Calibre Business Advisory Seoul
Providing incisive advice and end-to-end financial support to help you thrive and compete in Korea.
OUR RELIABILITY AND EXPERIENCE IN KOREA IS UNIQUE
The success of any business venture in Korea depends on the quality of advice, tax strategy, and financial planning it relies on. Calibre Business Advisory Seoul brings together a carefully chosen team of business advisors and accounting professionals with this in mind. Experts in their field with a wealth and depth of experience in Korea, the Asia-Pacific, and beyond, our Korean team has helped companies of all sizes across numerous sectors and industries.
Our team of 18 accredited advisors and 26 dedicated accountants have worked with Korean and international clients such as Korea Communications Commission, SK Telecom, LG U+, KT, Global Design Solutions, Amplitude Group, Look to Go, Doerken MKS, Livin Farms, and Indra.
We have provided services in Korea for businesses from across the globe, including the US, Kuwait, Germany, Italy, New Zealand, and Australia and are truly international with representation in Seoul, Sydney, Singapore, Hanoi, Beijing, and Tokyo.
Korea has a distinct tax and regulatory system that requires not only local compliance expertise, but an in-depth understanding of your specific company. International businesses in Korea need to comply with tax regulations in Korea, but they also need to perform strongly. Calibre Korea is dedicated to not only helping you navigate your tax obligations but also to finding tax options that many other firms overlook.
Our tax compliance services include:
- Inbound tax planning and structuring
- Outbound tax planning and structuring within Asia-Pacific region
- Tax audit solutions for internal businesses of all sizes
- Tax controversy and dispute resolution
- Application for ruling
- Inheritance and gift tax advisory
- Transfer pricing
Managing payroll in Korea requires a faultless understanding of labour laws and tax regulations that are highly-specific to Korea. The ideal accounting team will not only ensure compliance, but also find unique payroll solutions that manage your staffing in local and international contexts. Key payroll issues you must deal with in Korea as a foreign business include payroll run, social insurances and tax compliance for payroll.
Our payroll services include:
- Monthly payroll processing
- Four types of national social insurance – on-boarding, off-boarding and compliance
- Monthly withholding tax return
- Monthly resident tax – employee portion
- Employee exit procedures, compliance and tax filings
- Year-end tax reporting for all employees
We have developed our Calibre Korea office around the vision of providing a qualitative difference in business advisory and Virtual CFO services. Our professional accountants and business advisors bring to the table not just an in-depth and broad understanding of business in Korea, but also a genuine understanding of business and accounting in Australia, China, Vietnam and the entire Asia-Pacific.
Our business advisory services include:
- Cloud accounting solution using Douzone Smart A Cloud in Korean, and Xero, QuickBooks or MS Dynamics NAV in English
- Accounts Payable, Accounts Receivable, and Accounts reconciliation
- Electronic tax invoicing
- Quarterly VAT return
- Corporate income tax returns – annual return, interim return and local income tax return
Virtual Corporate Secretary:
- Establishment of your business entities – a corporation, branch office or liaison office
- Change of the registered directors and addresses
- Support for preparation of AGM/ EGM minutes and board meeting minutes
- Maintenance of corporate documents
Virtual CFO/Controller Services
- Management reports prepared in a format tailored to your business needs
- Giving advice on accounting, tax and other regulatory issues with a special focus on international business in Korea
- Supporting full compliance with the Foreign Exchange Transactions Act (FETA) and the related rules and regulations
- Tax planning, operational reviews, and business planning
- Preparation of statutory financial statements with note disclosure for statutory audit
- Supporting financial statements audit
Virtual Treasury Officer
- Fortnightly payment run – vendors, employees, and taxes
- Preparation of bank transaction summary reports
- Maintenance of passbooks, digital certifies and OTP
Calibre Business Advisory emphasises trustworthiness in its audit and assurance services. Our key difference lies in how we exemplify this trust by the carefulness of our risk-based auditing and the amount of time we invest in understanding your business. Our auditors have an expert understanding of specific Korean financial reporting requirements in accordance with K-IFRS and K-GAAP.
Our audit and assurance services include:
- Financial statements auditing and preparation
- Assistance with preparations for statutory audits or reviews
- Agreed-upon procedures engagements
- Internal control reviews
- Financial due diligence
- Government grant and acquittal auditing
- Coaching/ Mentoring of Finance teams
We engaged Calibre to help establish our health food manufacturing business in Australia. Their advice in relation to accounting and tax has been excellent, while their expertise in R&D tax incentives is also a real bonus. We are really looking forward to a long relationship with Calibre.
We spend the majority of the year overseas but we still have significant investments in Australia. We have relied on Calibre to assist us with monitoring these property investments. Their partnership has made managing our interests in Australia really simple.
Our business of retail fast food outlets has increased from 7 to over 25 in the last three years. Calibre’s capabilities have helped us to manage this rapid expansion. Every issue that has come up has been resolved with their help.
Our business first engaged the services of Roger Wong from Calibre Partners in the 2016, to conduct the Annual Audit of our Australian Financial Services License (AFSL). We have now undertaken the annual AFSL Audit…with Calibre Partners, and we have found that Roger and [and his team] have conducted a very methodical and efficient audit of our financial statements and compliance measures and processes. It is evident that that the team at Calibre Partners seek to not only provide a standard audit service, but rather look to complement their offering with proactive recommendations.
Future Assist Financial Services Group
Even though we had Korean speaking staff we still faced a number of unknowns when setting up a duty free retail business in Korea. Calibre had an office in Korea and so had staff who were able to clearly advise us. They also helped to take care of the compliance and accounting in Korea, so we could focus on making our business successful in a foreign market.