Korea’s economy will struggle this year given challenging external and domestic conditions. FocusEconomics panelists expect GDP to expand 3.0% in 2015, which is down 0.2 percentage points from last month’s forecast. Panelists project GDP growth of 3.4% in 2016.

While a weak external sector will restrain growth this year, there are glimmers of hope that domestic dynamics will solidify and minimize the overall slowdown. FocusEconomics panelists expect GDP to expand 2.5% in 2015, which is down 0.1 percentage points from last month’s forecast. The panel sees growth accelerating to 2.9% in 2016.

he Korean economy will remain at two speeds with the dynamic industrial conglomerates – the chaebols– but also a low-productivity service sector. 

The Korean Commercial Act provides for two main types of business organisations – private businesses and corporations. Corporations are divided into four sub types:1. Private businesses. 2. Corporations (corporations are divided into four sub types: a. General Partnership, b. Limited Liability Partnership, c. Joint Stock Corporation, and d. Limited Liability Corporation

Establishing and registering a private business subject to the Foreign Investment Promotion Act requires: Foreign investment notification, Deposit of investment capital (foreign exchange bank), Business registration and Foreign invested company registration

This site provides a detailed summary of the bureaucratic and legal hurdles faced by entrepreneurs wishing to incorporate and register a new firm in Korea

This site discusses the available business vehicles and their applicable formalities

Value-added tax (VAT) 10%. Guide to reimbursement

Most foreign employees are required to pay Korean income taxes, which are generally withheld and paid by the employer. 

The Sales Tax Rate (VAT) in South Korea stands at 10 percent.

The Corporate Tax Rate in South Korea stands at 24.20 percent. Corporate Tax Rate in South Korea averaged 27.38 percent from 1997 until 2015, reaching an all time high of 30.80 percent in 1998 and a record low of 22 percent in 2011. Corporate Tax Rate in South Korea is reported by the National Tax Service, South Korea.

The basic Korean CIT rates are 10% on the first 200 million Korean won (KRW), 20% for the tax base between KRW 200 million and KRW 20 billion, and 22% for the excess.

The Personal Income Tax Rate in South Korea stands at 38 percent. Personal Income Tax Rate in South Korea averaged 35.91 percent from 2004 until 2014, reaching an all time high of 38 percent in 2012 and a record low of 35 percent in 2005. Personal Income Tax Rate in South Korea is reported by the National Tax Service, South Korea.

This site provides comprehensive information for foreigners who want to visit or live in Korea, including guide on immigration to the Republic of Korea. Visitors who plan to stay in Korea for longer than 90 days must obtain a visa before entering Korea.

Foreign nationals entering Korea are generally required to have a valid passport and a Korean visa assigned by overseas branch of Korean embassy or consular offices. 

Anyone who is planning to work during their stay in South Korea is legally required to apply for a visa.

Information on the requirements for foreigners coming to South Korea to work: visas, work permits, residence permits, foreign registration cards, and immigration offences

Information on all forms of public transportation

Catching local transport in South Korea – transport tips on getting around South Korea like a local.

An overview of the major telecom operators in South Korea

Mobile phone service provider, also conducts research and development.

A Q&A guide to employment and employee benefits law in South Korea.

This site provides a high level overview of the key practical issues related to unemployment benefits

Korean labor law for Foreign Employers

Must have at least 6 months of coverage during the last 18 months, be registered at an employment security office, and be capable of and available for work. Unemployment must not be due to voluntary leaving, misconduct, a labor dispute, or the refusal of a suitable job offer.

Cost of living information includes price indices for rent, food, utilities, transportation, restaurants, clothing and more

The cost of living for expats in South Korea is generally quite low, but this can vary from city to city. The main areas of expenditure are housing and education

The dos and don’ts of business etiquette in South Korea

Developing an understanding of Korean culture and its influence on business practices is essential to your firm’s success in Korea. 

There are no significant security issues in South Korea but normal safety and security measures should be taken to ensure personal safety.   – See more at: https://www.safetravel.govt.nz/south-korea#sthash.mCNLgEor.dpuf

Part of the East Asian monsoonal region, South Korea has a temperate climate with four distinct seasons. The movement of air masses from the Asian continent exerts greater influence on South Korea’s weather than does air movement from the Pacific Ocean. Winters are usually long, cold, and dry, whereas summers are short, hot, and humid.

Travelers heading to Korea should be aware of its distinctive weather patterns. Winters can be especially harsh, summers bring torrential rains and spring and fall see the occasional yellow dust storm fly in from across the Yellow Sea. 

School for all children between the ages of six and fifteen is free. Senior high schools, for students aged fifteen to eighteen, do charge tuition fees in order to supplement government funding, but these fees do not appear burdensome enough to prevent students from attending.  School funding is very centralized, with local school systems deriving 80% of their revenue from the central Ministry of Education, Science and Technology (MEST) budget. 

Free state-run education is available for the children of all Swedish residents, regardless of nationality. Schools are run by local authorities but follow a national curriculum and are subject to government inspections.

Schedule of national holidays and observances

Koreans officially follow the Gregorian calendar, even though there are a few holidays that are based on the lunar calendar. 

US Department of State – Go to Safety and Security for updates from the South Korean government

Demographic information includes population, quality of life, health, sports, technology, energy and the environment

Features a map and brief descriptions of geography, economy, government, and people

Listing of free, prohibited and restricted IMPORTS.

EXPORTS from Korea are not subject to any restrictions. Export permission» and Export approval» are necessary but they only concern goods internationally recognized as being subject to such restrictions (weapons, nuclear energy, missiles, toxic waste etc.). Exports to North Korea also need an official approval.

Since the establishment of the FTA Roadmap in 2003, the Republic of Korea (ROK) has actively pursuing FTAs with its key trading partners. So far, FTAs with Chile, Singapore, EFTA, ASEAN, India and Peru, EU and US entered into force.

The United States-Korea Free Trade Agreement entered into force on March 15, 2012. 

The range of housing options in South Korea is very limited, and prices can be obscene. The silver lining, however, is that most Korean employers, especially in the ESL world, organise accommodation for their employees as part of their employment contract.

Finding a nice place to live is always difficult. South Korea is no exception – getting the right accommodation can be hard, especially in large cities.

Korea is a country well-suited to travel, a place where people are welcoming to strangers. While cities like Seoul and Busan are strikingly modern, parts of the countryside seem strangely untouched by the past century.

Split by a fearsome border, the Korean Peninsula offers the traveler a dazzling range of experiences, beautiful landscapes and 5000 years of culture and history.