Philip K. Woo

Your Home CPA in Korea

Dear Sir or Madam,

Re; Comprehensive One-Stop Services for MNCs Doing Business in Korea 

First of all, it is our great pleasure of having this opportunity to introduce our firm, PS Global Korea Co., Ltd(PSG)(former Global Payroll Outsourcing  Inc.) to you.  PSG is an associate company  of an accounting firms in Korea which is one of the  highly ranked accounting firms among  around 180 accounting firms in Korea. As you might be aware, doing business in a foreign country like Korea brings you lots of problems and issues to overcome from the standpoint of accounting, tax, HR, finance, language, audit, M & A, compliance and other business consulting matters.  Thus, finding a reliable external One-Stop service provider like our firm who can assist you from the set up of your business in Korea until its repatriation at the end is very much essential for your successful business expansion in Korea.

 Our advisor & partner,   Philip K. Woo, who had over 30 years of accounting practices including over 10 years with Price Waterhouse, is leading the Int’l dept of the  accounting firm in Korea  to serve its foreign clients since 2002. Philip and his colleagues of the Int’l dept. of the  firm in Korea are globalized local experts on accounting, tax, audit, M&A and business consulting services required by MNCs doing business in Korea.

Through long term experiences on various cases and history, we have continually innovated the service and formalized key values that are essentials for foreign corporation doing business in Korea such as “Prompt  Communications”, “Trust” and “Deep Professional Knowledge” and “ Proactive Services”. Our capabilities include the full range of services offered by an  international accounting firm on a worldwide basis, including the following:

OUR  SERVICES

Incorporation of  Korean  entities

• Consulting on how foreigners advance into Korea
• Establishment of representative office, branch and subsidiary
• Report to a foreign exchange bank Court registration
• Obtaining –taxable(or non-taxable) business code number
• Opening bank account
• Register as a foreign-invested enterprise
• Obtaining work visas for expatriates and their families to work in Korea.
• Temporary Provision of the office  address/space for  a new Korean entities 

On-going Services

• Maintenance of books of account on a monthly basis
• Payroll and withholding tax return filing on a monthly basis
• Social benefits filing service on a monthly basis
• Filing VAT return on a quarterly basis
• Interim and Year-end final corporate tax return once a year
• Cash disbursement services as per instructions from head office
• Preparation of monthly reporting package for head office/parent for consolidation
• Review of employees’ expense reports 

 

International Tax Services 

• Consultation on transfer pricing taxation and other international taxation issues
• Consultations on custom duties, commodity taxes and value added taxes in major foreign countries
• Advice on the tax consequences of the tax treaties and cross- border investment
• Tax planning and tax saving strategies for multinational corporations
• Tax consulting for foreign-owned international corporations in various matters (i.e.: incorporation of joint ventures, foreign capital inducement, technology inducement , foreign exchange control and branch establishment including branch tax, etc,.) 

Local Tax Services 

• Maintenance of account books for local clients as required by Korean tax laws and regulations
• Filing of Corporate, VAT returns ,Tax advice relating to property tax, inheritance tax as well as gift tax, etc.
• Consultations on tax regulations
• Client representation with the Office of the National Tax Administration and tax courts on matters such refund claims or tax appeals
• Tax planning and related services to sole proprietorships seeking the conversion into a corporation
• Other services which may be provided by a local tax attorney 

• Due diligence reviews for mergers and acquisitions

M&A Advisory Services 

• Preliminary consultation to outline objectives and establish criteria of M & A transactions
• Exploration and identification of possible candidates
• Preliminary analysis of and advice on valuation and structuring opportunities
• Due diligence
• Negotiation of purchase price and other financial issues
• Assistance of financing
• Advice on raising capital and general management such as building corporate strategies and legal, tax and accounting issues
• Evaluation of growth potential 

Liquidation of Korean entities 

• Liquidation of representative office, branch and subsidiary
• Report to the foreign exchange bank for the closure/liquidation of the Korean entities
• Report to the tax office for the business closure
• Appointment of a liquidator
• Public notice on a daily newspaper
• Collection/ disposition of assets and repayment of debt
• Filing of the corporate income tax returns on the liquidation income 

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