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South Korea
South Korea Geography, Economy, and Culture
South Korea is an Asian nation, occupying the southern portion of the Korean peninsula, bordering North Korea, the Yellow Sea, and the Sea of Japan. The country has a wide coastal plain as well as numerous hills and mountains, with unfortunately frequent typhoons as part of its climate. South Korea also has a number of natural resources including coal, molybdenum, graphite, lead, and tungsten. At the end of WWII, the Korean peninsula was divided into Soviet and U.S. zones of occupation, culminating in the Korean War when the northern forces invaded the south in 1950. The border between the two countries remains one of the most heavily militarized in the world.
South Korea is considered a developed economy and a regional powerhouse. It is a global leader in technology and is primarily an export-driven economy with a focus on electronics, automobiles, ships, petrochemicals, and robotics.
With a population of about 50 million, South Korea is relatively homogenous in terms of represented ethnic groups, with Korean and English as its official languages. South Korean culture borrows heavily from the Chinese and Japanese cultures evident by the nation’s focus on Confucianism. The country is also one of the top-performing countries in reading literacy, math, and the sciences and has one of the most highly educated labor forces in the world.
| 2021 | |
| May 5 | Children’s Day |
| May 19 | Buddha’s Birthday |
| June 6 | Memorial Day |
| August 15 | Liberation Day |
| September 20 | Chuseok Holiday |
| September 21 | Chuseok |
| September 22 | Chuseok Holiday |
| October 3 | National Foundation Day |
| October 9 | Hangeul Proclamation Day |
| December 25 | Christmas Day |
- 주식회사 [ko] or 株式會社 (jusik hoesa)
- 유한회사 [ko] or 有限會社 (yuhan hoesa)
- 유한책임회사 [ko] or 有限責任會社 (yuhan chaeg-im hoesa)
- 합자회사 [ko] or 合資會社 (hapja hoesa)
- 합명회사 [ko] or 合名會社 (hapmyeong hoesa)
- Corporate Tax: 24.2%
- Income Tax (Lowest Marginal Rate): 6% + 1.8%
- Income Tax (Highest Marginal Rate): 42% + 11.4%
- VAT/GST/Sales Tax: 10%
- Credit Union (Local Bank)
- Industrial Bank of Korea (IBK) (Local Bank)
- Korea Development Bank (KDB) (Local Bank)
- Korea Federation of Community Credit Cooperatives (Local Bank)
- Korea Post (Local Bank)
- NH Nonghyup Bank (Held by National Agricultural Cooperative Federation of Korea) (Local Bank)
- Suhyup (or Su-hyeop, the National Federation of Fisheries Cooperatives) (Local Bank)
- KEB Hana Bank (Commercial Bank)
- Kookmin Bank (Commercial Bank)
- Shinhan Bank (Commercial Bank)
- Woori Bank (Commercial Bank)
- Busan Bank (State Bank)
- Daegu Bank (State Bank)
- Jeju Bank (State Bank)
- Jeonbuk Bank (State Bank)
- Citibank (Foreign Bank)
- Deutsche Bank (Foreign Bank)
- Hong Kong and Shanghai Banking Corporation (HSBC) (Foreign Bank)
- Standard Chartered Bank Korea (Foreign Bank)
Aadmi can support you with your expansion to South 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.
