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22 AUG 2019

Korea Company Incorporation: Guide to your Successful Business in Korea

TOPIC : Business in Korea Incorporation

While teaching continues to be the principal choice of occupation for the majority of the foreign nationals in Korea, more and more individuals are taking hold of the opportunities that are being offered by the Land of the Morning Calm by starting a business in Korea.

Ranging across bars and restaurants and reaching out to dance workshops and societies, the variety of companies having foreigners in charge of the affairs is consistently on the rise. This is a result of their continuous attempts and successes to be part of the demanding Korean market.

It takes much more than simply businessperson’s enthusiasm and a great business concept for setting up a company in Korea and making it operational. Like any country, there are strict rules and regulations that demand strict compliance and adherence. This is the reason that help and consultation from the specialists of the (governmental, legal, or otherwise) are highly advised for your Korea company incorporation.

The exciting part is that in the past several years, the Government of Korea has been doing everything it takes to simplify the general start-up rules to help encourage foreigners to start businesses in Korea. Recently, Korea’s number of ‘start-up visas’ has seen a boost – which is a sign that the country’s government is launching new opportunities for attracting more foreign entrepreneurs.

Large amounts of capital are required to get a D-series visa for foreigners who are keen to start a business from the beginning. Also, the tales of getting caught in regular administrative issues soon after, appear to suggest that hiring a Korean citizen - as an investor, partner, or assistant in the business framework - is stressed on.

Based on your nationality, circumstances, existing category of the visa and other factors, the process is different. Therefore, all who are keen to find out more about the best visa choice must get in touch with the right legal and governmental entities for the right guidance.

Korea Business Registration, Korea Company Registration, Korea Office Setting Up

Once you get the appropriate visa and finalize the geography for your business in South Korea, the next step is to decide and finalize the classification of business you want to register. A few of the widely popular kinds of business structures are as follows:

✓ Subsidiary Office: Set up as a regional enterprise, a subsidiary has deeper links with the local corporate circles. This helps the local firm increase its chances to avail investment incentives from the Korean government since it would be entitled to get corporate income tax incentives (Special Tax Treatment Law STTCL), in the event of fulfilling certain criteria.

Branch or liaison offices are not eligible for these tax incentives.

✓ Branch Office: The Korean law exempts a branch office from audits by external auditors. Its net revenues are as a matter of course considered as part and parcel of the headquarters balance sheet.

A company that foresees its future growth as sufficiently large to call for the setting up of a subsidiary in the coming years, must take this into account right at the beginning, instead of launching a branch operation.

✓ Liaison Office: A liaison office is only entitled to carry out marketing and support but not direct sales. A liaison office is the easiest-to-incorporate type of a business that can be conducted in Korea.

The Highlights of Setting up a Company in South Korea

· A company incorporated in South Korea company is open for 100 percent foreign ownership

· At least one shareholder is necessary for a limited liability company (a Yuhan Hoesa). It has no limitations on the citizenship of the owners.

· Non-resident persons have the only liability as personal income tax on the calculable income earned in Korea

· It is a requirement for companies to maintain accounts and keep a register of shareholders at the registered office. These records have to be in the Korean language.

· The yearly tax returns must be filed to the National Tax Service of South Korea after the South Korean company is formed.

Points to be Aware of When Incorporating a Company in South Korea

Investors must be mindful of the following rules while starting a business in South Korea:

· Corporate incomes attract a tax of 10% on the first 200 million won

· Incomes amounting more than US$180,000 and less than or equal to US$20m are charged tax @ 20%

· VAT totals to a maximum of 10% on the sale and transfer of goods and services. Invoicing for VAT must be through electronic means. The VAT has to be mandatorily filed once in every quarter.

· Non-resident companies are liable to pay withholding tax

· Foreigners settled in Korea are taxed according to their international income, only after their stay in South Korea exceeds 5 years from 10 years.

