If you’re reading this, you might be considering to close down your business. You came to precise article. Passome offers ‘closing office service’. Following article is to briefly inform you about the Importance of closing down your office properly.
Leave NO Loose Ends.
Wrapping up your business is maybe more important than starting one. It is very frustrating to admit that you can’t continue your business in Korea anymore. But you never know, you might come back with more preparation. For this,(along with other reasons) you can’t afford to leave loose ends.
Save your leaking money
When Korean business is done, the owner must choose to either withdraw the corporation itself or let business registration to expire. However, for foreigners, this is not the case. Starting from 2019, you must legally and appropriately ‘close your office’ according to Korean law. If this is not done properly, it’s considered as a tax default. It’s not a simple problem. The VISA will no longer be provided, meaning that you can’t restart your business in Korea whether you want it or not.
Categories of Closing Office
- Submitting Leave declaration or application for termination of registration of the name
– If an owner wishes to close or temporary shutdown its business, one must submit a relevant form(with business registration attached) to an applicable tax office immediately.
– Or if an owner submits a notice in writing of VAT including closing date and reason, it would be considered equal as Leave declaration.
- Corporation Merged with other firm.
– Corporate body that is to close down due to merger with other firm, must submit ‘corporate merger declaration form’ attached with business registration.
- Business that is needs to be proved by ‘public health control act’ or ‘Food sanitation Act’
– Public health control act: Lodging, Public Bath, Barber, Laundry, etc,.
– Food sanitation Act: Food production, preservation, merchandise, etc,.
– Submit ‘application for termination of registration of name’ to competent administrative office and following procedure will be proceed immediately.
Standard of Closing or Temporary Leave
Here’s an official standard for those who have ambiguous idea of which stage they are in. (2012)
Close your office Flawlessly
Gravity of this matter is often neglected. Closing too has structured manual that can’t be overseen. Business doesn’t only mean staying in office, white color works. It can be anything. Travel Agency, Restaurant, Cafe, Retail Store, etc,. This all needs to be taken care of when their time is over.
Consult with Passome today for more accurate information