Korea

Country starter pack
Getting started in Korea
21
Now that you have decided to launch your business in
Korea, you must carefully plan your first moves. And one
of the first things to do before entering any overseas
market is research – lots of it. Market knowledge is one of
the keys to succeeding in business overseas; inadequate
research could be your pathway to failure.
In the case of Korea, you will need to become informed
on a wide range of subjects, from industrial relations and
tax provisions to labour regulations and a host of other
variables. You should also take time to become familiar
with the culture, language and business practices of
Korea.
This chapter provides detailed information on how to
go about researching the Korean market – what to look
for and where to find it. This section also includes advice
on key considerations and decisions to be made before
launching your business venture – choosing a location,
hiring interpreters and assessing the potential risks of
operating in a foreign environment, and potential business
structures.
Korea is defined by the International
Monetary Fund (IMF) as an advanced
economy, one of only 35 in the world. The
2015 Australian International Business
Survey (AIBS) found that Australian
businesses rank Korea as the 14th most
important destination for doing business
and is the seventh most important
new country for Australian businesses
to acquire revenue from (tying with
Malaysia).
Out of the respondents operating in
Korea, 61 per cent highlighted it was
either the same, easier or much easier
to operate a business in compared to
Australia. Over 68 per cent of Australian
businesses also identified that the strong
growth prospects of Korea was the most
important reason for targeting Korea.
The market’s ease of doing business
was reiterated in the World Bank Doing
Business Report 2015. Korea was ranked
fifth out of 189 countries in terms
of being relatively easy to establish a
presence in Korea.