March 30, 2015
The Korean Peninsula is located in North-East Asia. It is bordered by the Amnok River (Yalu River) to the northwest, separating Korea from China, and the Duman River (Tumen River) to the northeast, which separates Korea from both China and Russia. The Yellow Sea is to its west and the East Sea to the east. Due its unique geographical location, Korea is a very valuable piece of land and an international hub of Asia.
The South Korean’s government is run by the structure of the Constitution of the Republic of Korea. Their legal system is a civil law system based on their Constitution. Their government is divided into executive, judicial, and legislative branches. Local governments are sovereign and have executive and legislative branches of their own. The judicial branch serves at both national and local levels.
The global financial crisis put a dent in the banking industry worldwide, and its aftermath did help reduce Korean banks’ total assets in 2009. However, the Korean banking sector has since regained its growth momentum and shown numerous signs of recovery from the crisis. As of December 2012, the total assets of Korean banks stood at 2,031 trillion won, up 12.9% from 2009. The currency there is the Korean Won (KRW). The Korean Won (KRW) converts to 0.00091 U.S. dollar.
Foreigners and expatriates who wish to work in Korea are required to possess permitted passes from the Korea immigration office. Entry into Korea is in accordance with the Immigration Control Law 2013 and Passport Act 2013.
Every individual who is taxed is required to declare his income to NTS. Non-resident individuals are taxed at a different tax rate on income earned/received from Korea, which is 18.7% on employment. Employers have the responsibility to withhold tax for all employees who are under employment in Korea on a monthly basis.
Expats moving to Korea can rest assure that they will have no problem in finding comfortable and affordable accommodation while in Korea. All types of accommodation are present, from large, stand-alone houses (known as built-in one-room), to semi-detached and terraced houses, to apartments and condominiums or hotels for shorter stays.
Please read more on Country Fact Pages located on our website. As always, our goal is to continue to make it as easy as possible for Western and European businesses to join-and succeed in the thriving Asia markets, and to expand our clients’ reach, and in turn, help to grow their operations at home.
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Founder & CEO, Tiger-Consulting