Korea

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