Essential Secretarial Services for Starting a New Company in Korea
Starting a new company in Korea involves several essential secretarial(House Keeping) services to ensure compliance with local regulations and smooth operation. Here are the key secretarial services needed for a new company in Korea:
1. **Entity Establishment**:
- **Bank Report**: Filing a report of the establishment with a foreign exchange bank (FX Bank).
- **Court Registration**: Registering the entity with the Commercial Recording Office of the relevant district court.
- **Tax Office Registration**: Registering the entity with the relevant tax office.
- **Opening Bank Accounts**: Opening and operating bank accounts for business purposes.
2. **Corporate Secretarial Services**:
- **Entity Set-up and Closing**: Managing the establishment and closure of entities, including branches.
- **Directorship Management**: Handling the management of directors and articles of incorporation.
- **Corporate Seal Control**: Controlling the corporate seal and its certificate.
- **Annual General Meeting (AGM) Documentation**: Preparing and following up on yearly shareholders’ meetings.
- **Legal Compliance**: Ensuring compliance with legal requirements, including obtaining and updating necessary business licenses.
3. **Statutory Bookkeeping**:
- Setting up company accounting procedures, including accounting books and records.
- Monthly bookkeeping to prepare financial statements, balance sheets, income statements, and trial balances.
- Managing accounts receivable (AR) and accounts payable (AP).
4. **Payroll Management**:
- Initial payroll set-up and social security program(4 major insurances).
- Monthly payroll procedures, including salary calculations, tax withholdings, and transferring net payroll to employees’ bank accounts.
- Year-end settlement for salary income and social security systems.
- Registration and cessation of employees to Korean social security systems.
5. **VAT and Corporate Tax Return**:
- Registering for VAT and complying with local VAT requirements.
- Preparing and submitting quarterly VAT returns and issuing electronic VAT invoices.
- Filing corporate tax returns twice a year (interim and annual).
These services are crucial for ensuring that the new company adheres to Korean laws and regulations, maintains proper financial records, and operates smoothly from the start.
Comments