Conducting business in South Korea is different from the U.S. in many respects. Chief among those is that the government is far more involved in the economy, and labor regulations are far more protective of the employee. However, despite weaker corporate performance numbers in recent years, there are exciting opportunities for U.S. businesses in South Korea, and with the proper legal and cultural understanding, international companies can flourish.
South Koreans have an extremely strong work ethic and a willingness to face obstacles with an innovative spirit toward change. As with many Asian countries, personal relationships and trust are key to getting things done. South Korea has a highly structured and hierarchical society so it’s important to be aware of status and titles when setting up meetings and sending invitations to events.
Given the disparate cultures, there are some significant differences between U.S. and Korean labor laws that U.S. employers looking to expand there should be aware of:
What does this mean for your expansion plans in South Korea?
If you’re considering exploring the South Korean market, Globalization Partners can help you get started. Using our Global PEO or Global Employer of Record services to onboard employees allows you to test the market without you taking on the risk and cost of entity setup. We’ll add your candidates to our payroll in days instead of months, craft legally compliant employment contracts and ensure employee benefits and social taxes comply with country mandates. We take the worry out of expanding internationally, and give you the peace of mind to execute your global employment strategy no matter where in the world it takes you.
Do you have questions about expanding in South Korea? Get in touch. There’s no easier way to get started than with Globalization Partners’ international employment solutions. For more information, email us at firstname.lastname@example.org or call us at 888-855-5328.