Note on Company Law requirements in South Korea.

 

 

01. Both Company & branch form are permissible

 

02. The minimum share capital should be KRW 100 Mn.  (USD 91,740)

03.  There is another model of doing business in S Korea  which is called private business.   The difference between Private business and local corporation is given below:

 

 

Thus private business model is  more preferable compare to company model with only one dis-advantage of limited liability.

 

04.   The details of the establishing a company in S Koera is given below:

 Thus the cost will be approx  USD 1650 (without any consultant fees). There is requirement of filing of Annual company return which seems to be with minimum fees,

05. S Korea follows calendar year as fiscal year.

 

06.   Income Tax rate

 

07.  GST rate is 10%.

 

08. The other taxes are 

(a)  Composite real estate Tax  - Tax on all owned property

(b)  Local Tax –  City Tax

(c)   Acquisition tax – tax on assets purchased like real estate, motor car etc.

(d)  Registration tax – tax on transfer of assets

(e)  Business Place Tax

Source :

http://www.ecovis.com/fileadmin/user_upload/countries/southkorea/GuidetoBusinessEstablishment_eng.pdf.