Our scope of services is not limited to just bookkeeping or tax return services.
The K-solution is specialized in foreign and foreign invested companies doing business in Korea. We provide outsourcing services to our clients not only traditional BPO services but offering helpful thoughts and business tips which affect effective advantages to our clients when they are faced with the tax issues while they do business in Korea. Also, we provide various customized reports in accordance with clients' requirements and attestation services(valuation, internal audit support, etc.) as a competent financial advisor position.
All professionals in The K-solution are always doing the best in order to maintain the best quality of services that is based on the specific know-how, expert experiences, in-depth knowledge of rules and regulations regarding an accounting, tax and solutions accumulated throughout the international works as well as domestic works.
The K-solution is the key to success for your business. We are looking forward to becoming your Korean business partner.
The followings are the list of services that we can provide for.
Business set up in Korea (Establishment, Registration & Liquidation, Dissolution)
For foreign and foreign invested companies intending to establish or close an entity in Korea, we provide regulatory compliance services for Business set up in Korea or closing procedures including bank, court and tax registration in accordance with Korean laws.
- Report and registration with government authorities on establishment of foreign invested company, branch or liaison office of foreign companies
- Registration of licenses and permits with various government departments
- Consultation on purchase or lease of offices or housing for employees
- Withdrawal of registration
- Advising on closing down of subsidiary companies, branches or liaison offices in Korea including termination of employees
- Repatriation of residual cash to overseas shareholders or the head offices
BPO services (Accounting & Financial Reporting Services)
We provide a variety of accounting services such as preparation of the financial statements and various management reports on a monthly, quarterly or yearly basis. Under the Korean Commercial Law and related tax laws, a company is required to keep its accounting records using a double-entry system, prepare financial statements and maintain them for at least 5 years.
Also, monthly payroll withholding tax returns with the tax office and statutory insurance reports to concerned authorities are main compliance works in Korea. In addition, The K-solution provides clients with various types of headoffice reporting services in English. These services are mostly provided in the custom format reflecting the headoffice's requirements.
- Review cash receipts and payment supporting documents in the perspective of tax legislation
- Prepare journal vouchers
- Key-in the accounting data into our accounting system
- Prepare general ledgers, balance sheets, income statements and statements of appropriations of retained earnings
- Prepare balance sheets and income statements as tailored by clients (English version available)
- Prepare bank reconciliation statements
- Prepare A/R lists by customer & A/P lists by vendor
- Prepare details of prepaid expenses & accrued expenses
Head office reporting services
- Financial status reporting (English)
- Sales performance reporting (English)
- Revenue/expense reporting (English)
- Other reports as requested by clients (English)
- Maintain payroll records for all concerned employees
- Computation and filing of withholding income tax returns
- Calculation of severance pay and income tax thereon with remittance of net payment
- Provide year-end individual Income tax settlement service
- National Health Insurance / National Pension Employment Insurance / Industrial Accident Comp. Insurance
Cash management services
- Proceed direct payment to individual employee and individual vendor with the notice of authorization from the clients
- Report bank transaction details to clients on a weekly basis or monthly basis
- Collect account receivables, overpaid taxes & head office funds
- Maintain and manage the bank balance to a proper level
Nowadays many companies have issues with tax since its complexity. As a competent tax advisor, our professionals provide various tax support such as preparation of corporate tax return, quarterly VAT returns, and monthly withholding tax returns, consultations, etc. with expertise and in-depth local tax knowledge. Through our qualified tax services, you may have a benefit from maximized tax advantages in Korea and focus on your core business.
Under the Korean VAT Law, a company is required to file a VAT return on a quarterly basis within 25 days from the end of each quarter. (excluding VAT exempt entity)
- Preparation of VAT(Value-Added Tax) returns
- Filing of VAT(Value-Added Tax) returns
Corporate income tax returns
Under the Korean Corporate Income Tax Law, a company is required to file an interim corporate income tax return within 2 months from the end of half fiscal year and it is also required to file an annual corporate income tax return within 3 months from the end of each fiscal year.
- Preparation of corporate income tax returns
- Filing of corporate income tax returns
- Corporate income tax adjustment
Individual income tax returns
- Individual Income Tax Returns in accordance with the relevant tax laws of Korea and International tax treaties
- Individual income tax adjustment
- Consultations on income tax in Korea and social securities liabilities
- Consultation on Various taxation matters
The K-solution provide audit & assurance services as follows.
- Audit based on the Act on External Audit for Joint Stock Companies
Special Purpose Audit
- Audit at the request of shareholders, financial institution etc
- Dividend, royalty or license fee audit for remittance of money
- Valuation for M&A/ Valuation of equity securities for accounting and audit
Internal audit support
- Assistance/Outsourcing of internal audit
Other assurance services as in accordance with clients' request
The K-solution also provides external audit assistance and relavant reporting services at the request of our clients.