Over the past few decades South Korea has displayed immense growth. South Korea is an affluent and sophisticated economy, that is driven by hi-tech. According to the World Bank’s 2020 ‘Ease of Doing Business’ list, South Korea ranks 5th among 190 countries. Noted for high quality infrastructure, efficient means of paying taxes and the strong enforceability of contracts, South Korea is an ideal place to do business for those with long term goals in mind.
What is a PEO?
The term PEO stands for Professional Employer Organization, which is essentially an outsourced service that hires staff on behalf of your company. The PEO acts an Employer of Record and therefore staff are employed for administrative purposes by the PEO, but are under full control of your enterprise. PEO’s generally fulfill a range of HR functions, such as:
- Administration of payroll
- Employment contracts
- Tax deductions and social security contributions
- Calculation of benefits and expense management
Why use a PEO in South Korea?
The use of a PEO is becoming increasingly popular as it is highly advantageous for employers who are wanting to hire staff in a different country. There are many reasons why an enterprise may choose to make use of a PEO, however the 2 main circumstances are generally when a company wants to test a market without making a long term commitment or they need fast, flexible entry to a market.
For example, if you would like to move your enterprise to the South Korean market and establish a presence there locally, a PEO may be the fastest means for your company to do so. Using a PEO would enable your company to hire staff within a matter of days, through an already established entity. This option also offers a great deal of flexibility, as if you decide to establish your own entity there are various costs and lengthy processes to register or dissolve an entity.
Why Use INS Global as Your PEO in South Korea
As an Employer of Record in South Korea, INS Global can provide many benefits such as:
- Simple and cost-effective solution – We take care of all the administrative burdens, reducing the need for your enterprise to go through lengthy and complicated processes in order to carry out operations.
- Expertise – Our experts have an in-depth understanding of the requirements and processes for companies in South Korea.
- HR knowledge – As an HR consultancy, our team has the knowledge to ensure your enterprise always remains fully compliant with local laws.
- On-going support – We offer support even after your employee has been on boarded. Our team is able to take care of payroll and tax administration, including the calculation of benefits, expenses and deductions.
Choose INS Global as your South Korea PEO
Partnering with INS Global allows your company to enter the South Korea market place, in a fast efficient manner. With more than 14 years’ experience in the Asian market, INS Global is the right partner to help you expand your enterprise to South Korea. As the leading PEO in Asia, we have helped over 300 companies achieve their goals with our range of solutions. Our other solutions include Recruitment, Company Incorporation, Invoicing and many more. Contact us today and let our experts assist you to enter the South Korean market.