Business in South Korea: Entering the Korean Market
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Save your business tens of thousands of dollars
when entering the Korean market
Save your business tens of thousands of dollars
when entering the Korean market
General information
Population
51 181 299 people Official language
Korean Main religion
Buddhism, Confucianism Currency
South Korean won (KRW) Time zone
UTC+9 Economy of South Korea
GDP per capita
42 784 USD Economic growth
2,8% Unemployment
3,7% Inflation
2,0% Investment inflow
17,7 billion USD Business in South Korea
Popular type of legal entity
Limited liability company (LLC) Minimum number of shareholders
1 Company registration period
1 week Minimum share capital
70 000 USD Restrictions for foreigners on starting a business
No A local director is required?
No Corporate tax
25% VAT
10% Advantages and disadvantages
Advantages
one of the largest consumer markets in Asia, openness to international business, a reliable legal and financial system, a favorable business environment in innovative industries, and a strategic location Disadvantages
language and cultural barriers, high competition and consumer conservatism, high business costs, strict regulations and certification requirements, and high expectations for service and quality