· Korea does not levy export duties

· Filing of annual tax returns happens at the National Tax Service of South Korea.

Company Incorporation in South Korea – It Can Be This Good

Few of the many advantages that are waiting to be taken by the investors incorporating their companies in South Korea are as follows:

· South Korea places no limitations on foreign currency accounts or the return of capital income, which for investors is music to the ears.

· Provided the conditions for a minimum of one shareholder and one director, who can be citizens of any country, are met, it does not take more than a week to set up and incorporate a limited liability company in Korea.

· In terms of technology, South Korea is ahead of time with a land, air and sea transport systems that make it possible for companies to deliver raw materials and goods much faster, especially within the country.

· The Foreign Investment Promotion Act of Korea supports 99.8% of the industries in inviting foreign investment and also provide the investors with a robust security cover.

· Incheon International Airport operates as a front-of-the-line supply and transport hub in the north-east Asian region

South Korea Company Incorporation

If you think that incorporating a company in South Korea is an uncomfortable task, then by the time you reach the end of this article, you are sure to differ. We specialize in incorporation services and help you ease through the process that comprises but is not limited to the following procedures:

· Engage the lowest essential number of shareholders for the incorporation

· Create a company seal

· Register the company with Start-Biz

· Pay off the required incorporation charges

To bring foreign direct investment into South Korea, the government has been launching several tax benefits for small and mid-sized companies. Going ahead with its efforts to further improve as a great place to do business, South Korea invites tenders that will help in the development of its infrastructure and draw more foreign investors.

The Requirements for Company Incorporation

There are quite a few legislative challenges active measures that are comprised within the process to incorporate and register a company. Each corporate entity has its responsibilities and necessities as per the appropriate rules and regulations.

Incorporating a company in a new country often looks like an uneasy task to a large number of businesses, especially to those with limited finances and staffing capacities. It requires a huge amount of research and preparedness to get to know the foreign incorporation laws and continue to adhere to policies that might not be the same as those applicable in the company’s home country.

Korea Office Setup, Korea Company Incorporation, Korea Office Establishment

The Company Incorporation Process

1. Seek Out the Company Name

It is not permitted to register a company name that does not differ from the one that another person has already registered, for the same field of business activity within the same suburbia, city or region.

2. Focus Factors for the Registration

i. The Necessary

· Head Office address

· Names and resident registration numbers of the directors and the auditor

· Name, resident registration number and address of the director who is the corporation’s representatives

· Name, resident registration number and address of the promoters

· Instrument of Incorporation

· Total number and kinds of stocks issued

· Stock unit cost

· Full amount of the capital

· Field of activity

· Inventory of shareholders

ii. Optional

· Rules regarding the movement of stocks, if it needs to be approved by the board of directors

· Whereabouts of branch offices

· Process of issuing convertible bonds

· The rules about the cancellation by destruction, in case the stocks are to be demolished to counterbalance the dividend that has to be paid to the shareholders

· The rules concerning several representations, in case multiple people represent the enterprise

· Period for which the corporation has existed and the cause behind the dissolution, if some

· Rules regarding the dispersal of dividend in case payment needs to happen before the day one

· Name and address of the headquarter of the proxy, if some

3. How to draw up the Articles of Incorporation and get it notarized

i. Importance

The instruments of incorporation are the basic standards of the company's organization and activities or stating them in writing. The language of the document can be Korean, or another foreign language or both.

ii. Information Needed

A. Crucial Information

a) Particulars of the promoters

b) Purpose

c) Address of the headquarter

d) Means of announcing

e) Company Name: Should contain the word 'corporation'

f) Sum count of the stocks to be issued

g) The unit cost of stock: more than 100 won (mandatory least capital: 50 million won)

h) Number of stocks to be issued while creating the corporation

B. Selective Data

a) Unusual Expenses

These are issues which if do not cater to the pursuit of self-interests by the organizers and the third parties, can pose a likely danger for the capital base of the enterprise and damage the interests of the enterprise and stockholders.

