Employing in South Korea

South Korea, renowned for its technological advancements and robust economy, presents an enticing landscape for businesses looking to expand globally. This dynamic country, characterised by a highly skilled workforce and a culture that blends innovation with efficiency, offers a fertile ground for growth-oriented companies. South Korea's workforce, however, is marked by a strong work ethic and a high degree of professionalism, making it imperative for employers to maintain a harmonious work environment while adhering to rigorous standards.

TopSource Worldwide, with its comprehensive expertise in global employment solutions, facilitates seamless entry into the South Korean market. Our services cater to the intricacies of local employment laws and customs, ensuring that businesses can capitalise on the vibrant South Korean economy.

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Our Expertise

Managing a global workforce in South Korea

The task of managing a workforce in South Korea encompasses more than just understanding the local labour laws; it requires a nuanced approach to cultural and regulatory norms. Leveraging our vast experience, we help companies navigate the complexities of hiring and managing employees, align with statutory compliance, and harness the potential of South Korea's industrious human capital to drive business success.

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Extensive expertise

Our team of experienced, knowledgeable staff collectively provide up-to-date employment information across 180 countries, so you can always get accurate advice.

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Entity-free employment

Feel free to hire employees from all over the world without being weighed down by setting up entities, running complex payroll or recruiting a hiring team.

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Payroll without hassle

Have the confidence that your staff will always be paid accurately and on time, so that you can focus on your core business activities and work towards your success. 

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Always-on support

Access helpful, relevant, personalised advice whenever you need it, along with expert-led recruitment policies and tried-and-tested HR best practices.

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Global Employee Cost Calculator

Estimate the cost of your new hire with our calculator. Simply enter their location and salary information in to this handy tool to see what will be spent in employment costs each month.

Employment Cost Calculator

South Korea
British Pound
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South Korea

British PoundSouth Korean Won
Base Salary (per month)£2,159.92₩3,725,000
Local employer's costs£0.00₩0
Total Cost (Annual)£25,919.02₩44,700,000
Hiring in South Korea

Please note - the above costs are an estimate, and the actual amount may differ based on a number of variables.

Additional setup and management fees may apply.

TESTIMONIALS

Hear from our clients about our EOR solutions in South Korea

"With TopSource we were able to have employees hired or maintained in Nutreco without having to establish an entity in these countries for only 1-2 employees. I think most countries are covered by TopSource, so they can help us with almost all cases. Good advice on conditions and direct contact with employees. Invoicing done directly to the company. An easy process compared to hiring employees by ourselves."

Annette van Duijnhoven
Nutreco

”We searched the market for a local payroll vendor in 2014 and we chose TopSource as our partner. We were looking for error-free and timely payroll processing and TopSource Worldwide delivers this, saving us time and money. We have worked together for 8 years now and would recommend them to anyone."

Praveen Lihinar
Sungard

”TopSource Worldwide has a detailed and methodical onboarding process that made it easy for us to get set up and running with our UK employees. They were able to take the worry out of trying to comply with all local laws and regulations. Because they have this knowledge we do not have to research on our own and hope we are in compliance. This has saved us hours of time and gives both the company and employees a sense of security."

Supervisor
Client based in Ft Worth, Texas, USA
GLOBAL EXPANSION STRATEGY

Personalised Employer of Record services in South Korea

TopSource Worldwide offers personalised Employer of Record (EOR) services tailored to meet the specific needs of your business in South Korea. This includes handling employee onboarding, payroll processing, tax compliance, employee benefits management, and HR support. Our EOR services ensure that your business meets all legal and regulatory requirements, providing a hassle-free solution to manage your South Korea-based employees.

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End-to-end South Korea payroll services

Looking to expand into South Korea? Our unparalleled expertise in global payroll services ensures that your business can seamlessly navigate the complexities of payroll on a global scale, supporting your South Korea expansion initiatives.

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Global entity management

Venturing into the South Korean market can be both exciting and challenging. With distinct business regulations, cultural nuances, and economic landscapes, it's essential to have a clear roadmap for your business establishment journey.

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Accounting

Whether your goal is to process your purchase-to-pay transactions with minimum errors or manage your expense claim procedure, our team of experts can handle your accounting responsibilities, allowing you to focus on your core business and save time and money.

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Global EOR services

Managing a diverse global workforce can be complex. This is where TopSource steps in as an invaluable employer of record services partner for companies seeking to expand their global reach while ensuring compliance with local employment laws and regulations.

