Working in Seoul?
Seoul: Business Info for Expats
Paying Taxes in Seoul
In South Korea, all residents are subject to taxation on global income, both derived from domestic and foreign sources. If you live in Korea for 90 days or more, you will have to declare your residency and will then be taxed on your income. South Korea’s personal income tax rates are not that high, with a top tax rate of 42 %. This is particularly true for high-income executives.
The tax rates on personal income can range from 6% to 42% and are based on individual income instead of joint household income. Your employer will automatically handle your taxes by way of monthly withholding and year-end adjustment cycles. However, there are special rules which apply to foreign employees and executives of multinational companies. For instance, expatriates can apply to be taxed at a 19% flat rate on their Korea-sourced income. Under this flat rate, they are not subject to complex income tax regulations.
Digital Media City
Seoul’s Digital Media City was planned and built to give a home to Seoul’s advanced IT, digital media, and entertainment industries. On 570,000 m² in the northwest of Seoul, you can find modern architecture side-by-side with green spaces. The project was launched in 2002. Aside from apartments and office buildings, Seoul’s Digital Media City is home to various international media and technology companies such as LG Telecom or Pantech.
Digital Media City is connected to other parts of Seoul via various subway lines. If your job does not lead you to this part of the city, it is still worth stopping by for a tour. The area is awash with stunning modern architecture and much more. Also located here is the Korea Cultural Content Center and Digital Media City Gallery, which showcase art installations and artifacts of Korean film. Culture aside, Seoul’s Digital Media City is an important spot for those who want to work in Korea’s media or IT sector.
Gangnam is considered to be one of the most affluent districts in Seoul. While it is popular for its fashion districts and shopping opportunities, it also houses a number of business facilities. Thus, you can find the Korea International Trade Association here as well as COEX, which offers space for meetings, conferences, and conventions.
Within Gangnam, the Teheranno area is nortorious for attracting the attention of businessmen and -women, as well as expats. Also known as Tehran Boulevard or Teheran Valley, Teheranno is home to numerous significant IT and telecommunication companies. Aside from Yahoo, Samsung, and their competitors, various financial firms are also located here. Additionally, this part of Gangnam does not only boast the tallest skyscrapers in the city, it is also known for its high real estate prices.
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