“We bring the World to Korea, and take Korea to the World.” Contact A Guide to +82-2-6956-7872 Doing Business
[email protected] in Korea www.pearsonkorea.com Table Of Contents Ch.1 Bringing the World to Korea • The Korean Story: How Korea opened its doors • Foreign Investment in Korea 03-05 • FAQ: Am I a Foreign Investor? Ch.2 Incorporation • Foreign Investment Notification • Registration of Incorporation and Business • Foreign-Invested Enterprise Registration • Business Type & Licensing 06-10 • Office Search • FAQs Ch.3 Visa • D-8: Corporate/Foreign Investor • D-7: Intra-company Transferee • E-7: General Work Visa 11-16 • Others • FAQs Ch.4 Taxation & Accounting • Major Tax Rates in Korea • Tax Incentives for Foreign Investors • Tax Credits for Corporate/Individuals • Accounting, Filing and Auditing Requirements 17-21 • Services • FAQs Ch.5 Recruitment • The Mismatch • FAQs 22-23 Ch.6 Living in Korea • Housing • Telecommunications • Financial Services • Transportation / Driving in Korea 23-30 • Education • FAQ: Medical Care for Foreigners 2 A Guide to Doing Business in Korea Ch.1 Bringing the World to Korea The Korean Story: in the absence of foreign competition. This strategy did allow local companies to learn quickly and scale- How Korea opened its doors up in such a short period of time, but it took a hit in 1997 Asian Financial Crisis. Although it was a financial Korea has a long history of being a closed society. In crisis resulting from lack of foreign currency reserve, fact, it was its adamant commitment to closedness that long-practiced cronyism and non-performing loans brought the demise of its long-lasted dynasty about a that government indiscriminately gave out to big local hundred years ago.