Korea

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2 Country starter pack Introduction to Korea Korea at a glance POPULATION - 2014 GNI PER CAPITA (PPP) - 2014* GDP GROWTH 2014 50.4 million CAPITAL CITY US$34,620 INCOME LEVEL High *Gross National Income (Purchasing Power Parity) World Bank 3.3% GDP GROWTH FORECAST (IMF) 3.3% (2015), 3.5% (2016) and 3.7% (2017 - 2020) Seoul RELIGION CLIMATE CURRENCY FISCAL YEAR jan-dec Buddhist: 43%, Protestant: 34%, Catholic: 20% Four seasons Korean Won calendar year > TIME DIFFERENCE TO SEOUL (ICT) 1 hour behind (AEST) AUSTRALIAN IMPORTS FROM KOREA (2014) A$11.7 billion AUSTRALIAN EXPORTS TO KOREA (2014) A$20.43 billion EXCHANGE RATE (2014 AVERAGE) (KRW/AUD) A$1 = KRW 950.27
SURFACE AREA 99,400 square kmS GDP 2014 US$1.416 trillion POLITICAL STRUCTURE STOCK EXCHANGE Korea Exchange (KRX) OFFICIAL LANGUAGE Korean Presidential representative democratic republic GENERAL BUSINESS HOURS Monday to Friday 9.00 am to 6.00pm INTERNATIONAL DIALLING CODE +82 한국어 Contents 1. Introduction 4 1.1 Why Korea? 5 Opportunities for Australian businesses 1.2 Korea at a glance 9 1.3 Korea and Australia: the bilateral relationship 16 2. Getting started in Korea 20 2.1 What you need to consider 22 2.2 Researching Korea 32 2.3 Possible business structures 35 2.4 Manufacturing in Korea 36 3. Sales & marketing in Korea 38 3.1 Direct selling 39 3.2 Franchising 40 3.3 Online sales 40 3.4 Agents and distributors 43 3.5 Marketing 44 3.6 Labelling requirements 45 4. Conducting business in Korea 46 4.1 Korean culture and business etiquette 47 4.2 Building relationships with Koreans 49 4.3 Negotiations and meetings 52 4.4 Due diligence and avoiding scams 53 5. Business practicalities in Korea 54 5.1 Laws and regulations 55 5.2 Import duties, tariffs and regulations 59 5.3 Taxation 62 5.4 Audit and accountancy 69 5.5 Employing workers 71 5.6 Banking in Korea 77 5.7 Repatriating profits and getting paid 79 6. Visiting Korea 82 6.1 Visas 83 6.2 Currency 84 6.3 Air travel and airports 84 6.4 Ground transport 85 6.5 Hotels and dining 87 6.6 Health and welfare 90 7. Engage with us 96
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Country starter pack Business pract
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Country starter pack Visiting Korea
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Country starter pack Engage with us
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Country starter pack Engage with us
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© August 2015, Asialink Business.
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Korea

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