). A rate of 10% applies if income is 100 million KRW (approximately US$83,000) or less. Non-resident individuals are liable to personal income tax only on assessable income derived in Korea. South Korea is positively ranked as the world's 31st freest economy in the Heritage Foundation’s 2010 Index of Economic Freedom, a measure of freedom enjoyed in business, trade, monetary, financial, investment and labour markets.
|
|||||||||||
6. |
According to the Doing Business 2010 survey by the World Bank, South Korea is the world's 19th easiest place to do business. The survey measures factors including business start up procedures, time, cost and minimum capital required to start a business. |
|||||||||||
7. |
It is easy to open global corporate bank accounts to support South Korea company formation. Healy Consultants works with internationally recognised banks such as HSBC, Standard Chartered and Citibank to provide corporate bank account services. |
|||||||||||
| Disadvantages of South Korea Company Formation | ||||||||||||
1. |
South Korea company formation is difficult for foreign investors who have no working knowledge of the Korean language. All company documentation is in Korean and official translations are expensive. |
|||||||||||
2. |
A minimum capital of 50 million KRW (approximately US$ 41,500) is required for South Korea company formation. |
|||||||||||
3. |
After 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. |
|||||||||||
4. |
Annual tax returns must be filed to the National Tax Service of South Korea following South Korea company formation. |
|||||||||||
5. |
South Korea is negatively ranked as the 39th least corrupt country in the 2009 Corruption Perceptions Index by Transparency International, a global measure of corruption amongst public officials and politicians. |
|||||||||||
| Contact Us | ||||||||||||
For additional information on South Korea company formation, contact email@healyconsultants.com or call us at (+65) 6735 0120. |
||||||||||||
| Back to Asia Pacific Company Incorporation page or back to Home page. | ||||||||||||
Buy the South Korea chapter of Healy Consultants' Asia Business Set Up book, to order call +65 6735 0120 or e-mail info@healyconsultants.com
SOUTH KOREA NEWS |
||
|---|---|---|
|
|
|
