For over 18+ years I have helped foreign residents and businesses in Korea achieve their financial goals and freedom.
- Crush the language barrier – Quit wasting time deciphering Korean & tax terms.
- Single point of contact – Always know who to contact and avoid bureaucracy.
- Save money – Never pay more taxes than you need to.
- Optimization – Cut expenses without compromising your product or service.
- Save time – Delegate all that tax paperwork to a professional who will get it right the first time.
As a mid-sized firm, we are very happy to help new startups and technology businesses in Korea, as well as large international companies Korean dealings or offices in Korea.
Tax Filing
Save time and avoid fines by getting tax documents sent at the right time, to the right people, with the right information.
What Christie does for you:
- Quarterly VAT returns
- Annual Corporate Income tax returns
- Monthly income tax withholding returns
- Preparation of all required financial documents
- Profit & Loss statement
- Balance Sheet
- Retained Earnings Sheet
- Cashflow Statement
- Tax reconciliation from prepared financial statements
- Combine everything into a booklet and submit to NTS
- Provide tax payment slip (if tax due)
- Help get your tax refund
Bookkeeping
Bookkeeping is the first, fundamental step towards accounting best practices. Besides empowering you to track the financial health of your business, proper bookkeeping simplifies tax filing and reduces the risk of tax audits.
What Christie does for you:
- Give importance advice about your business
- How to control cash flow
- Unusual changes in expense ratio
- Analyze health of your business
- Expense Ratio
- Financial Ratio
- Budget vs. Actual Expenses
- Produce monthly financial statements
- Profit & Loss Statement
- Balance Sheet
- Enter business transactions into special NTS software
- Integrate accounting workflow with QuickBooks Online
Payroll
Employees are usually one of your largest business expenses. Mismanaged payroll can derail your entire business. In addition, you may be criminally liable for breaking Korean labor laws. Unfortunately, payroll is especially difficult for foreigners due to differences in language and culture.
What Christie does for you:
- Calculate taxes and insurance from gross salary
- Report payroll data to tax and insurance offices
- Determine taxability (for example: is an employee’s medical checkup considered taxable income?)
- Consult with internal lawyer to ensure LSA compliance
Read more about our Payroll Administration Service here.
Company Setup
Through our professional network in Korea, we help you establish a business and company in Korea.
Read more about our Company Setup Service here.
Consultation & General Advice for Personal & Business Korean Taxes
Examples:
- Should I register my business as a sole proprietorship or corporation?
- When should I convert my sole proprietorship to a corporation?
- How will Korean tax law change in the near future? Will income tax rates go up or down?
- In Korea, is payment for business expenses with personal credit cards allowed?
- How do I get a credit card reader for my business?
- How can I accept online credit card payments?
- How much does it cost to accept credit card payments?
- If I am self-employed, do I need to open a separate business banking account?
- Is this business expense deductible?
- What is Thin Capitalization? What are its tax consequences?
- Does Korea use the straight line method or declining balance method of depreciation?
- What is the life year (residual life) for depreciation of company assets?
- How does the Korean NTS treat overseas affiliate “paper companies”?
Read more about my Tax and Accounting Consultations here.
