Korea

24
Country starter pack
Getting started in Korea
Using interpreters
Korea’s official national language is Korean. However,
most Koreans engaged in international business speak
English, and younger people generally speak some as well.
Korean is spoken fairly uniformly throughout the country,
with only slight regional variations.
In most business situations, having an interpreter is
not necessary. But it can be an advantage in complex
negotiations and when dealing with groups of more than
five Koreans. In these situations, participants will often
break into Korean to discuss aspects of the conversation
they may not have understood or to clarify issues with
each other. Whether or not you have an interpreter,
learning a limited amount of Korean will send positive
signals and will be appreciated by Koreans with whom you
are conducting business. If you plan to establish a longterm
business in Korea you should consider having your
own regular interpreter or bilingual staff. They can also
assist with any cultural nuances a non-Korean may not be
familiar with.
There are a range of considerations to take into account
when hiring an interpreter:
• Check the interpreter is professionally trained and
experienced.
• You need trust and confidence in your interpreter in
communications and presentations.
• Your interpreter should have an effective technical
understanding of your business and approach. They
should be fully briefed before important meetings
and, where necessary, provided with a list of
terminology well in advance.
Translators: Interpreting and translating are two different
disciplines with totally different skills. Interpreters are
for oral interpreting and translators are for written
translation. Although many people have both skills, some
of them specialise in one discipline. Decide which one you
want.
Finding an interpreter or translator: The best way to
find the right translator or interpreter is to rely on the
recommendation of someone you trust who has used
them before. Proficiency in Korean alone does not make
someone a good interpreter. It’s not advisable to hire
an interpreter or translator straight off the internet or
a trade directory unless they have reputable third party
endorsements. The Australian Embassy in Seoul provides
a list of recommended translators.
Is Korea a viable option?
Have a detailed financial plan
that considers:
• Regular visits to the market and
possible provision of samples
• Hiring dedicated staff in Korea to
assist with start-up
• Business advisory services and legal
consultants
• Updates and adjustments as you
collect more data and knowledge
• Contains scenario planning and risk
mitigation approaches.
Out of respect, Koreans may not portray the true
meaning of what is to be communicated if they fear it will
offend the Korean interpreter recipient. For this reason, it
can be helpful to use a Korean interpreter with extensive
experience of Western culture and whose Korean culture
will not outweigh their loyalty to your company.
Cost: The cost of hiring an interpreter could vary
depending on the nature of the meeting (ranging from
informal factory visits to formal business meetings or
seminars), the duration of the meeting and whether the
meeting is in Seoul or elsewhere. The average cost of
hiring an interpreter for an informal meeting within Seoul
would be from around $450 for half a day and up to
$1,000 for a full day.
Financing your Korean business venture
Understanding the additional costs associated with
conducting business overseas is essential to making an
informed decision on whether you are ready to take
the plunge. The main differences in Korea compared to
operating in Australia may include:
• A longer cash flow cycle, which could increase the
pressure on cash flow and working capital
• Being further away from clients, which can increase
the risk of non-payment and makes it more difficult
to collect debts