· The corporation will bear the cost of incorporation and the payment amount for the promoters

· The names of investors, intent, type and price of their investment in kind and type and quantity of stocks to be paid in exchange

· Type, amount, price and the assignor's name of the assets promised to be transferred after the creation of the corporation

· Specific allowances to be granted to the promoters and the list of the recipients of those benefits

b) Other Selective Information

· Issued related to stocks

· Issues related to the general meeting of stockholders

· Issues related to directors, auditor and liquidator

c) Alternative Information

Location of branch offices, categories of stockholder's rights, date of the standard general meeting and others.

iii. Notarization

· The instruments of incorporation become effective after it is notarized by a public notary certified by the local district attorney's office that has jurisdiction over the area where the corporate headquarter is located.

Required Documents: Three copies of the instruments of incorporation, certificate of registered seal and resident registration card (The power of attorney is also needed for a proxy.)

4. Incorporation steps

i. Get approval from the Ministry of Finance about foreign direct investment

ii. Register with the Commercial Registration Office of court

a) Promoters are employed.

b) The first meeting of promoters is organized and the minutes recorded.

c) A public notary creates the instruments of incorporation and endorses them.

d) Decision-making on issues of issue of stocks.

e) Stocks are underwritten by the organizers. (promotion leading to incorporation)

f) Stockholders get the subscription of stocks and the stocks are then distributed. (subscription leading to incorporation)

g) Actual investment (also comprising not-in-cash investment) is done.

h) The members of the board of directors and auditors supervise the incorporation procedure. (If the incorporation is done through promotion, this is necessary only when the articles of incorporation lack any clause that does not allow unusual expenses during the process of incorporation.)

The outcome of an examination on the unusual expenses through the process of incorporation happens either by an inspector or by an expert and is reported. (The report is made to the promoters if the incorporation is through promotion and to the inaugural meeting if the incorporation is through subscription.)

i) The inaugural meeting is organized and convened. (This is exempted if the incorporation happens through promotion.)

j) The meeting of the board of directors takes place.

k) Incorporation is registered.

l) A corporate is created and reported.

iii. District tax office registration

iv. Open bank account

v. Register Ministry of Finance and get FDI certificate

Conclusion

This article was a generic guide to foreign entrepreneurs on relocating to South Korea for incorporating a company. In particular, it regards the usual runways to make a business footprint in South Korea.

Additionally, it also took a quick look at the positives, paperwork essentials and highlights of incorporation through sources of useful information that will benefit every foreigner who wants to be part of the Korean economy.

It is a joy for us to help you run and keep up your business.

Our professional experience and expertise will help your company incorporation process go ahead trouble-free so that in no time, you right in the middle of your thriving Korean. If that got you all geared up and enthusiastic to open a company in Korea, contact us now to begin your incorporation process!

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Seoul: The Gateway to Dynamic Business Expansion and Investment

