South Korea, also known as the Asian Dragon, is one of the most important global economic powers. Its main business is geared towards a fast-evolving regulatory environment. To key to doing business in South Korea is having safe and efficient business procedures. Here we outline an efficient way to ensure you can expand quickly, securely, and with reduced costs.
Business environment in South Korea
Regulatory efficiency, market openness and the South Korean government’s willingness to embrace foreign investment make doing business in South Korea a wise choice. Regulations are becoming much more lenient and post registration procedures for anyone hoping to enter the Korean market has now been abolished. There has never been a better time to launch your business in South Korea.
That being said, South Korea is a country with a notorious business culture. From the importance of being on time for business meetings to some of the longest work hours and strictest hierarchies in the world, it’s useful to understand the environment before planning an expansion.
The country also has a reputation for being business friendly, but this is heavily tied into the system of personal relationships that exist in the culture. Having the right contacts can be extremely beneficial, but forming these is difficult at first.
As a global employer, you can make this most of this tech-forward market and build business relationships with some of the most innovative companies worldwide. The strong system of bureaucracy in South Korea has a lot of steps involved in the process for evolving legal entities so you need to know what you’re getting into first. It is essential to make sure you have or can hire employees to manage day to day operations in the country.
Business opportunities in South Korea: how can INS Global help?
It is important to have local knowledge of the market in order to ensure you setup your business smoothly. The country is described as following a forward-thinking governmental policy and anyone willing to tap into this flourishing market must be correctly informed.
In such a relationship driven market like South Korea, the ability to enter with the right contacts from the beginning can save you vital time and money later on. INS Global provides access to our networks and resources in the country so you are equipped for success from day one.
PEO companies like INS Global have local knowledge of the market and experts will provide you with all the key information to familiarize yourself with international payroll or local business culture. By working with experts like INS you can form solid employment contracts and build the right personal relationships.
What can INS Global offer?
INS is a provider of innovative global PEO (Professional Employer Organization) services worldwide. With our South Korea PEO you can begin operations in a fraction of the usual time and without the need for a separate local entity.
By partnering with an international PEO and EOR (Employer of Record) provider, you avoid many of the biggest potential pitfalls involved in global expansion. Our INS Global advisors are experts in local regulations, and can help you integrate your operations with Korean culture and requirements in mind.
Thanks to our local partners and experts, we will be able to offer the following solutions via our global PEO services:
- Visa outsourcing for both foreigners and locals
- Payroll outsourcing
- Recruitment and headhunting
- A guide to South Korean business practices and benchmarks