Employer of Record (EOR) South Korea | Hire Employees in South Korea

South Korea

Innovare South Korea (Innovare Management Hong Kong Limited (Korea Branch)) is based in Seoul, South Korea and is a wholly owned member of the Innovare Group.

South Korea represents one of the largest economies in Asia. However, most organisations venturing into South Korea face roadblocks that often make the processes we take for granted elsewhere a challenge here. Basic necessities like employment of a foreigner, administering of payroll, paying taxes are not that straightforward.

The Innovare Group provides a full contract management model in South Korea specific to your requirements operating in multiple industries. We usually refer to this model as the Employee of Record (EOR) model. Some of the characteristics are elaborated below.

We are able to assist whether you or your consultant is an expatriate or local in South Korea.

We have a team of payroll, immigration and compliance specialists ready to provide professional advice in terms of contracting.

How Innovare South Korea can assist:

Immigration Services
Payroll Administration
Tax and Social Security Management
Other Employer Costs and Insurance
Statutory Benefits

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OUR REACH » South Korea » IMMIGRATION SERVICES

Immigration Services

Immigration laws in most countries in Asia Pac often hold a local entity responsible for the entry, wellbeing, good behaviour and eventual exit of the individual. This also ensures that local immigration and employment laws are adhered to. This host company will be the technical employer of the individual.

We assist with the sponsorship of a business visa. Please speak to your Innovare sales contact person who will determine the appropriate visa for you or your consultant.

OUR REACH » South Korea » PAYROLL ADMINISTRATION

Payroll Administration

Our South Korea company will administer the payroll for locals as well as for sponsored expatriates.

OUR REACH » South Korea » TAX & SOCIAL SECURITY MANAGEMENT

Tax & Social Security Management

All income derived from work performed in South Korea is subject to tax payment, regardless of payment location based on the reported monthly payroll. We shall deduct the respective tax amount each month accordingly and subsequently paid monthly to the South Korea Tax Office.

South Korea wages attract a minimal employer social security premium of approximately 10% of the total salary.

Employee premium contribution 8.65% of the total salary. Expatriates can opt out of the National Pension and Insurance Schemes subject to criteria.

OUR REACH » South Korea » Other Employer Costs and Insurance

Other Employer Costs and Insurance

Innovare’s insurance policy in South Korea (subject to terms and conditions) includes Professional indemnity insurance and Public liability insurance and is inclusive in our management fee.

Needless to say, all Employee of Record consultants are required to have adequate medical insurance to cover them throughout the entire contract. While the Health Insurance covers for locals, medical insurance is a must for expatriates working in South Korea who have opted out of the Health Insurance scheme.

OUR REACH » South Korea » STATUTORY BENEFITS

Statutory Benefits

At the point of initial discussions, your Innovare sales contact will provide you with a list of statutory benefits which the agency or the end client must provide in compliance to the South Korea labour regulations.

OUR REACH » South Korea » CONTACT US

Contact Us

Should you need assistance in Asia Pacific, we would be pleased to hear from you.
Contact us for a discussion and a quick quote.

OUR REACH » SOUTH KOREA » TRAVEL & QUARANTINE REQUIREMENTS

South Korea Travel & Quarantine Requirements

Please check the link below for updated information:

Latest South Korea Travel & Quarantine Requirements

Disclaimer: Due to COVID-19, there has been a constant change in terms of work permit process, timeline, travel restrictions, quarantine period, medical tests as well as insurance requirements etc. All these requirements can change by the respective authorities in both country of work and candidate’s home country from time to time. The process, timeline and costs that Innovare provides is a guideline and is subject to change if any process is being changed. While every reasonable effort has been made to ensure its accuracy at the time of communication, Innovare cannot guarantee nor be liable for such change in timeline or costs arising from any pandemic related factors so please take note of the potentially volatile situation during this period.