For international investors and entrepreneurs seeking fresh opportunities, Seoul, Korea, emerges as an exceptional choice for expanding businesses and investments. Positioned strategically at the crossroads of Northeast Asia, boasting robust trade infrastructure, and nurturing a dynamic business environment, Seoul offers unparalleled advantages for those aiming to access the region's dynamic markets. This piece will delve into the rationale behind considering Seoul for business expansion or investment, supported by a plethora of geographical, economic, and cultural factors. From its stature as a global trading center to its reputation as a frontrunner in technology and innovation, Seoul presents enticing prospects for growth and prosperity. Let's explore the numerous reasons why placing Seoul atop your list for business expansion or investment endeavors is strategic. Geographical Benefits Located in the heart of Northeast Asia, Seoul enjoys a strategic positioning, linking it to over a quarter of the global population. This pivotal location renders it a vital nexus for trade and commerce, bridging the Asia-Pacific region with Eurasia and the Americas. Furthermore, Seoul's close proximity to major urban centers and its efficient transportation network ensure swift and convenient access to key markets. Northeast Asia's Trade and Logistics Hub Incheon International Airport, situated near Seoul, stands among the world's premier airports, ranking 4th in 2023 according to Skytrax. With more than 61 domestic and international airlines serving 105 cities across 44 countries, it serves as a bustling hub for both passenger and cargo traffic. The airport's global connectivity and cutting-edge facilities position it as an optimal gateway for businesses seeking expansion into the region. Global E-commerce Market Leader Korea boasts one of the globe's largest e-commerce markets, securing the 6th position worldwide in terms of sales volume. With a rapidly expanding digital economy and a populace well-versed in technology, Seoul presents vast opportunities for enterprises operating in the e-commerce sector. From established online retail giants to burgeoning startups, Seoul's e-commerce landscape is flourishing and ripe for investment. Sturdy Urban Infrastructure Seoul's urban infrastructure is unrivaled, featuring world-class ICT infrastructure and a highly advanced e-government system. The city consistently ranks first globally for its high-speed communication networks (5G) and boasts an 86.8% penetration rate for free public Wi-Fi. Moreover, Seoul's efficient public transportation system and modern amenities make it an appealing destination for businesses and residents alike. Hub for Global Brands Seoul hosts some of the world's most renowned brands, including Samsung , LG, and Hyundai. These global titans have chosen Seoul as their headquarters, capitalizing on the city's skilled workforce and advanced infrastructure to propel innovation and expansion. Additionally, Seoul's reputation as a testing ground for novel products and services renders it an ideal locale for enterprises seeking to introduce or broaden their operations. Investment in Seoul's Future Seoul actively invests in pivotal industries such as biotech, ICT, AI, and services to nurture innovation and economic development. The city boasts a vibrant startup ecosystem, with over 27 unicorn companies calling Seoul home. Furthermore, Seoul's dedication to research and development, coupled with generous incentives for startups and businesses, positions it as an enticing destination for investment. Elevated Education Standards and Favorable Learning Environment Seoul's populace boasts commendable levels of educational achievement, surpassing OECD averages in tertiary education attainment. The city's robust university system and nurturing academic atmosphere render it an optimal choice for education and research pursuits. Mega Metropolis with a Population of Ten Million: Seoul With a populace numbering approximately 10 million, Seoul stands as a mega metropolis, offering a vast consumer market for enterprises. Its rich and diverse culture, alongside dynamic consumer behaviors, positions it as an attractive hub for businesses aiming to capitalize on global trends. The Visionary Approach of Seoul's Mayor The Mayor of Seoul has articulated ambitious plans to attract foreign financial entities to the city. These initiatives encompass a 50% reduction in acquisition and property taxes, a three-year exemption from corporate income tax, followed by a subsequent two-year 50% tax reduction. Additionally, the city plans to establish financial support facilities equivalent to seven football fields in Yeouido, underscoring its dedication to nurturing a conducive environment for business expansion and investment.Reference: Invest Seoul Conclusion In summary, Seoul, Korea, presents a host of compelling incentives for foreign investors and entrepreneurs considering business expansion or investment ventures. From its strategic positioning and robust trade infrastructure to its thriving business ecosystem and investor-friendly policies, Seoul offers unparalleled prospects for growth and prosperity. Whether you're a budding startup seeking entry into a dynamic market or an established corporation aiming to extend your global reach, Seoul should feature prominently on your radar. With its innovative ethos, top-tier infrastructure, and vibrant cultural scene, Seoul emerges as a city of boundless opportunities. As you navigate the intricacies of expanding your business or investing in Seoul, Pearson & Partners stands poised to offer comprehensive support every step of the way. Our services span incorporation, tax accounting, and investment declaration, tailored to meet the diverse needs of our clients. With our expertise and unwavering commitment to client satisfaction, we facilitate a seamless transition into Seoul's dynamic business landscape. Reach out to us today to embark on a journey toward growth and prosperity in one of the world's most dynamic cities.

