Tentmaker Reports

Korea, Rep. Report

Entrepreneurial Missions Index

48.85

General Information

Population

50,219,669 (24th most populous country in the world)

RELIGIONS
None46.5%
Buddhist22.8%
Protestantism18.3%
Roman Catholic10.9%
Other or Unknown1.3%
LANGUAGES
Korean
English

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 5 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..

In order to start a business in Korea, Rep., 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/.

 

To learn more...

 

Korea, Rep. Economic Freedom

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. 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

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