Accounting Advisory and Outsourcing Services

Accounting Advisory

IFRS • US GAAP standards

IFRS(International Financial Reporting Standards) and US GAAP(US Generally Accepted Accounting Principle) are to bring transparency, accountability, and efficiency to the financial statements of a corporation for global investors and stakeholders to use when you do international businesses. We provide the advisory service about and support you to adopt, convert, or implement the accounting of IFRS or/and US GAAP.

ISA • US GAAS standards

You should consider how the internal accounting systems can be adjusted along with both ISA(International Standard on Auditing) or US GAAS(US Generally Accepted Auditing Standards) once you adopt IFRS or US GAAP in doing international businesses. We provide the advisory service about the standards and support you to design and set up the sound internal control system over the firm along with those.

International taxation • US taxation

The international tax is the determination of tax on profits and losses and assets in the cross-boarder transactions. Generally, the international tax law under the tax treaty precedes local tax laws between countries. If you do your international businesses, you should consider the international tax first. US taxes are imposed on worldwide incomes and assets of “U.S. person” IRC section 7701(a) defines regardless of locations and the person should file an income tax return and report foreign financial assets accounts. We provide the advisory service about the international tax and US taxes.

Payroll • Withholding taxation

The payroll and withholding tax systems in Korea and the USA are quite similar. But Korea and the USA are different in payroll systems, and rates, method and date of filing and payment and specific rules in the withholding tax under the local regulations. We provide the advisory service about the payroll and withholding tax.

Value Added Tax • Sales taxation

Korea adopts the Valued Added Tax(VAT) system where a certain tax rate applies to a certain item while the U.S.A does the sales tax system whose rates vary by a jurisdiction. We provide the advisory service about the VAT and the sales tax.

Finance • Accounting analysis

We help you obtain timely insightful information about key business drivers in the respective of the finance and the accounting. We provide the advisory service about the financial management and the managerial accounting.

Outsourcing Service

Bookkeeping/Financial statements report

We provide cloud bookkeeping services under the international and local accounting standards regardless of locations. And we perform monthly, quarterly or yearly reconciliation and closing for the complicated transactions, and prepare and report the financial statements by the deadline you want.

Internal audit/control

The internal audit/control function plays the important role in enhancing the business’s risk management, control, and governance process, by evaluating whether control risks are properly managed and controlled. We provide the internal audit/control function for a local company, a branch office, and a liaison office. 

Tax administration

Our comprehensive range of tax administration services frees you from running your back office enabling you to focus on your core business while saving valuable time and money. We provide the tax administration services including the corporate income tax return administration, individual income tax return administration, and others tax matter administration. 

※ Some tax compliances and consultancies will be offered in a joint effort with our allied professional.

Payroll • Withholding tax Admin.

We provide comprehensive payroll and withholding tax administration services including payroll calculation, payroll report, human resource administration related to employment benefits, year-end tax settlement administration, and withholding tax return administration, supported by the real-time update accounting program to meet compliances under the relevant local and international laws and regulations.

Value Added Tax • Sales tax Admin.

We provide comprehensive Value Added Tax (VAT) or sales tax administration services which includes issuing and receiving of invoices or VAT sheets, account receivables and accounting payables administration, cost and Inventory management, and VAT or sales tax return administration, equipped with the cutting-edge accounting program to satisfy compliances under the relevant local and international laws and regulations.

Administrative support

We provide a variety of administrative supports on your needs, including, but not limited to, virtual assistant, Korea or US VISA & tax consulting, Korean or US market research, international business strategy, Korea or US global startup & global seller consulting, and AWS Marketplace consulting. 

Incorporation

Korean Foreign-Invested Company Setup

Foreigners can do business in Korea by: local corporation, private business, branch, or liaison office. The first two types are mainly governed by the Foreign Investment Promotion Act, and the other two are regulated by the Foreign Exchange Transactions Act. A liaison office shall not engage in business activities that generate profit in Korea. We support you to incorporate in Korea. 

Doing business in Korea 

* Local corporation: local company that is a separate entity from a foreign investor 

* Private business: business in sole proprietorship 

* Branch: foreign firm that does business as a branch office from a foreign investor 

* Liaison office: local office that does research and liaison from a foreign investor 

US Incorporation 

There are 3 types of business formations; private business, partnership, and corporation. In specific, the private business is sole proprietorship, and the partnership consists of General Partnership, Joint venture, Limited liability partnership(LLP), Limited partnership, and the combination of both partnership and corporation is Limited liability company(LLC), and the legal entity as a company is Corporation. Foreigners can do business in the U.S.A by local corporation, private business, branch(foreign firm), or liaison office. We support you to incorporate in the U.S.A. 

Doing business in the U.S.A 

* Local corporation: local company that is a separate entity from a foreign investor 

* Private business: business in sole proprietorship

* Branch: foreign firm that does business as a branch office from a foreign investor 

* Liaison office: local office that does research and liaison