Learn more about the Korean business world
This catalogue is a portfolio of all the services Nowak & Partner specializes in. Potential goals and challenges that foreign businesses may have and encounter in Korea are directly addressed and service solutions are provided. It is, if you will, our website in a handy PDF format, while it goes a bit deeper as the website by enriching it with additional practical cases from our hands-on experience.
At Nowak & Partner we deliver everything you need to make your business operations and market entry to Korea a remarkable success. Sometimes even more.
Before the first concrete steps to establish a branch in Korea are made, consideration should be given to the selection of a suitable location, and especially to the Korean rental system as the Korean rental system differs in several ways from rental systems that are common in Europe.
Every company succeeds or fails based on the quality of its employees. Finding good staff in your home country is already difficult enough, and finding good people in a foreign country like Korea can be even more challenging. Not only do the language and education system of candidates and the corporate world differ significantly from Western understanding, but also Korean peculiarities such as social environment, foreign loyalties and values, gender, age and social status need to be considered in the decision-making process.
Labor costs are an important factor in the planning and establishing of any company in Korea. Wages in Korean companies often vary depending on several factors that remain vague to most foreigners. We have put together and summarized some facts regarding wages in Korea, so you rely on certain hard data instead of beliefs related to the information heard from others.
The version was updated in February 2020.
Corporate titles in Korea structure the whole communication in everyday life and help classify the dialogue partner within a hierarchical system. Workplaces have their own specific rules in that regard and they can often be a bit confusing for foreigners who start working in a Korean company. However, it only takes a bit of explanation in order to acquire a better understanding of this unique business etiquette.
Using a seal instead of signing a document is a very natural thing for Koreans, while it is usually something new and extraordinary for foreigners from non-Asian countries. Even after gaining some understanding of this practice which exists in most Asian countries, it may take some time to get used to it and actively apply it. The seal has the function of replacing the seal holder’s handwritten signature, i.e. if you seal a document, it has the same effect as signing it.
New culture and language, new work environment and high expectations from the headquarter in the home country can be perceived as extremely stressful factors for an expat to deal with. The longer the work-related stay abroad, the greater the impact it might have on expats. One aspect of the assignment cycle that is often forgotten, is the repatriation, that needs additional extra attention.
Coming to Korea as a foreigner, there are several things you might need to adapt to. You may not think about it at first, but public holidays are an important part of this foreign culture as well. You have to get to know them first to better understand the culture and they have – in addition to the cultural component and the importance for the locals – a direct impact on expats and their time management.
Nowak & Partner Co., Ltd.
5Fl. Myeongbong Bldg.
152, Hannam-daero, Yongsan-gu
Seoul 04417, Republic of Korea