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South Korea

The ISO code of South Korea is KR according to the ISO 3166 standard. The local name of the country is Han-guk. South Korea capital city is Seoul. People in South Korea speak the Korean language. On 27 July 1953, South Korea emerged as a sovereign political entity. In the year 07/27/1953, South Korea emerged as a sovereign political entity. The largest city in South Korea is Seoul.

South Korea is located in the UTC +09:00 time zone, which is also called Korea Standard Time or KST. The internet country code top-level domain (ccTLD) for South Korea is .kr. Other domains assigned to South Korea are .한국, .asia. The International dialing code for South Korea is 82. People in South Korea drive on the right side of the road. Total land area of South Korea is 100,210 km² (approx. 38,691 mi²). South Korea is not a landlocked country. It means that is is bordered by at least one major body of water.

A view in South Korea

South Korea is located in Asia. South Korea is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.

Currently South Korea faces various issues, including air pollution in large cities, acid rain, water pollution from the discharge of sewage and industrial effluents, drift net fishing.

Doing business in South Korea

We offer various corporate services in South Korea jurisdiction. These services can serve both, people coming from South Korea and foreigners. If you plan on doing business in South Korea you might be interested in contacting us.

To find out about starting your business in South Korea click on company formation in South Korea.

To find out how to open a bank account in South Korea and moreover what type of account Confidus Solutions suggests to create, please click on bank account in South Korea.

Choose preferred service below or continue reading to find out more about South Korea.

Company formation Bank account (Corporate)Available banks Bank account (Private)

Demographics of South Korea

The total population of South Korea is 51,164,435 people. In South Korea, the population density is 503 people per square kilometer (1,309 per square mile). Because of this statistic, this country is considered to be very densely. The ethnic diversity is almost uniform according to a fractionalization scale which for South Korea is 0.002. South Korea has approximately 1327324 foreign immigrants. The median age is approximately 40.2 years. In South Korea, 84.1 in every 100 people use internet. South Korea has a Human Development Index (HDI) of 0.891.

The majority religion of South Korea is Christianity, South Korea is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of South Korea.

Culture of South Korea

People in South Korea speak the Korean language. According to data on inbound tourists in South Korea, 12,176,000 tourists arrive in the country each year. The first McDonalds in South Korea was opened on 29 March 1988, and it was located in Gangnam District, Seoul. One of the most popular national dishes of South Korea is kimchi. To read more click on culture of South Korea.

Geography of South Korea

South Korea is considered to be a large nation because of its total area. Its total land area is 100,210 km² (approx. 38,691 mi²). South Korea is located in Asia. Its capital city is Seoul. The length of said border is 238 km (148 mi).Total length of land borders of South Korea is 237 kilometers (~92 miles).

The highest point of South Korea is Halla-san, with its official height being 1950 m (6,398 ft). Including land mass and EEZ, the total area of South Korea is approximately 575,679 km² (~222,270 mi²). The most notable natural resources found in South Korea are coal, tungsten, graphite, molybdenum, lead, hydropower potential.To read more click on geography of South Korea.

Economy of South Korea

The currency of the country is South Korean won. The symbol used for this currency is ₩, and it is abbreviated as KRW. 3.8% of population in the country are unemployed. The total number of unemployed people in South Korea is 1,944,249. Each year, South Korea exports around $557.3 billion and imports roughly $516.6 billion. The Gini Index of the country is 30.2. South Korea has a Human Development Index (HDI) of 0.891.The Global Peace Index (GPI) for South Korea is 1.701. South Korea has a government debt of 17.36% of the country's Gross Domestic Product (GDP), as assessed in 2014. South Korea is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are electronics, telecommunications, automobile production, chemicals, shipbuilding, steel.

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in South Korea is $1,783,950 billion. Each year, consumers spend around $665,761 million. The ratio of consumer spending to GDP in South Korea is 0%, and the ratio of consumer spending to the world consumer market is 1.55. The corporate tax in South Korea is set at 24.2%. Personal income tax ranges from 6% to 38%, depending on your specific situation and income level. VAT in South Korea is 10%. To read more click on economy of South Korea.

Infrastructure of South Korea

Infrastructure quality in South Korea is rated to be at 3.79. It indicates a good quality - roads, railroad, ports and other facilities are adapted and regularly maintained to handle high levels of traffic at all times, as well as most probably there are special facilities for handling high intensity and/or special traffic or vehicles (e.g. motorways a.k.a. autobahns and deepwater ports).

In South Korea, 100% of the population has access to electricity. There are 315,697 internet hosts in South Korea. South Korea has 111 airports nationwide.

The logistics performance index of South Korea is 3.67. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.

Tracking possibilities for shipments are rated at 3.69. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.

The number of road motor vehicles per 1000 inhabitants in South Korea is 219. To read more click on infrastructure of South Korea.

Politics of South Korea

South Korea, is a unitary presidential constitutional republic. With regard to political and civil freedoms, South Korea is 1. Citizens in South Korea experience total freedom. The majority of countries in which citizens enjoy expansive civil liberties and political freedoms are representative democracies, in which officials are directly elected by citizens to advocate for their needs and desires. Free countries are often bolstered by healthy economies and high-functioning governments. The head of the government is Moon Jae-in.

According to the World Bank Group, the government effectiveness index of South Korea is 1.18. This indicates that the government of South Korea is effective. Citizens enjoy well-organized public and civil services, and government efficiency is high. While some services may be lacking in certain areas, the overall environment fostered by government legislation is favorable.In South Korea, the legislative power is vested in a National Assembly. The Global Peace Index (GPI) for South Korea is 1.701. The strength of legal rights index for South Korea is 5. Overall, it is considered to be rather inadequate - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient. South Korea is a member of the United Nations (UN). On 17 September 1991, it joined the UN as a full member state. South Korea is a member of the World Bank. To read more click on politics of South Korea.

Environment of South Korea

South Korea emits 11.8 metric tons per capita of CO2. 63346 km² of South Korea's territory is covered in forests. and forest land comprises 63% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in South Korea is 219. To read more click on environment of South Korea.

Company formation in South Korea

The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in South Korea.

When establishing a company in South Korea, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of South Korea that will affect the establishment and growth of one's business. Contact us or click on company formation in South Korea to read additional information when setting up a business.

Bank account opening in South Korea

With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in South Korea. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.

When considering opening a bank account in South Korea, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in South Korea or contact us.