Running a business in Korea

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No one wants, but you may have a trouble to get back the money that you are supposed to be paid, like goods price, depos...
31/01/2021

No one wants, but you may have a trouble to get back the money that you are supposed to be paid, like goods price, deposit, or just the money you lent.
It is simple, fast, and reasonable, compared to the other suing. Hope this can help you.

Visit the website https://ecfs.scourt.go.kr/ecf/index.jsp -> log in -> 지급명령, and then fill in the information about the case.

Please add the proof as many and much detail as possible (for example, contract, remittance slip, emails/texts/online-chats between both parties, etc.) because you will have the sentence according to the info you submit, if the other party doesn’t take any action for objection.

*You can only use this court system when you don’t get back the “money”, not things such as car, jewelry, land, etc.

Happy Sunday~ :)

08/01/2021

There are a few changes for individual businesses about VAT declaration.

1. The due date is postponed one month to Feb. 25th, 2021.
(For corporation businesses, it’s Jan. 25th, as usual.)

2. If you are general taxpayer and your business’s supply value is 40,000,000 won or less than that, the VAT can be reduced to the level of simplified taxpayer (about 5% to 30%).
(Visit the website www.hometax.go.kr -> log-in -> 신고/납부 -> 부가가치세 -> 정기신고 -> 경감 공제세액 -> 소규모 개인사업자 부가가치세 감면세액)

3. If you are simplified taxpayer and your total supply value is less than 48,000,000 won (not 30,000,000 as before), it will be exempted from VAT this time.

*This is temporary to reduce difficulty for small individual businesses in the era of Covid 19.
**No. 2 and 3 are only effective in case of that the business is not one of the exemption businesses determined by the authorities (such as real estate rental business or taxable merrymaking business).

We have been having very hard time, but there is always a way to get through.. Take care, everyone. :)

Finally, Hometax offers the free accounting program to report corporate tax this year.It's quite late compared to the pa...
02/03/2020

Finally, Hometax offers the free accounting program to report corporate tax this year.
It's quite late compared to the past, but don't rush. I'm sure we all can do it by due date (March 31).

https://hometax.go.kr -> 자료실 -> [전자신고] 법인세 무료작성프로그램(SmartA) 2020.2월버전 게시 (please refer to the pictures below)

Download -> record the financial statements -> convert -> check if there is any error and report

**Dreamers' gatheringHave you ever come up with an idea to start your own business?This (picture below) is what I recent...
14/02/2020

**Dreamers' gathering
Have you ever come up with an idea to start your own business?
This (picture below) is what I recently have.
What do you think about it? ridiculous? impractical? profitless?
It's all right, 'cause I was funny while imagining it.

Why don't you share your idea?
You may meet someone who helps your dreams come true. :)

26/01/2020

This is a quick reminder that 28th is the due date for VAT report and payment.
(It is postponed 25th to 28th for Lunar New Year holidays.)

All businesses, including simplified taxpayer, should report this January.
Though you don't have any amount to pay or refund, it is encouraged to report the "zero", so that you don't get any penalty such as your business number might be deprived.

If you have any questions, please do not hesitate to contact me.
Happy New Year and wish you all the best~ :)

Escrow service is one of the main functions of online shopping mall.Some banks offer this service, too. You must open an...
11/01/2020

Escrow service is one of the main functions of online shopping mall.
Some banks offer this service, too. You must open an account under the name of your company, and use Internet banking.

Please refer to the first picture below. It's KB Kookmin Bank. But you can find the same service from other Banks as well.
However, their charges are different. You will find which bank is more beneficial to you.

Lunar New Year is in two weeks. Happy holidays~ :)

You might have heard about the grant "일자리 안정자금". Small businesses that hire less than 30 employees were eligible to be g...
28/12/2019

You might have heard about the grant "일자리 안정자금".
Small businesses that hire less than 30 employees were eligible to be given the grant for each employee who is paid less than 2,100,000 won a month in 2019.

Details for the year of 2020 (requirements, deadline, how to apply, etc.) will be announced this mid-January.
Please refer to the Web site https://www.kcomwel.or.kr

Also, we are going to be in the season of settlement of accounts and year-end tax adjustment.
I don't want to make you bored with that, as I've already posted several times about the subject.
But if you have any questions, please do not hesitate to contact me.

Wish you all a happy new year~ :)

Though you don't know about tariff or customs declaration, a global courier company would help you.This is how we got go...
19/12/2019

Though you don't know about tariff or customs declaration, a global courier company would help you.
This is how we got goods from abroad without licensed customs agent.

A holiday is coming next week.
Happy Christma and Hanukkah~ :)

It's quite a long time ago that I posted here last time. Hope everyone has been going well.I'd like to share a new polic...
30/06/2019

It's quite a long time ago that I posted here last time. Hope everyone has been going well.

I'd like to share a new policy about report of earned income, called 근로소득간이지급명세서, that is in effect from the year of 2019.
If you don't report it until the due date or report wrongly, the additional tax will be charged. So don't miss this coming July 10th.
(The additional tax will be only 50% this year, as it is the first time to report.)

You must know the businesses are liable for their employees' income tax (withholding tax) and business income tax to the district tax office. And 근로소득간이지급명세서 is about those.
* Daily workers' income (일용근로소득) is excluded.

Due date : July 10th (taxation period: from Jan. to Jun.)
Due date : Jan. 10th, next year (taxation period: from Jul. to Dec.)
Please refer to the captured images below how to report on the hometax website.

Have you seen the sentences below? It is written in various financial documents, such as bank, insurance etc.If the comp...
22/08/2018

Have you seen the sentences below? It is written in various financial documents, such as bank, insurance etc.

If the company is on bankruptcy, you may lose your money. However, by the Depositor Protection Act you can get back up to fifty million won.
Though you have a few accounts and over fifty million won totally, it is (maximum) fifty million won per person : one company – one customer – up to fifty million won.

And some products they sell are not included in the Depositor Protection Act, like the green quadrangle. Hope you recognize it before you purchase.

In insurance, the words "cancellation refund" or "payment of insurance" are added, like the third picture below. But the meaning is basically the same.

Have a good day~ :)

Do you make a budget for your business? As the minimum wage of 2019 is confirmed, you may want to know how much you shou...
13/08/2018

Do you make a budget for your business?
As the minimum wage of 2019 is confirmed, you may want to know how much you should put in salary of the budget for next year.

This is the formula to calculate a monthly wage according to the confirmed hourly wage. (You can calculate according to this, though you have different working hours etc.)

I don't want to make you bored with all this numbers. Please let me know what you want to see in this page.
Have a good day~ :)

26/07/2018

[Follow up the previous post]

When you check your withholding tax and annual salary at Hometax website, you can see the information from 2013 to 2017.

If you want to know before the year of 2013, you must ask the company you worked at that time or the district tax office that the company reported to.
And some statements of 2018 may not be seen, as the year-end tax adjustment is not implemented yet.

Have a good day tomorrow~ :)

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