Global Expansion Simplified

How to do business in South Korea

Entering the South Korean market presents a mix of excitement and challenges. Given unique business regulations, cultural intricacies, and economic dynamics, a well-defined roadmap is crucial for a successful business establishment.

TopSource Worldwide is with you at every stage. Whether it's navigating local regulations or facilitating seamless operational transitions, our expertise ensures a swift and efficient process for establishing your business in South Korea.

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South Korea Insights

Key insights into South Korea's landscape

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VAT rates: South Korea has a standard Value Added Tax (VAT) rate of 10%, with some goods and services subject to reduced rates or exemptions.

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Ease of Doing Business rank: South Korea ranks 5th in the World Bank's Ease of Doing Business Index, reflecting a highly favourable business environment.

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Consumer Confidence Index: As of 2022, South Korea's Consumer Confidence Index was approximately 104.2, indicating positive economic sentiment.

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Employee maternity/paternity leave: Maternity leave is up to 90 days with approximately 60-80% of salary coverage. Paternity leave is up to 10 days with 80% of salary coverage.

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Employee termination period: Standard notice for termination varies but is typically 30 days, and severance pay is required under certain conditions.

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Employee salary pay date: Wages are commonly paid monthly, with specific pay dates outlined in employment contracts and subject to labour laws.

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Bank holidays: South Korea observes public holidays, including Lunar New Year's Day, Korean Thanksgiving Day, Buddha's Birthday, Memorial Day, and Constitution Day, with around 16 total public holidays in a year.

Employ and pay anywhere

Specialising in multi-country payroll solutions

TopSource Worldwide offers comprehensive payroll outsourcing services, ensuring seamless and accurate management of your organisation's payroll functions. With cutting-edge technology and a team of experienced professionals, we handle payroll processing, tax compliance, and regulatory requirements with precision.

Calculate Your Employer of Record Taxes in Seconds

Employment Cost Calculator in South Korea

Our Employment Cost Calculator simplifies complex tax calculations for global businesses. Accurately assess tax obligations, ensuring compliance with local regulations. Streamline payroll management effortlessly with our user-friendly tool, providing transparency and efficiency in international workforce taxation.

In addition to calculating your EOR taxes, our calculator can also help you:

  • Understand the different types of EOR taxes
  • Stay up-to-date on the latest changes to EOR tax regulations
  • Avoid penalties for non-compliance
Our author

Mark Robbins

Global Sales Director

Mark is the Sales Director at Topsource Worldwide. He has been a pioneering figure in the global expansion space since 2013. He is the first salesperson to sell EOR services in Europe, a feat he accomplished in 2013. 

Published 2023-11-14 00:00:00

Updated 2023-11-15 00:00:00

Adrian Cooney

Reviewed by:

Adrian Cooney

Adrian Cooney

Fact checked by:

Adrian Cooney

Employer of Record FAQ

Frequently Asked Questions about South Korean employment solutions

What is an Employer of Record in South Korea?

An Employer of Record (EOR) is a professional services provider that assumes the responsibility of being the legal employer for a company's workforce in South Korea. This entails managing tasks such as payroll processing, tax withholding, benefits administration, and ensuring compliance with local labour laws and regulations.

How do global employment services work?

Global employment services operate as a comprehensive solution for businesses seeking to expand their workforce across borders. These services, often provided by Employer of Record (EOR) companies like TopSource Worldwide, streamline the complexities of international employment.

What are the benefits of working with an Employer of Record in South Korea?

Employer of Record companies assume the legal responsibilities associated with employment, alleviating the burden of compliance, payroll, and HR management in South Korea. This allows companies to expand globally without the complexities of establishing legal entities in each location.

What is the difference between EOR & PEO?

An EOR acts as the legal employer, handling tasks like payroll, tax compliance, and benefits administration. This allows companies to expand internationally without establishing legal entities. On the other hand, a PEO shares employer responsibilities with the client company, often co-employing workers.

How are employer payroll taxes calculated in South Korea?

Calculating employer payroll taxes involves understanding the various taxes associated with employing workers and complying with tax regulations in South Korea. Key components include federal and state income taxes, Social Security, Medicare, and unemployment taxes.

What global employment solutions does TopSource offer?

TopSource Worldwide facilitates hassle-free global expansion by acting as the legal employer, handling payroll, tax obligations, and HR responsibilities. With expertise in global entity management, TopSource assists businesses in navigating the intricacies of legal structures across borders.

Let's get started

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