Starting a Business in South Korea
South Korea Business Experts
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Why Start A Business In South Korea?
The Seoul Olympics, Ban Ki Moon, Samsung and the most heavily defended border in the world might recently have been eclipsed by a DJ and his dance ( Gangham style) as the most famous Korean icons.
South Korea is situated in the Korean peninsula with neighbour s North Korea to the north, China to the west and Japan to the east.
The capital is Seoul in the currency is the Korean won( KRW)
Why do business in Korea?
The Korean economy continues to go from strength to strength with the size of the economy ranking 15th in the world by GDP.
A huge exporter of goods as well as a massive importer, South Korea is a great place to do business, but the Korean saying – make a friend first, and do business second – tells you much about the need to understand Korean business culture.
What does Korea import?
Korea imports many things, with steel, machinery, plastics, organic chemicals and food at the top of the list.
What are the main opportunities for companies wanting to do business with Korea?
Opportunities to do business in Korea exist across the spectrum, with the energy market, education, the creative industries, and luxury brands all successful to varying degrees with foreign companies starting a business in Korea.
Before taking you business to Korea, It is vital to understand the differences between Western practice and Korean business etiquette before starting to do business in Korea. Expect multiple meeting with the first meeting appearing to consist of a getting to know one another exercise. Punctuality, dress, and seniority in the members of your delegation will all be scrutinised, and it is customary to offer a small (wrapped) gift. Always have a ready supply of business cards, stating clearly your rank within your company.
Remember also that to do business in Korea, the standards are high. Exactness, promptness and professionalism are all bywords when doing business in Korea.
As with entering any international market it is vital to do your market research before starting a business in Korea.
- Will my product or service appeal to the Korean market?
- Who are my competitors in Korea?
- What should I charge when entering the Korean market?
- What are the regulations if I want to export to Korea?
- Is it easy to find business premises in Korea?
- Do I need a Korean bank account to start a business in Korea?
- Is it necessary to have a Korean accountant?
- Do I need a Korean business partner?
To start doing business in Korea you will need a Korean bank account and you will need to register your company in Korea. You will need sufficient funds.
You will need to decide which legal structure your company will adopt. You can set up a private company in Korea (foreign owned) or you can find a Korean business partner. You could also choose to appoint a local agent or distributor in Korea to sell your products. Finding a Korean agent should be done with the help of an expert on the ground. It is possible to set up a subsidiary office in Korea.
Organisations that can assist with Starting a Business
Simplified Global Payroll Managing payroll in multiple countries is complicated with different systems, deadlines, and languages in each country, lack of reporting, and constantly changing laws and regulations. Trying to manage global payroll via fax and email with excel spreadsheets leads to data security issues, fines, and penalties for non-compliance. Blue Marble has solved global payroll challenges with cloud-based technology, customized aggregated monthly reporting, and a hybrid service model in 150+ countries around the world.
PEO Worldwide is an international PEO offering employer of record, payroll, employee benefits management, HR and compliance services throughout the world.