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Korea, Rep. Report

Entrepreneurial Missions Index

36.85

General Information

Population

48,747,000 (25th most populous country in the world)

Religions

Languages

None 46.5% Korean
Buddhist 22.8% English
Protestantism          18.3%
Roman Catholic            10.9%
Other or Unknown   1.3%

Industries

Electronics, telecommunications, automobile production, chemicals, shipbuilding, steel

Unless otherwise noted, all information included here was obtained from the World Factbook project 4, conducted by the Central Intelligence Agency (CIA). For more detailed information about Korea, Rep., visit https://www.cia.gov/library/publications/the-world-factbook/geos/kr.html.

Business Information

The World Bank ranks Korea, Rep. as 0 out of 183 economies in terms of ease of doing business. The country ranks as 0 (of 183) in terms of ease of starting a business.

It requires 0 procedures, takes 0 days, and costs N/A% of income per capita to start a business in Korea, Rep..

The World Bank ranks Korea as 19th out of 183 economies in terms of ease of doing business.  The country ranks as 53rd (of 183) in terms of ease of starting a business.

It requires 8 procedures, takes 14 days, and costs 14.7% of income per capita to start a business in Korea.

In order to start a business in Korea, one must follow these procedures:

  1. Check the availability of trade name and obtain a certificate of name availability
  2. Make company seal
  3. Obtain bank statement from bank
  4. File the application package for incorporation register with the District Government Office and obtain a corporate registration tax bill
  5. Registered with the Commercial Registry Office in the Seoul District Court and obtain certificate of seal impression of corporation
  6. Register with the District Tax office for a business certificate within 20 days of commencement of business and get a tax identification number under the Value Added Tax Act
  7. Register electronically for Public Health Insurance Program, National Pension Fund, and Employment Insurance and Industrial Accident Compensation Insurance
  8. Submit the rules of employment to the local labor office of Labor Minister

Unless otherwise noted, all information included here was obtained from the Doing Business project 3, conducted by the World Bank. For more detailed information about starting a business in Korea, Rep., visit http://www.doingbusiness.org/.

 

The World Economic Forum (WEF) was founded in 1971 by Klaus Martin Schwab at the University of Geneva in Switzerland.  It is a non-profit foundation best known for its annual meeting in Davos, Switzerland, which brings together top business leaders, international political leaders, selected intellectuals and journalists to discuss both economic and social issues facing the world.  The WEF also serves as a think tank, and publishes a wide range of reports focusing on issues of concern and importance to Forum communities. In particular, Strategic Insight Teams focus on producing reports of relevance in the fields of competitiveness, global risks and scenario thinking.  The Global Competitiveness Report measures competitiveness of countries and economic competitiveness among a wide range of factors such as corruption, tax rates, work ethic, and many others.

 

Korea, Rep. Economic Freedom

The annual survey Economic Freedom of the World is an indicator produced by the Fraser Institute, a libertarian think tank which attempts to measure the degree of economic freedom in the world's nations. Economic Freedom of the World index has been more widely used than any other measure of economic freedom, because of its coverage of a longer time period

Their measure of economic freedom is based on that the following standards:

  • Personal choice rather than collective choice,
  • Voluntary exchange coordinated by markets rather than allocation via the political process,
  • Freedom to enter and compete in markets, and
  • Protection of persons and their property from aggression by others.

A state will rate high when it focuses on protection of people and their property from the actions of aggressors, enforcement of contracts, and provision of the limited set of public goods like roads, flood control projects, and money of stable value and little else, but a country’s rating on the EFW summary index will fall as government expenditures increase and regulations expand.   

 

Korea, Rep. Summary

 

1 World Economic Forum

2 Free the World
Gwartney, James and Robert Lawson with Herbert Grubel, Jakob de Haan, Jan-Egbert Sturm, and Eelco Zandberg (2009). Economic Freedom of the World: 2009 Annual Report. Vancouver, BC: The Fraser Institute. Data retrieved from www.freetheworld.com.

3 World Bank Data

4 World Factbook Project