Global Services


Home > Global Services > Outsourcing

Monthly services

Basic services

1. Bookkeeping
  • 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.

Additional services

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.
4. Others
  • 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.

Yearly services

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.