We, CKC Acct’g Co of Foreign (Invested) Corporation, have 20 years experience in helping foreign companies who wants to enter into Korea market. We keep good network with international service providers. Brief introduction of CKC is as follows;
We (CKC) are a boutique accounting firm specialized in foreign (invested) corporations in Korea and a member firm of INAA Group (The International Network of Auditors and Accountants). We are a local service provider of United Tax Network (specialized in delivering world-class tax consulting and compliance services to corporations, small businesses and individuals), Compandben SA (Anglo Swiss human resources consultancy based in Geneva for International Employment Consultancy), Radius (US and UK based consulting firm to help expansion by assisting cross-border accounting, payroll, compliance, finance, HR and administrative services etc.), Crowe U.K. LLP (UK based accounting firm) and Blueback Global (major global business solutions that handles Tax, Human Resources, Finance and Accounting operations).
If size of your Korean entity is small like 3 employees hired business even though mother company is good, boutique accounting firm fits your Korean entity as other accounting firms pays much attention to audit clients but does not pay enough attention to small size businesses generally. Which accounting firm hired in mother company’s country is not important.
Core services we are providing to foreign invested companies are as follows;
- Incorporation of subsidiary, branch and rep office
- Secretarial service for address change or change of directors
- Advice on local foreign exchange control
- Advice on internal netting between interco receivables and interco payables
- Advice on qualification of zero rate VAT for service fee earned from overseas related entities
- Advice on management fee charged from overseas related entities
- Corporate income tax return
- Submission of transfer pricing schedule
- VAT return
- The combined income tax return
- Tax opinion letter
- Financial reporting to headquarters including monthly bookkeeping
- Cash management service
- Internal audit for payments
- Payroll for locals and expats
- Shadow payroll
- Tax equalization calculation
- Estimation of social security charges and individual income tax
- Application for exemption of social security charges under social security agreement
- Global mobility tax services
- Certificate of Residence
- Covering payroll issue before local entity is incorporated
- Tax filing of stock related incentives granted by overseas parent company
- Advice on employment contract
- Audit for Group Consolidation Purpose
- Audit in special area to assist Group auditor
- Agreed procedure
CKC Acct’g Co of Foreign (Invested) Corporation (called as “CKC” hereinafter) is the CPA firm founded in 1995. Hence, CKC has practiced accounting professions only for foreign invested companies and foreign companies in Korea, distinguishing itself from the competitors. We share one goal and the collaborative approach is common in our office. Our main areas are accounting outsourcing services like bookkeeping, payroll and cash management service, etc., and professional services like tax return filing, incorporation, liquidation, audit, etc. Along with these traditional services, we also offer virtual office services and seminars: a clear advantage to other accounting firms. We are a member firm of INAA group (The International Network of Auditors and Accountants) an International HR Consultancy of Compandben SA and have internationalized our services.
Specialty in foreign (invested) companies is very complicated but important because of the cross-cultural differences between the local service provider and foreign clients, and foreign companies tend to expect comprehensive services because they are not in their home countries. Therefore, specialty must be measured in several dimensions of external requirements, internal requirements, network requirements and facility areas.
CKC, however, has achieved high specialty level, which we are very proud of, in every dimension as follows;
For outstanding, distinctive and differentiated service quality, we pursue a boutique style accounting firm.
Accounting profession is federation of partners. U.S style strong federation of partners, under which a common policy is applied to their partners, is adopted by accounting corporations. In small and medium size accounting corporations, however, U.S style federation is troublesome particularly for foreign accounting business for several reasons. One partner’s service may fulfill the average service quality of the corporation but may not provide quality more than expected because of common policy (the average service quality is enough for local clients but is very inconvenient for foreign clients). The voice of foreign division in these accounting corporations, for example, is usually overshadowed by local partners who have many local clients and no foreign client. Recruiting high quality staff who can speak English and graduate a good university to meet high quality work required by foreign clients could cause many problems like dispute among staffs because of salary difference.
In Korea, a CPA office can choose European Union-style loose federation, under which each office enjoys autonomy with separate office and provides common policy driven services such as audit and tax return. CKC can provide the service in free environment where we can show our ability and maximize speciality and CKC belongs to an European-Union-style accounting federation: CKC CPAs Audit Team and 1-1300 tax return team. We become a boutique style accounting firm, ideally fit for foreign companies or foreign invested companies, of distinctive specialty and unusually large business area. Almost all of our associates have experience of 5 to 10 years in CKC and experience of 5 to 15 years in accounting, which is enough to lead foreign clients.
When one is sick, it is often more sensible to go to the clinics than to go to the general hospitals. The general hospitals will cost high for several minutes of medical treatment after a couple of hours of waiting. Instead, it is more economical to use clinics that armed with the low price, kind explanations and lengthy hours of medical treatment. Now, this rational behavior applies to CKC as well. If the clients feel reluctant to go to big accounting corporations for simple, high-priced-low-return services or the clients feel reluctant to choose service with small and medium size accounting corporations for local level service quality, CKC can be the best answer.
CKC helps our foreign clients to incorporate a business in Korea. We offer unbiased information about local regulations and practice when incorporating business in Korea. We will also verify the legality of certain acts, under which our clients may organize in Korea. Our incorporation service focuses on providing the unbiased information and counseling in favor of HQ. CKC is going to propose the special price because it is our first service to our potential clients. Our homepage provides basic information about incorporation. For more information, please use Q&A section in our homepage free of charge.
Customized and personalized service is the greatest asset of CKC. Bookkeeping takes a significant amount of time; it requires a regular and close communication with HQ. Quite often, it requires a customized service as well because reporting template is different by the company. On the other hand, Payroll requires a personalized service because it is part of welfare matters of employees. When our clients ask us to handle cash management on behalf of their companies, internal control to handle it in a safe manner is important. CKC knows all those characteristics and believes that organized procedures and integral experience are only solutions.
CKC opens its Jupiter Room and Juno Room to its client through virtual office service. Jupiter Room is a salon-style deluxe meeting room, providing very fine view to Gangnam area, main business district of southern Seoul. Juno Room is a business style meeting room with black marble table and black leather chairs, shedding an air of dignity. The pictures of our facilities are provided in this homepage. Our virtual office can help our clients to strengthen their business because many of our clients whose size is small do not keep good furnished meeting room.
A variety of seminars are being offered to enhance skill and knowledge of clients. Beside regular seminars, special seminars are being offered continuously, which will be advertised in our website. For education chances, regular check of seminar program is highly recommended. For cultural exchange among client people, photo contest is being held once a year by CKC. iPloaris, the scenic social club, which photos are available in this web-page, located in the suburb of Seoul, is the exclusive venue for seminar and photo contest.
For all those services explained above, the communication in English is essential. English is not widely spoken in Korea. Foreign clients of ten feel language barrier in communicating with Korean CPAs, accountants and bookkeeping staffs. Our associates however, are well trained in providing accounting service in English. Some of them are fluent in spoken English as well.
CKC is led by Mr. William Y. Choi, managing partner, CPA, MBA who has more than 25 years of experience in all accounting areas including 12 years of work experience in PWC (Seoul, Pusan and Singapore office) and 2 years of work experience in Moor Stephens International. He is actively involved in variety of government side jobs also.
Now, CKC maintains diverse clientele from USA, Australia, France, Singapore, HK, Japan, UK, Israel, Austria, Germany, Netherlands and Norway etc. We have all kinds of foreign invested companies like Subsidiary, Joint Venture, Branch and Liaison Office as clientele, which enables our clients to share experience.