{"id":94251,"date":"2023-01-13T10:23:24","date_gmt":"2023-01-13T02:23:24","guid":{"rendered":"https:\/\/premiatnc.com\/kr\/?p=94251"},"modified":"2026-01-08T14:39:14","modified_gmt":"2026-01-08T06:39:14","slug":"doing-business-in-south-korea","status":"publish","type":"post","link":"https:\/\/premiatnc.com\/kr\/en\/blog\/doing-business-in-south-korea\/","title":{"rendered":"Doing Business in South Korea: Key Facts and Advantages"},"content":{"rendered":"\n
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South Korea is geographically placed between two Asian Tigers: Japan and China. Despite its status as a highly developed country, this small country has been off the radar for many overseas businesses. However, the times are changing. Today, South Korea contributes an impressive 0.8% to the global economy, is the 10th-largest economy in the world, and the 4th-largest in Asia.<\/p>\n\n\n\n

The country’s strong hi-tech economy is a world leader in producing and manufacturing flat-screen TVs, mobile phones, semiconductors, and electronics. Additionally, the nation is a world leader in steel and automotive production and shipbuilding.<\/p>\n\n\n\n

The EU-South Korea Free Trade Agreement that came into force in 2011 helped expand its economy further. Foreign investors looking to do business in South Korea stand to benefit greatly. However, gaining some knowledge of local business laws and the overall South Korean Business landscape is essential.<\/p>\n\n\n\n

Key Facts of Doing Business in South Korea<\/h2>\n\n\n\n

This section will examine some facts about doing business in South Korea, including corporate law, business etiquette, foreign investment, and business vehicles.<\/p>\n\n\n\n

Business Etiquette<\/h3>\n\n\n\n

Like many Asian countries, South Korea has a unique culture that permeates everyday life and business dealings. Here are some of them.<\/p>\n\n\n\n

Meetings<\/h4>\n\n\n\n

It\u2019s important to schedule meetings well in advance and be punctual too. Avoid being overly stiff. Rather, find a balance between formality and friendliness. Most South Korean companies are big on having respect for authority, so you should take note of this. As such, use correct titles and show due respect.<\/p>\n\n\n\n

A variety of beverages are usually offered at initial business meetings. Ensure that you accept it, even if you don\u2019t mean to consume it- it could be deemed rude!<\/p>\n\n\n\n

Finally, allow the conversation to flow naturally and avoid the urge to dominate the conversation.<\/p>\n\n\n\n

Handshakes and body language<\/h4>\n\n\n\n

The preferred manner of greeting in South Korea is to give a small bow followed by a handshake. If you\u2019re a businessman meeting with a businesswoman, waiting for the woman to initiate the handshake is ideal, as some prefer to bow only.<\/p>\n\n\n\n

Bows also help when expressing an apology and saying goodbye. Avoid loud sneezes, and use both hands when receiving or giving out anything (such as documents, business cards, or even cups).<\/p>\n\n\n\n

Business negotiations<\/h4>\n\n\n\n

Business negotiations are usually lengthy and drawn out, as most people tend not to rush to the heart of the matter.<\/p>\n\n\n\n

Stay patient, and allow the person to know as much about you as possible before hitting the nail on the head.<\/p>\n\n\n\n

Corporate System<\/h3>\n\n\n\n

Here are some recent developments that affect doing business in South Korea:<\/p>\n\n\n\n

Overview<\/h4>\n\n\n\n