Matt Shin · Korean CPA · Seoul
Incorporation, bookkeeping, payroll and tax filings for foreign companies entering Korea. Handled in English by Matt Shin, a Korean CPA who began his career in the international tax practices of EY and KPMG.
Korean subsidiary
Typical steps to incorporate
- Sign the lease for the registered office
- Prepare parent company and director documents
- File the Foreign Investment Report with an FX bank
- Remit the investment capital
- Register the company at the court registry
- Obtain business registration from the tax office
- Open the corporate bank account
- Move the capital into the new account
We coordinate each step and tell headquarters what is needed, and when.
From first question to first payroll
One CPA for every stage of your Korean entity
The decisions made before incorporation shape everything that follows. We start with those, then run the monthly work so your headquarters always knows where things stand.
Choose the structure
Entity type, business activities and industry code, registered address, capital and banking.
Set up the company
Foreign Investment Report, capital remittance, corporate and business registration, bank account.
Run it every month
Bookkeeping, tax invoices, VAT and withholding returns, payroll and the four social insurance programs.
Close the year
Year-end closing, corporate tax, statutory audit support and reporting to your group under K-IFRS or K-GAAP.
A typical year in Korea
Twelve months. Thirty-two deadlines.
0 / 32 on the calendar
Your deadlines. Our problem.
Main dates for a company with employees and a December year-endServices
The finance team behind your Korean entity
Take one service or the whole set. Everything is documented in English and can be reported in your group's own ERP.
Korea entity setup
Subsidiary, branch or liaison office, from the first structuring call to an operating bank account.
See the setup guide →Outsourced finance function
Bookkeeping with full supporting documents, tax invoices, and monthly to annual management accounts.
What is included →Payroll and HR administration
Monthly payroll and payslips, social insurance, severance pay and year-end tax settlement.
What is included →Tax compliance
Withholding, VAT and corporate income tax returns, plus support in tax audits and appeals.
What is included →Cash management and secretarial
Tax and payroll payments from your account, bank reporting, board minutes and registry changes.
What is included →Audit support
Books, schedules and documentation ready for your statutory audit and your group auditors.
What is included →Who you work with
The CPA you meet is the CPA on your file
MATT Accounting is a focused practice. The person on your first call is responsible for your work, and the same person explains Korean rules to your headquarters.
- Ernst & YoungInternational Tax Department
- KPMGInternational Tax Department
- Independent practiceAudit, reporting, bookkeeping, tax and advisory for domestic and international clients
- Vistra AllianceServing foreign clients together with Vistra's global network
- MATT AccountingTax, accounting, payroll and setup support for foreign companies in Korea
Insights
Practical notes for foreign companies in Korea
Short articles by Matt Shin on the questions foreign finance teams ask most, each with a one-minute video summary.
VIDEO · 1 MINIndustry Classification: What Will Your Korean Subsidiary Actually Do?
Before you incorporate in Korea, decide what the subsidiary will actually do. The industry code shapes licences, tax office benchmarking and tax incentives.
Read the article →
VIDEO · 1 MINCash Settlement Method vs Accrual Accounting Method
A worked example of how the cash settlement and accrual methods for unused annual leave change expenses and liabilities year by year in Korea.
Read the article →
VIDEO · 1 MINUnused Annual Leave Accruals under Korean Labor Law and Accounting Principles
Unused annual leave in Korea touches payroll tax, social insurance, retirement pensions and year-end liabilities. What finance teams should check.
Read the article →Your financial partner in Korea
Matt Shin · Korean Certified Public Accountant