South Korea vs Taiwan

Foreign-invested companies register with the court commercial registry (searchable via IROS) and report the investment under the Foreign Investment Promotion Act; a stock corporation (jusik hoesa) is common. A business registration certificate from the tax office follows.

You reserve the company name with the Ministry of Economic Affairs (MOEA), verify the paid-in capital through a CPA, and register the company with the MOEA. Foreign investment needs approval from the Investment Review Office; after registration you complete tax registration and receive a unified business number.

Korean banking is highly digital. Foreign residents can open accounts, generally needing an alien registration card (ARC); some banks limit features until you have residency. The Bank of Korea is the central bank.

A valid Alien Resident Certificate (ARC) plus your passport is the standard way to open a personal account; you also need a local phone number, an email and proof of a Taiwan residential address (not a PO box or hotel). Without an ARC you can open a basic savings account at Chunghwa Post using a Record of ID No., and some banks accept a passport with a temporary immigration ID at their discretion. The FSC regulates banks and the Central Deposit Insurance Corporation insures deposits. A company uses its registration documents.

South Korea actively attracts FDI through Invest Korea (KOTRA) under the Foreign Investment Promotion Act. Most sectors are open with a short restricted list; you file a foreign-investment notification and can access cash grants, tax reductions and foreign-investment zones. Capital moves freely with reporting under the Foreign Exchange Transactions Act.

Taiwan attracts foreign investment through InvestTaiwan, but foreign investment generally needs Foreign Investment Approval (FIA) from the Investment Review Division of the Ministry of Economic Affairs. Most sectors are open (mainland-China capital is restricted); incentives support high-tech and innovation, and profits repatriate through banks with reporting.

South Korea's taxes are run by the National Tax Service (NTS): income tax, corporate tax and VAT, filed via Hometax. Residents are taxed on worldwide income, with a local income tax added on top.

Taiwan taxes residents on Taiwan-source income at progressive rates (with a separate alternative minimum tax on certain foreign income). You use your ID/tax number, employers withhold monthly, and the annual income tax return is filed in May; business tax (VAT) applies.

Foreign nationals need a work visa matching the job (e.g. E-7 for skilled roles, D-8 for corporate investors, E-9 for non-professional employment); HiKorea is the government immigration portal. Most work visas are employer-linked.

Skilled foreign professionals can use the Employment Gold Card, a combined work permit, resident visa and residence permit; otherwise the employer applies for a work permit from the Ministry of Labor and you obtain a resident visa and an Alien Resident Certificate (ARC).

Korean employment is governed by the Labor Standards Act: a national minimum wage set annually, a 52-hour week cap (40 regular plus 12 overtime), 15 days' paid annual leave after a year, and a statutory retirement (severance) allowance of about one month's pay per year of service. The Labor Office and Labor Relations Commission handle disputes.

Taiwanese employment under the Labor Standards Act sets a statutory minimum wage, special (annual) leave rising with service, a 6% employer pension contribution, and labour insurance plus National Health Insurance. Dismissal needs statutory grounds with severance and notice, and disputes go through mediation and the labour courts.

Korean trade clears through the Korea Customs Service using the UNI-PASS electronic system. You file import/export declarations, classify goods by HS code for customs duty plus 10% VAT on imports, and check requirement confirmations for controlled goods. Korea's many FTAs can cut duty with a certificate of origin; advance rulings give certainty.

Taiwanese trade clears through the Customs Administration. Traders register with the Bureau of Foreign Trade, classify goods by the CCC code (HS-based), and pay import duty plus 5% business tax (VAT) and, on some products, commodity tax. Declarations are electronic; certain goods need import permits.

Korean trademarks are registered with the Korean Intellectual Property Office (KIPO). You search the register, file under Nice classes, and KIPO substantively examines both absolute and relative grounds before publishing for a two-month opposition period and registering. A Korean trademark lasts 10 years and is renewable; KIPO also grants patents and designs.

Taiwanese trademarks are registered with the Taiwan Intellectual Property Office (TIPO). You search the register, file under Nice classes, and TIPO substantively examines the mark before registration, with post-registration opposition available. A Taiwanese trademark lasts 10 years and is renewable; Taiwan is not a Madrid member, so file directly.