Pearson Korea Blog

On April 3, 2024, the Ministry of Trade, Industry, and Energy, together with KOTRA’s Foreign Investment Ombudsman, convened a meeting with the CEOs of foreign-invested companies and representatives from foreign chambers of commerce in Korea. The purpose was to explore new initiatives aimed at improving the investment environment and boosting Foreign Direct Investment (FDI) in Korea. The government has set an ambitious goal of attracting $35 billion in foreign investment for 2024 and is determined to implement strategies that make it easier for foreign companies to enter the Korean market.

South Korea is on the verge of implementing significant reforms to its foreign exchange market, marking the most substantial changes since the 1998 financial crisis. One of the primary updates is the extension of trading hours until 2 AM to coincide with the closing of the London market, with a long-term goal of offering 24-hour trading. Additionally, authorized foreign financial institutions will be granted direct access to Seoul's forex market, reducing the dependency on non-deliverable forward (NDF) markets. Leading banks such as KB Kookmin, Shinhan, Hana, and Woori are strengthening their teams to register overseas branches as Recognized Foreign Institutions (RFIs), boosting their global operations in the South Korean won market.

Starting a business in South Korea involves thorough planning and understanding of taxation, employment, and regulatory requirements. From determining corporate tax rates to selecting suitable visas for foreign employees, navigating these processes is essential for a smooth business setup. Despite these considerations, South Korea’s strong economy and expanding market make it a prime destination for foreign investors.

South Korea has become a top choice for international entrepreneurs looking to establish their business in Asia. As one of Asia's Four Tigers, the country boasts a strong economy and a strategic location between China and Japan, making it an ideal destination for business formation. This article outlines the key steps and requirements for setting up a company in South Korea, whether you’re a first-time entrepreneur or a seasoned business professional.

Establishing a thriving business in South Korea begins with carefully structuring a joint venture. Building a strong relationship with your partner(s) is key to success. Relying on standard contracts or agreements found online isn’t enough; understanding the specific needs, mindset, and background of your local partner is essential. For non-Korean entities, forming a joint venture may not always be necessary, as they can succeed without a local partner. However, Korean companies may not always prioritize the terms in joint venture agreements. This article highlights critical factors in structuring joint ventures in South Korea, emphasizing a tailored approach to successful company formation.

This article offers essential insights for individuals seeking to establish a business in South Korea. As Seoul emerges as a prominent hub for global enterprises with ample growth prospects, foreign entrepreneurs are increasingly drawn to the country with innovative business concepts and a commitment to contributing to its market. However, having a robust business plan alone isn't sufficient for navigating the complexities of Korea Company Formation. Foreigners must familiarize themselves with the intricacies involved in setting up and operating a business in South Korea. In the following sections, we explore four types of company structures that foreign entities can consider when initiating operations in South Korea.

In today's globally connected world, South Korea shines as a leading force in technology and economic development, attracting international corporations with its potential for growth. Establishing a subsidiary in this market not only provides access to a large consumer base but also serves as an entry point into a center of innovation. However, doing so requires careful planning and a strong understanding of the local business environment. This article outlines the key steps for setting up a business in South Korea, ensuring a smooth and compliant process in one of Asia's most vibrant economies.