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How To Pay Yourself Salary as a Business Owner in Korea Guide to Salary and Taxes
November 22, 2024
Paying yourself a salary as a business owner in Korea involves understanding salary structure, mandatory insurances, and personal income tax brackets. Business owners must subscribe to four insurances: National Pension, National Health Insurance, Employment Insurance, and Industrial Accident Compensation Insurance. The personal income tax is progressive, with rates ranging from 6% to 38%. Both the company and the employee incur costs, including insurance contributions and taxes, which impact financial health. It's essential to consult with an accountant to navigate these processes effectively.
StartupPersonal StoryCulture
From Tourist to Local: The Korean Experience
November 15, 2024
Traveling in Korea offers excitement, hospitality, and new experiences, while long-term residency brings routine, deeper relationships, and cultural immersion. Travelers enjoy the thrill of exploration, whereas residents face institutional challenges and adapt to local work culture, leading to a richer understanding of Korean life. Both experiences provide valuable insights into the country.
CulturePersonal Story
100 Days and Beyond: Understanding Korean Dating Traditions
November 8, 2024
Korean dating culture features unique practices such as formal confessions of feelings ("Gobaek"), monthly couple holidays, and significant milestone celebrations like the 100-day anniversary. Couples often wear matching outfits and plan elaborate date courses, with men typically paying for meals and women for desserts. This blend of tradition and modernity offers insights into Korean society and values, making it an intriguing aspect of social life.
Culture
District Office (구청) in Korea: A Gateway for Business and Community Services
November 1, 2024
The District Office (구청) in South Korea is crucial for local governance and public services, especially for entrepreneurs. It facilitates business registration, licensing, and provides essential documents like business registration certificates and tax payment certificates. Additionally, it offers various public services, including civil affairs, welfare, and urban planning. The District Office differs from the Local Community Center (주민센터) in scope and authority, handling more complex administrative tasks and serving a larger area.
Korea GuideCultureStartup
Local Community Centers (주민센터) in Korea
October 25, 2024
A 주민센터 (local community center) in Korea is essential for residents, providing civil services such as document issuance, real estate matters, and health insurance. They assist foreigners with immigration paperwork and community integration. Utilizing these services can enhance the living experience in Korea.
Korea GuideCultureVisa
Importance of Business Cards in Korea
October 18, 2024
In South Korea, business cards are crucial for professional interactions, reflecting cultural values and social hierarchy. Proper etiquette includes presenting and receiving cards with both hands, treating them with care, and ensuring quality and bilingual information. While digital alternatives are emerging, physical cards remain essential, especially in traditional settings. Understanding this significance can enhance professional relationships and success in the Korean market.
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Korean Addressing Culture: From “Oppa” to “Sajangnim”
October 11, 2024
Korean addressing culture, a crucial aspect of social interaction in Korea. From the intricacies of honorifics like "Sunbae" and "Sajangnim" to the nuances of age-based addressing, we explore how social hierarchy shapes language use in Korean society.
Culture
Lifting Payment Restrictions on New Business Accounts in Korea
October 4, 2024
When opening a business account in Korea, initial payment restrictions often limit transfers to around 1 million won, which can hinder operations like tax payments. These restrictions can be lifted by providing specific documentation, including a Seal Certificate, Corporate Register Copy, Business Registration Certificate, List of Shareholders, and Company Stamp. Banks may also conduct physical verifications of business addresses. Preparing these documents in advance can help ensure smooth financial operations and avoid complications during larger transactions.
Startup
Value Added Tax Exemption on Foreign Currency as a Korean Business
September 27, 2024
Korean businesses receiving payments in foreign currency from international clients can benefit from a 10% VAT exemption by ensuring payments are directly wired to their Korean bank account. The process involves receiving payments via SWIFT, allowing the bank to convert the currency, obtaining a Foreign Currency Purchase Certificate biannually, and providing this documentation during tax filing. While this income is VAT-exempt, it remains subject to income tax, making accurate record-keeping essential for compliance.
Startup
"Let's Grab Dinner": The Korean Promise That's Not Really a Promise
September 20, 2024
In Korean culture, the phrase "Let's grab dinner sometime" often serves as a polite gesture rather than a genuine invitation, reflecting social norms that prioritize harmony and indirect communication. Factors such as busy lifestyles, a preference for group dining, and the importance of saving face contribute to this phenomenon. To avoid misunderstandings, it's advisable for foreigners to make specific dinner plans rather than relying on vague invitations.
Culture
Chuseok
September 16, 2024
Chuseok, or Korean Thanksgiving, is a significant holiday celebrated in South Korea, marking the harvest season and honoring ancestors. Key elements include family gatherings, ancestral rituals, and the preparation of traditional foods like songpyeon (rice cakes). The holiday fosters cultural preservation and impacts the economy through increased consumer spending. For foreigners, Chuseok provides a unique cultural experience, though travel during this time can be challenging due to high demand and congestion. Overall, Chuseok reflects the importance of family, gratitude, and tradition in Korean society.
Culture
My Korean Girlfriend's First Experience in Germany
September 13, 2024
I brought my Korean girlfriend to Germany for the first time. Contrasting cultural perspectives, highlighting Germany's strengths such as family dynamics, and relaxed social norms, while also noting its shortcomings like limited convenience and customer service. Her fresh viewpoint rekindled the my appreciation for Germany's qualities, emphasizing the value of cross-cultural experiences and the importance of recognizing the strengths and weaknesses of both Germany and Korea.
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