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Investment and Startup FAQ

  • Q
    [Corporation] After incorporation, remember to not forget depositing the capital into the corporate account

    In terms of tax, there is a possibility of disadvantages when one did not deposit the capital into a corporate account.
    So the capital must be deposited through a corporate account, not an individual account.

  • Q
    [Tax] Remember to check the tax return date and payment schedule.

    Remember to check the tax return date and payment schedule.
    Corporate businesses must report withholding tax (monthly), return VAT (every 3 months), and corporate tax (annual).
    If this is not properly implemented, problems such as office closure or penalties may arise.
    In particular, transactions between business operators must be issued/received through a website called Hometax.

  • Q
    [Tax] Every May, remember to check whether you file income tax.

    If you have income in Korea, you have to file the income tax during the month of May.
    During this period you need to consult with experts and voluntarily report and pay income tax.
    if you miss the deadline, an extra penalty tax will be charged.

  • Q
    [Corporation] Use a credit or debit card.

    When you start a business, make a corporate credit card for business use, and for personal use, you can pay with a personal business credit card.
    When you make the transaction, please pay with a corporate credit card or business credit card if possible.

  • Q
    [Tax] Remember to send and receive proof of transaction.

    Remember to send and receive proof of transaction.
    When making a sale or purchase, the tax law requires that you issue or issued proof of eligibility.
    Eligibility proof includes tax invoices, bills, credit card issuance slips (corporate or business credit card), cash receipts, etc.
    If you do not issue a tax invoice, you must pay additional tax.
    If you do not receive proof of eligibility after making a purchase and paying the price, under the tax law,
    the amount paid is regarded as an allowance for the representative of the business.
    If it is regarded as an allowance, the representative must repay the allowance at a later date and pay the interest to the corporation or individual business.

  • Q
    [Customs Clearance] How to inspect plant

    In accordance with the ‘Plant Protection Act’, importing seeds, plants, fruits, and processed products,
    or containers for packing plants, you must obtain a plant quarantine report and quarantine at the first arrival.

  • Q
    [Customs Clearance] How to inspect imported food

    The types of inspection and requirements for each product are different according to the special Act on the Management of Imported Food Safety.
    If the result is qualified after the inspection, a certificate for importing food will be issued to the import declaration.

  • Q
    [Customs Clearance] How to report food import

    If you want to import food (including food containers) for sale or business purpose, you have to file an import declaration with the Minister of Food and Drug Safety.
    Even if an internet purchasing agent such as imported food intends to file an import declaration,
    Even for purchasing agent, the declaration is need to be submitted to the head of the local Food
    and Drug Administration which manage the place of customs clearance for imported food.

  • Q
    [Customs Clearance] Q. How to issue a unique customs code upon first import

    In order to identify the import customs clearing company in import declaration, a ‘unique customs code’ is required separately from the business registration certificate.
    The application for the unique customs code must be made by the importer (businessman),
    and the form of the 『Notice on Registration and Management of the Unique Customs Code and Overseas Customer Code』, a copy of the business registration card,
    and a copy of the representative’s resident registration card Copy(For foreigners, a copy of the foreign registration card or passport is needed)
    and a certified copy of the corporate register must be submitted to the head of the customs office.
    One can also apply for a unique customs code through the Customs Service Electronic Customs Clearance System (UIN-PASS).

  • Q
    [Labor] What should an employer do if a worker suddenly alleges that he or she has been unfairly dismissed, despite an prior agreement has been made with the worker?

    The terms of recommended resignation or resignation are to terminate the employment contract between labor and company.
    Dismissal applies when an employee is fired without considering labor’s intention.
    Therefore, dismissal and resignation have a different meaning.
    However, you need to make solid proof of not firing the employee otherwise it will be difficult for you to defend yourself when an employee is insisting on their right.
    If you have employees who are ‘recommended resignation/resignation’ rather than actual dismissal,
    you must use the “resignation letter” saying about the resignation messages from you.
    If anything that can be proved in the future, you can use a different method to deliver the message to your employee.