Compliance
The Korean filings every company makes, prepared in English by the people who prepare the numbers.
How We Work
The first layer
A company with a Korean entity files what any domestic company files. Bookkeeping, VAT, payroll and the four social insurances, year-end settlement, the annual corporate income tax return. None of it is difficult, and it is not often where things go wrong.
Two things are different for a foreign-invested company. One is that head office has to be able to read it – the people who prepare the numbers report them in English, in the format the group uses, without a separate translation step.
The other is that there is a second layer above this one. Payments to head office, charges billed back to it, borrowings from the group, the annual related-party filings. That layer is not processed monthly; each item has to be decided.
We run the first layer knowing what sits in the second. So even where the engagement covers only routine compliance, we tell you what is likely to come up above it rather than leaving it to surface in an audit.
The second layer is dealt with under Intercompany Transactions.
Service Scope
Key Services Included
- Monthly bookkeeping and financial reporting
- VAT returns
- Payroll and 4 major insurance management
- Withholding on employment income
- Year-end tax settlement (Yeonmal-Jeongsan)
- Annual corporate income tax return
- Statutory financial statements and audit support
- Reporting to head office in English, in the format the group uses