Korea Company Formation: Navigating Joint Ventures for Success

Ensuring the prosperity of your business in Korea requires skillfully crafting a Korean joint venture, beginning from the establishment of your relationship with joint venture partner(s). Merely relying on downloaded joint venture contracts or partnership agreements from the internet is insufficient. It's vital to delve into your partner's mindset and background, understanding their specific needs. In many cases, non-Korean entities can succeed in Korea without entering a joint venture with a Korean partner. Conversely, Korean entities may not prioritize or adhere to the criteria outlined in joint venture agreements. This article offers an overview of critical aspects of joint venture agreements in the Republic of Korea, emphasizing the importance of a customized approach to ensure success in company formation. Considerations for Company Formation Before embarking on a joint venture in Korea, your consultant must meticulously address several vital aspects related to your company formation and incorporation instruments.1. Clearly define the obligations, tasks, roles, securities, and expectations of each partner.2. Establish guidelines for dispute resolution, including language and medium.3. Determine the governance hierarchy within the joint venture.4. Plan for assessment, conclusion, and potential termination of the joint venture.5. Outline recourse mechanisms for any infringement issues.6. Develop a contingency plan for unforeseen challenges.7. Evaluate the inclusion of external investors in the joint venture.8. Define the duty of care expected from each partner.9. Restrict the authority of the representative director in company formation.10. Specify the authority to hire and dismiss the representative director.11. Clearly articulate the development goals of the joint venture.12. Decide whether to maintain majority control or include minority protection clauses.13. Plan for the reinvestment of earnings generated by the joint venture.14. Consider hiring an independent accountant and employing an impartial legal auditor.15. Evaluate the anticipated benefits from the joint venture.16. Determine the financial implications associated with the joint venture. 17. Define the mission and objectives of the joint venture.18. Explore various financing options available for company formation.19. Select the appropriate business structure, such as Chushik, Yuhan, etc. This list covers essential considerations, and additional factors may apply based on the unique circumstances of your company formation in Korea. Successful Business Ventures in Korea Achieving success in joint ventures in Korea hinges on specific circumstances that carry significance for all parties involved. Several critical scenarios often lead to prosperous joint ventures: 1. Utilizing Established Channels: When the Korean party can directly access established distribution channels or logistics chains and the non-Korean party offers a compatible product, a distribution/license agreement may be preferable to a joint venture. However, careful consideration is advised to avoid potential harm to the relationship. 2. Industry Restrictions and Specialization: In industries less open to foreign involvement, such as publishing, a joint venture becomes relevant when the Korean party requires specialization or financial capital from the non-Korean side for industry success. It's crucial to acknowledge that industry-specific regulations may lead to significant financial losses, and reliance on government connections doesn't guarantee favorable outcomes. 3. Financial Constraints and Innovation: When the non-Korean party lacks funds to commercialize an innovation, and the Korean side has a new product line or manufacturing capabilities, a joint venture can facilitate collaboration. However, careful consideration is necessary, as the learning curve and collaboration requirements may be time-limited. 