One of the few countries still under communist rule and one of the most secretive nations in the world, North Korea is located in East Asia, forming the northern part of the Korean peninsula. Pyongyang is the country’s capital and its largest city. After the Japanese surrender during WWII, Korea was divided into two zones, where the north was occupied by the Soviet Union, and the south by the United States of America (creating the Republic of Korea). The subsequent Korean War led to formal divisions and no peace treaty has ever been signed between the two nations. Both the 20th and 21st centuries thus far have not resulted in North Korea’s ability to integrate into the global social, political or economic systems and they remain at odds with most nations.
The majority of North Korean territory is composed of mountains and uplands, separated by deep and narrow valleys. The vast majority of the population lives in the plains and lowlands. With the exception of a small Chinese community and a few ethnic Japanese, most of North Korea’s 25 million people are ethnically homogenous Koreans. It remains a very poor country beset by famines and poor health of its citizens.
|April 15||Birth Date of Kim Il Sung|
|April 25||Chosun People’s Army Foundation Day|
|May 1||May Day|
|June 6||Chosun Children’s Union Foundation Day|
|July 27||Day of Victory in the Fatherland Liberation War|
|August 15||Liberation Day|
|August 25||Day of Songun|
|September 9||National Day|
|October 10||Party Foundation Day|
|December 27||Constitution Day|
- Limited Liability
- Corporate Tax: 25%
- Income Tax (Lowest Marginal Rate): 0%
- Income Tax (Highest Marginal Rate): 20%
- VAT/GST/Sales Tax: 2% (lowest rate), 4% (highest rate)
- Central Bank of the Democratic People’s Republic of Korea
- Chinmyong Joint Bank
- Civilian Cooperation Bank
- Daedong Credit Bank
- Daesong Bank
- Foreign Trade Bank of the Democratic People’s Republic of Korea
- Kumgang Bank
Aadmi can support you with your expansion to North Korea. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns. Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.
Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.