Located in the centre of East Asia with a population of 50 million, South Korea has experienced rapid economic growth driven by the manufacturing and exports especially in IT, automobile and the cellular phone industry. Recently Korea achieved GDP of USD 1.16 trillion. The capital is Seoul and a bulk of the population lives in metropolitan cities of Seoul, Busan, Daegu, Ulsan and Jeju.
The popularity of Korean Culture is growing significantly. Korean Food, such as Kimchi is poised to join UNESCO’s list of Intangible Cultural Heritage and the martial art, Taekwondo is included in the Olympic Games. Korean movies, dramas and Korean pop (K-pop) have developed a great following across the Asia. This surge in popularity is being dubbed the Korean Wave.
Top 3 List of Issues to consider when working independently in South Korea
- Payment – The Korean Banking Industry is extremely advanced, however it is heavily weighted towards the Korean Language. In fact, when setting up a local bank account, 99% of the documentation will be in Korean. At CXC, we employ the highest standard of bilingual professionals to help you through this process.
- Tax Solutions – For Contractor and Overseas workers, correctly categorising revenue and income can have huge implications for income and withholding tax. At CXC, our specialists will ensure that the allocation of payment types is done correctly to reduce any potential tax liabilities.
- Social Securities, insurance information – As with bank account formation, payment of local taxes and government contributions is transacted in Korean and requires local submission. CXC’s local office in Seoul will handle all filings and contribution payments to alleviate the potential issues of non-compliance.
Top 5 Most important points about our service in South Korea
- CXC provides exceptional on the ground support with experienced local staff who are bilingual and also have experience working outside South Korea.
- CXC is committed to providing compliant remuneration solutions that are tax efficient and that leverage legislated advantages to provide Corporations and contractors the most tax effective solution possible.
- CXC delivers Fast and Accurate payroll systems – CXC’s service level agreements require our local teams to maintain a 24 hr turn-around on payments to contractors making us one of the fasted solution in the market today.
- CXC , having many years of experience, is the leader in the relatively young Korean contingent workforce marketplace.
- CXC leverages our vast network of offices in 50 countries to assist contractors in their home country prior to arriving in Korea.