- Maintain accounting books and records of the Company based on the cash receipt and payment records which will be provided by the Company.
2. Headquarter reporting
- Report a periodic English financials based on the accounting books including financial statements in accordance with GAAP or any specified standard.
- Correspond with H/Q for general items.
3. VAT return
- Maintain monthly Value-Added Tax accrual and tax withheld accounts.
- File quarterly Value-Added Tax return under the Value-Added Tax Law.
4. Withholding tax return
- File monthly withholding tax return.
1. Payroll services
- Maintain payroll records for all concerned employees.
- Calculate deductions like payroll tax and social security charges.
- Deposit net payroll in individual bank accounts (as funded by the company) and send individual payroll slip to each employee.
- Process payment of deductions as funded by the company and file monthly payroll tax returns.
- Settle payroll tax and social security charges for the whole calendar year and report the yearly salary and file all required returns accordingly.
- Issue the certificate of payments of payroll and payroll tax.
- Upon termination of a person's employment, settle payroll tax and compute severance pay, if any, and file all required returns.
- Administer National Pension, National Health Insurance, Unemployment Insurance and Industrial Accident Insurance, including preparation and filing of required reports and processing of payments for insurance premiums and national pension contributions.
- Provide statistics related with payroll.
- Provide samples about the employment conditions in Korean and English and consult the employment conditions.
2. Perpetual records of inventory
- Compute unit price for purchased inventory
- Keep perpetual records of inventory quantity
- Compute amount of inventory for consumption and month-end balance
- Prepare English summary of the inventory records
- Compute difference of inventory between book and stocktaking.
3. Cash management
- Operate bank accounts on behalf of client .
- Confirm invoices and expense claims have been properly handled with proper authorization from the authorized managers.
- Compile a list of payments for the purpose of authorization and fund request from the Company.
- Pay expenses and wire payments to vendors in agreed procedures on behalf of the Client.
- Representation with the Office of National Tax Service and District Tax Office regarding all tax related matters.
- Keep legal documents, registered corporate seal and seal card etc.
Corporate income tax return
- File the annual corporate tax return and interim corporate tax return with the Korean tax authorities and proceed related tax payments.
- File the statutory financial statements together with the year-end corporate tax return.
- Answer tax questionnaire required for of Sarbanes-Oxly Act.
- Prepare the return summary in English.
Combined individual income tax return
- Assist annual global tax returns .
- Consult regarding individual tax exemptions under Korean tax laws and assist tax audits .
- File the annual individual tax return for the combined income with the Korean tax authorities and proceed related tax payments.
Assistance of audit
- Assist bank confirmation in preparation and being replied.