🌐 Language / 語言 / 言語 / Idioma: English 中文 日本語 Español 📋 Korean Law Insight | Korean Legal System By Attorney NOH UJIN | HANBYOL LAW LLC, Seoul Public Notary (공증) System in Korea: A Complete Legal Guide to Document Authentication for Foreign Individuals and Businesses Korea's notarization system — operating under the Notary Public Act (공증인법) and the Civil Procedure Code's provisions on notarial deeds — differs significantly from common-law notary systems familiar to many foreign businesspeople and individuals. Understanding how Korean public notaries (공증인) function is essential for anyone executing powers of attorney, loan agreements, corporate resolutions, or other documents intended for use in Korea or abroad. 1. What Is a Korean Public Notary, and How Does It Differ from the Western Notary? In common-law jurisdictions (US, UK, etc.), a "notary public" is typically a low-level official who verifies identity and witnesses signatures. I...
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Tax Law for Foreign Companies Operating in Korea (EN/中文/日本語/Español)
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Tax Law for Foreign Companies in Korea (EN/中文/日本語/Español)
🌐 Language / 語言 / 语言 / Idioma:
Tax Law for Foreign Companies Operating in Korea
By Attorney NOH UJIN | HANBYOL LAW LLC, Seoul
Corporate Income Tax
Korean corporations pay progressive corporate tax rates: 9% (up to ₩200M), 19% (up to ₩20B), 21% (up to ₩300B), and 24% (over ₩300B). Foreign companies with a permanent establishment in Korea are taxed similarly.
Value Added Tax (VAT)
The standard VAT rate is 10% on most goods and services. Businesses must register for VAT and file quarterly returns.
Withholding Tax
Korea imposes withholding taxes on dividends, interest, royalties, and service fees paid to non-residents. Rates vary by tax treaty (typically 10–15%).
Transfer Pricing
Related-party transactions must comply with arm's length pricing principles. Documentation and annual reporting are required.
Tax Treaties
Korea has double taxation agreements with 90+ countries, reducing withholding tax rates and eliminating double taxation.
Contact us at ujin95@hanbl.co.kr for tax compliance and planning.
Ley Tributaria para Empresas Extranjeras que Operan en Corea
Por el Abogado NOH UJIN | HANBYOL LAW LLC, Seúl
Impuesto sobre la Renta Corporativa
Las corporaciones coreanas pagan tasas impositivas corporativas progresivas: 9% (hasta ₩200M), 19% (hasta ₩20B), 21% (hasta ₩300B) y 24% (más de ₩300B). Las empresas extranjeras con un establecimiento permanente en Corea son gravadas de manera similar.
Impuesto al Valor Agregado (IVA)
La tasa estándar de IVA es del 10% en la mayoría de los bienes y servicios. Las empresas deben registrarse para el IVA y presentar declaraciones trimestrales.
Impuesto de Retención
Corea impone impuestos de retención sobre dividendos, intereses, regalías y honorarios de servicios pagados a no residentes. Las tasas varían según el tratado fiscal (típicamente 10-15%).
Precios de Transferencia
Las transacciones entre partes relacionadas deben cumplir con los principios de precios de mercado. Se requiere documentación e informes anuales.
Tratados Fiscales
Corea tiene acuerdos de doble tributación con más de 90 países, reduciendo las tasas de retención de impuestos y eliminando la doble tributación.
Contáctenos en ujin95@hanbl.co.kr para cumplimiento y planificación fiscal.
🌐 Language / 語言 / 言語 / Idioma: English 中文 日本語 Español 📋 Korean Law Insight | Transportation Law By Attorney NOH UJIN | HANBYOL LAW LLC, Seoul Korea's passenger transport sector — taxis, car-sharing platforms, and ride-hailing-adjacent services — operates under one of the most tightly regulated mobility frameworks in Asia. Foreign mobility companies, investors, and platform operators considering entry into the Korean market must navigate the Passenger Transport Service Act (여객자동차 운수사업법), licensing quotas, and a legal environment shaped by years of conflict between incumbent taxi operators and new mobility platforms. This guide explains the legal landscape for taxi and car-sharing regulation in Korea. 1. The Passenger Transport Service Act: Licensing Structure All passenger transport businesses in Korea — including taxis, limousine services, and chartered vehicles — require a license under the Passenger Transport Service Act, issued by munici...
How Foreign Creditors Can Recover Debts in South Korea: A Step-by-Step Legal Guide How Foreign Creditors Can Recover Debts in South Korea: A Step-by-Step Legal Guide By Attorney NOH UJIN | HANBYOL LAW LLC, Seoul Labels: Debt Recovery • Cross-Border Litigation • Korean Legal System EN 中文 日本語 Español South Korea's sophisticated legal infrastructure makes it one of the more creditor-friendly jurisdictions in Asia — if you know how to navigate it. For foreign businesses owed money by Korean debtors, understanding the step-by-step legal process is essential to protecting your financial interests. This guide walks you through the primary pathways available under Korean law. 1. Understanding Your Legal Foundations Debt recovery in Korea is governed primarily by two statutes: the Civil Procedure Act (민사소송법) for initiating and conducting litigation, and the Civil E...
Commercial Arbitration in South Korea: What Foreign Businesses Must Know Commercial Arbitration in South Korea: What Foreign Businesses Must Know By Attorney NOH UJIN | HANBYOL LAW LLC, Seoul Labels: Cross-Border Litigation • Business Law • Korean Legal System EN 中文 日本語 Español South Korea has firmly positioned itself as a leading arbitration hub in Northeast Asia. Seoul is home to the Korean Commercial Arbitration Board (대한상사중재원, KCAB), one of the most active arbitral institutions in the region. For foreign businesses entering contracts with Korean counterparties — or seeking to enforce arbitral awards against them — a working knowledge of Korea's arbitration framework is indispensable. 1. The Legal Framework: The Korean Arbitration Act The primary statute governing arbitration in Korea is the Arbitration Act (중재법). Korea substantially reformed its Arbitr...
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