4. Dominance in Niche Industries: In industries with few players but high activity levels, joint ventures offer advantages like instant access to key stakeholders for the non-Korean party and access to technology for the Korean side. Often observed in joint ventures between Korean corporations (chaebols) and multinational firms, these collaborations are temporary and involve extended negotiation periods. Critical Considerations for Effective Business Ventures Several significant scenarios significantly impact joint ventures, underlining the importance of well-crafted shareholder agreements and association instruments: 1. Legal Disputes among Shareholders: Effective joint venture planning is crucial when a client, holding a small share in a company reliant on foreign investment in Korea, becomes embroiled in legal disputes with other shareholders over majority and fellow stockholders' issues. 2. Misuse of Company Profits: Situations where the majority shareholder, controlling the representative director, excessively uses company profits for personal expenses and conducts business between the company and private ventures pose challenges to equitable distributions. Meticulously crafted shareholder agreements can mitigate such risks. 3. Challenges in Finalizing Joint Ventures: Many cases witness challenges in finalizing joint ventures due to poorly designed shareholder agreements and association instruments. A well-structured shareholding approach is vital to prevent such complications. 4. Importance of Legal Counsel: Engaging a qualified attorney to draft a Korean shareholder agreement and association instruments is prudent, particularly for individuals with affluent lifestyles. Ensuring the attorney possesses expertise and tailors the approach is crucial to avoid generic agreements that may lead to conflicts. 5. Avoiding Generic Agreements: It's imperative to avoid attorneys who offer generic form agreements at low costs. Each joint venture agreement in Korea is unique, and generic forms may indicate a lack of diligence, potentially leading to conflicts. Investing in a well-crafted and tailored approach is essential for effective joint ventures. Essential Aspects in Business Ventures1. Focus, prudence, and thorough investigation;2. Restricting the authority of the representative director;3. Retaining the right to hire and dismiss the representative director;4. Safeguarding control over the company seal;5. Upholding majority control or including minority protection clauses; and6. Appointing an Independent Accountant and utilizing an impartial statutory auditor. Conclusion To conclude, the success of business endeavors in Korea, particularly through joint ventures, relies on thorough planning, understanding partner dynamics, and tailoring agreements to specific circumstances. The comprehensive considerations outlined for company formation highlight the intricate nature of the Korean business environment and the necessity for a strategic approach. The success scenarios presented illuminate specific contexts where joint ventures offer advantages, underscoring the nuanced dynamics of international collaborations. Pearson & Partners, a consulting firm specializing in facilitating expansion into Korea, is poised to assist in this intricate process. With expertise in incorporation and tax accounting services, Pearson & Partners ensures a seamless and comprehensive entry into the Korean market. Their dedication to excellence aligns with the nuanced requirements discussed, offering invaluable support for businesses navigating the complexities of joint ventures and company formation. Get in touch with us to embark on a successful journey in establishing and expanding your presence in Korea.

