Which industries do you see as having the best high growth opportunities in South Korea in the next five to ten years?<\/strong><\/h2>\n\n\n\nIn 2014, we founded KOISRA Seed Partners, a boutique startups accelerator in Korea. This allows us to get deeper insight about the Korean tech industry. I believe that Korea has great advantage in Robotics comparing to other counties. There is a lot of knowhow but still the potential isn\u2019t realized yet. Other sectors which enjoy good business environment are the Fintech and Blockchain sectors. <\/p>\n\n\n\n
South Korea has a strong hierarchical culture in society as well as the workplace. What are some ways that international companies can adjust to or accommodate this when establishing their presence in the country?<\/strong><\/p>\n\n\n\nWhile internally foreign companies can build and manage their own corporate culture, it\u2019s highly recommended to understand and respect the Korean business culture. For example, it\u2019s recommended to rank the company officers according to the Korean ranks, so your business partners and clients will understand with whom they are talking with. Many times foreign companies setting up office in Korea with 1-5 employees, but none of them considered as director (according to the Korean ranks terms). As a result they have difficulties to close deals or set meaningful meetings. Having saying that, local IT companies and tech startups started to adopt more relaxed corporate culture, so this matter became more easy to overcome. <\/p>\n\n\n\n
How easy or difficult is it for foreign investors to \u2018test the waters\u2019 in South Korea? Is it possible to enter the market rapidly?<\/strong><\/h2>\n\n\n\nKorea is one of the easiest countries to enter. First there is no minimum capital requirement to establish a company. Technically you can set up a local company with just the capital amount to cover up the registration cost. In addition, there is no need for local Korean representative or director. Another factor that make it more easily, it\u2019s not mandatory for the shareholders or directors to physically visit the bank in order to open the company bank account. Based on our experience, if there are no other issues, foreign shareholders can register local company in Korea within 2-3 weeks. <\/p>\n\n\n\n
South Korea has an expansive social security system. What types of local organizations exist for foreign businesses to outsource matters like payroll and social security contributions reliably?<\/strong><\/h2>\n\n\n\nPayroll management outsourcing is a quite new service in the local Korean market. Most of the Korean companies manage such work in-house. In other case it\u2019s managed by local accounting firms and Payroll management firms. Recently we can see more labor law firms entering to this sector as well because payroll work is very affected by labor regulations which being update routinely. Due to language barrier and unfamiliar working practice, foreign companies, especially on their first and second year of operation, prefer to work with one firm who can provide accounting, bookkeeping, labor consulting and Payroll service. <\/p>\n\n\n\n
If you had to choose one industry in South Korea with untapped potential, what would it be?<\/strong><\/h2>\n\n\n\nIt\u2019s well known that most of the industries in Korea are heavily controlled by the largest conglomerates, however there are still few sectors where startups and foreign companies can develop good market share. One of them is the Agritech industry and its subsectors FoodTech and Aquaculture. As of now I don\u2019t see any of the largest conglomerates involved despite the great need and strong government support in these sectors. <\/p>\n","protected":false},"excerpt":{"rendered":"
Eyal, thank you for joining us! Can you explain briefly what KOISRA UP does, and what your role entails? We launched KOISRA UP (www.koisraup.com) about one year ago to answer a growing demand by foreign companies to set up local operation in South Korea. We first learn about that demand from our client under KOISRA Consulting […]<\/p>\n","protected":false},"author":4,"featured_media":2828,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[69],"tags":[],"_links":{"self":[{"href":"https:\/\/globalizationpedia.com\/wp-json\/wp\/v2\/posts\/2825"}],"collection":[{"href":"https:\/\/globalizationpedia.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalizationpedia.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalizationpedia.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/globalizationpedia.com\/wp-json\/wp\/v2\/comments?post=2825"}],"version-history":[{"count":1,"href":"https:\/\/globalizationpedia.com\/wp-json\/wp\/v2\/posts\/2825\/revisions"}],"predecessor-version":[{"id":8576,"href":"https:\/\/globalizationpedia.com\/wp-json\/wp\/v2\/posts\/2825\/revisions\/8576"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/globalizationpedia.com\/wp-json\/wp\/v2\/media\/2828"}],"wp:attachment":[{"href":"https:\/\/globalizationpedia.com\/wp-json\/wp\/v2\/media?parent=2825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalizationpedia.com\/wp-json\/wp\/v2\/categories?post=2825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalizationpedia.com\/wp-json\/wp\/v2\/tags?post=2825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}