Korean Business Information

categories (3 Posts)

Random Thoughts: Delivering in Korea Part 1

If you order a box of chocolates at 7am from Flower Gift Korea today in Seoul, it is possible for that box of chocolates to get all the way to Busan the very next day. Google shows me that it is 325 kilometers from Seoul to Busan, which is quite a distance. Actually, that same box of chocolates can travel from one end of Korea to the other end of Korea by the very next day if you send out your order before 1pm. And it will roughly make it 99 out of 100 times within one day, as long as there aren’t holidays or Sundays included.
What’s so amazing about that? Other countries can ship packages 325 kilometers away the very next day as well. Well, they probably can, but how much does it cost?
Well, let’s just use the US as an example. From New York to Philadelphia, it is

Doing Taxes For Your Business in Korea

One of the benefits of operating a small business in South Korea is the fact that you pay less taxes than when you are employed by a company or a Hagwon in Korea. There have been years where I somehow paid less than 1% of what I earned for my taxes for the year as a small business owner. I don’t know how that happened, but we hired an accountant who did the work for us. We paid her either 100,000won or 150,000won for all of the work, and we ended up paying around (or less than) 1% of what we earned for our taxes for the year, which was pretty shocking and exciting. So if we made 70,000,000won for the year, then we had to pay a tax of less than 700,000won. Of course the taxes can go higher or lower depending on the type of business you operate

What Happens When You Don’t Register Your Business in Korea

*Disclaimer: This information is just what I know from reading books and from personal experience. Laws and policies can change year to year, so please remember that I am not a professional and information on this page is meant to give you an idea and may not be up to date.*
Is it Necessary to Register your Business in Korea?
In short, yes, obviously, but what if you only sell things occasionally on Naver Store Farm or Gmarket? What if you occasionally sell some baked goods to friends? Do you really have to register yourself as a business? What if your friend occasionally asks you to babysit his dog for 5,000won an hour? Do you really need to go to the tax office and register yourself as a dog babysitting business? Well, the simple answer to all of this is, no. If you are selling something (or your time) occasionally, then it isn’t necessary,