Expanding into the Korean market through sales on the Coupang Marketplace.

If you aim to engage in commerce with consumer goods in South Korea, understanding how to collaborate with Coupang is crucial. Additionally, it would help if you decided whether to operate domestically or internationally. If you lack a local partner in Korea, utilizing Coupang Global Marketplace presents an attractive opportunity for accessing the Korean food, beverage, and fashion market. About Korea Coupang Coupang is a South Korean e-commerce company that was founded in 2010 by Bom Kim, a Harvard Business School dropout. The company's name is derived from the Korean word "쿠팡," which means "rocket." Coupang started as a daily deals platform, similar to Amazon, offering discounted products and services to customers in South Korea. However, it quickly evolved into a full-fledged e-commerce marketplace, offering a wide range of products including electronics, fashion, beauty, groceries, and more. One of Coupang's key innovations is its logistics infrastructure, particularly its own delivery network known as "Coupang Logistics." This infrastructure includes automated warehouses, fulfillment centers, and a large fleet of delivery vehicles. Coupang's focus on improving delivery speed and reliability has been a significant factor in its success, allowing it to offer same-day and next-day delivery services to customers across South Korea. Over the years, Coupang has attracted significant investment from various sources, including SoftBank, Sequoia Capital, and BlackRock, among others. The company has used this funding to fuel its expansion and innovation efforts. In 2014, Coupang launched its "Rocket Wow" service, which offers guaranteed delivery within 24 hours for select items in certain areas. This service further solidified Coupang's reputation for fast and reliable delivery. In 2018, Coupang expanded its reach beyond South Korea by launching Coupang Global, an international shipping service that allows customers in other countries to purchase products from the Coupang platform. In 2021, Coupang made headlines with its highly anticipated initial public offering (IPO) on the New York Stock Exchange (NYSE), raising over $4 billion and becoming one of the largest IPOs by an Asian company in the United States. As of my last update in January 2022, Coupang continues to be a dominant force in the South Korean e-commerce market, known for its innovative technology, extensive product selection, and efficient logistics operations. Coupang's Distinctive Edge: Revolutionizing Logistics and Customer Experience Coupang stands out among other platforms primarily due to its exceptional logistics services and unwavering dedication to enhancing the customer experience. The founder's vision was to tackle issues such as lengthy delivery times, costly shipping with restrictions on products and cutoff times, and excessive packaging waste alongside unrestricted returns. The solution emerged as an end-to-end integrated system utilizing state-of-the-art technology to impress both customers and vendors alike. Employing a data-driven approach, Coupang ensures that customer and vendor satisfaction is consistently monitored and enhanced throughout every stage of the process, resulting in significantly improved tracking efficiency. In essence, consumers are provided with a premium purchasing experience at a reasonable cost. Rocket Wow Rocket Wow is a subscription-based service akin to Amazon Prime, priced at approximately €2 monthly. It encompasses complimentary deliveries and returns, exclusive discounts on select items, standard one-day delivery, and the added perk of receiving Rocket Fresh products (such as food and beverages) by 7 am for orders placed before midnight. Elevating Customer Experience: The Impact of Coupang's Obsession with Service Coupang's relentless dedication to enhancing the customer experience is evident through the remarkable impact on spending observed among Rocket program members. This underscores the effectiveness of prioritizing loyal customers. Korean clientele particularly appreciates the convenience and swift delivery, even on weekends and holidays. Moreover, features like Coupang Pay and the extensive use of reusable packaging, accounting for 75% of materials, contribute to the overall appeal of shopping on the platform. Food Selections Coupang boasts an extensive array of fresh produce and international cuisine sourced globally. Additionally, Coupang Eats offers convenient delivery options from a variety of restaurants. Amid the pandemic, the platform introduced live-streamed content covering cooking tutorials and entertainment, coupled with product sales. Coupang's Global Marketplace Coupang's Global Marketplace was established to meet the increasing need for premium imported goods, providing numerous benefits for both buyers and sellers. While cross-border selling can be lucrative for international brands and serve as a valuable market testing avenue, certain product categories are restricted. In the realm of "food and beverage," prohibited items include refrigerated or frozen products, alcohol, cigarettes, and medicine. Becoming a Vendor on the Global Marketplace We can assist you in registering as a global seller on Coupang through Pearson Partners Korea. Feel free to reach out to us for inquiries. Documentation A copy of your business license proof of your ID the proof of who owns your business Provide the contact person's name and phone number for verification A bank letter or statement showing your account in the same name as your business license Do you want to be a successful seller on Korea Coupang?Please refer to this article “How to Become a Successful Seller on Coupang." About the fees & payments?When it comes to selling on the Global Marketplace, the costs are quite economical compared to other Asian marketplaces like Alibaba’s T-mall, jd.com, or Shopee. The commission rates vary by category, typically falling between 4% to 11%. Additionally, there are no additional fees involved. Vendors receive their earnings from deliveries monthly and have the option to receive payments in major currencies such as GBP, EUR, or USD. Conclusion Entering the Korean market through sales on the Coupang Marketplace presents a lucrative opportunity for global sellers. With its innovative logistics infrastructure, extensive product selection, and commitment to customer satisfaction, Coupang continues to dominate the South Korean e-commerce landscape. Our consulting company, Pearson Partners Korea, is here to facilitate your registration as a global seller on Coupang and guide you through the process. As you consider this endeavor, it's important to understand the fees and payment structure, which are notably competitive and transparent. By leveraging our expertise and the resources provided in this article, you can position yourself for success in the thriving Korean e-commerce market.

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