South Korea
An advanced industrial market with an EU free trade agreement since 2011
The EU agreement with South Korea removes 98.7% of duties and has applied since 2011. The exporter confirms origin by declaration; a EUR.1 form is not accepted. Products fall under the Korean KC mark.
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Setting up a company
Setting up a company and tax are the part of the profile you cannot assemble elsewhere in an afternoon. The rest of the page is open.
- ·Foreign ownership
Taxes
Setting up a company and tax are the part of the profile you cannot assemble elsewhere in an afternoon. The rest of the page is open.
- ·Corporate income tax
- ·VAT
What it makes and needs
Semiconductors, cars, ships, petrochemicals and steel.
Money and payments
Importing into their market
The KC mark is run by Korea's standards agency (KATS). For electrical and electronic equipment a supplier's declaration is usually enough; for 53 items Korea may require third-party certification. For vehicles it accepts UNECE or EU rules as equivalent to its main regulations.
Bringing their goods into the EU
The agreement removes 98.7% of duties. An approved exporter may make the origin declaration on the invoice, as may any exporter for a consignment up to €6,000. A EUR.1 form is not accepted and the declaration is valid for 12 months.
Practical matters
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