Korea

Country starter pack
Getting started in Korea
37
Nine areas to consider when setting up a business in Korea
STARTING OFF
DEALING WITH
CONSTRUCTION PERMITS
ELECTRICITY CONNECTION
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It takes three procedures to establish
a corporate entity in Korea and it
takes an average of four days to
complete.
Permits take an average of
29 days to acquire and involve
10 procedures.
Korea is ranked 1st in the world
for ease of getting electricity
connected. It requires only three
procedures and takes just 18 days.
REGISTERING PROPERTY GETTING CREDIT PROTECTING INVESTORS
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Ranked 79th in the world, it takes
seven days and seven procedures to
register a property, which includes
preparation of sale agreement and
application by the buyer for the
registration for the title.
Korea is ranked 36th on the ease
of obtaining credit. Although this is
significantly better than developing
Asian nations, it does not compare
to regional peers such as Singapore
(17th) and Australia (4th).
Korea has relatively strong investor
protection, with a world ranking of
21. Disclosure requirements have
continued to improve, increasing
transparency and protecting minority
investors’ rights.
PAYING TAXES
TRADING ACROSS BORDERS
ENFORCING CONTRACTS AND
RESOLVING INSOLVENCY
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Ranked 25th for ease of complying
with tax laws, firms in Korea on
average make 10 tax payments a year,
and spend 187 hours filing, preparing
and paying taxes.
To import goods into Korea, it takes
an average of three documents
and seven days and costs $695 in
administrative charges. Australia,
by comparison, is ranked 49th.
It takes an average of 230 days and
32 procedures to enforce a contract
in Korea, with costs averaging 10.3 per
cent of the value of the claim. Overall,
Korea is ranked 4th on this measure.