Tax and accounting services are essential functions in running a company. In this article, I would like to share three points to check before you make a decision on hiring an accounting firm in Korea.
Point 1. Make sure you research how long they have been in the professional tax advisory business, and they were legitimately licensed in Korea.
Please note that doing business in Korea can be much more challenging for English speakers, as English is not widely spoken among Korean business partners including professional service providers. CPA and CTA exams are heavily based on Korean writings. Additionally, there are not many licensed accountants who speak fluent English. It is important to ensure that the partner you work with is properly licensed as a tax practitioner, as the terms “accountant” and “tax consultant” are not protected titles in the country.
Point 2. Check out their area of specialization.
Accountants must be knowledgeable in a variety of business areas in order to provide the best service and to bring satisfaction to clients. A tax accountant who only has experience with local transactions may not be helpful to a foreign client with multiple countries of operations. Companies with international transactions must submit additional tax forms and reports to the tax office, and the National Tax Service is increasingly demanding information on international trades in order to prevent tax evasion on global income.
Point 3. Availability of prompt resolution
In addition to finding a firm with the appropriate level of expertise, it may also be helpful to inquire about their availability and response times during urgent situations. Korean clients avail of accounting service for tax-filing purposes on annual basis, whereas foreign clients may have business queries that seek prompt resolution as they are new to the country. It is important to find a firm that can meet your specific needs and provide the necessary support on time.
Furthermore, communication is key when working with an accounting firm. It may be helpful to establish clear lines of communication and expectations for response times and availability. This can help ensure that any urgent matters are addressed promptly and efficiently. Overall, finding the right accounting firm with the necessary expertise, availability, and communication skills can help ensure the success of your business operations in a new environment.
If you would like to ask more questions or learn about our accounting services, feel free to reach at www.aratax.net
Written by Ara Jung (CTA)