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Entering a new market by establishing a local entity can be a challenging task for both small and large enterprises. If not planned well in advance and prepared for thoroughly, the entire setup can easily take up to a year or more before the company reaches a normal operating state — not to mention the countless pitfalls that may lie along the way which affect the establishment process.
Time and costs can, however, be reduced substantially if multiple tasks are tackled simultaneously. Finding the right location for the office as well as a suitable workforce, establishing the company legally, getting the office space ready to move in while also setting up IT, accounting and company rules are just a few of the issues that need to be addressed and coordinated.
Nowak & Partner is an experienced partner for all foreign companies who want to establish a market presence in Korea. We offer tailor-made turnkey solutions for your market entry in Korea. As a local company, we have profound knowledge of the Korean market, which puts us in an advantageous position in coordinating the company setup for our customers and when negotiating and communicating with all counterparts involved in the process.
In general, a foreign company can approach the Korean market via a representative office, a foreign branch or a subsidiary. A special form of market entry is the establishment of a joint venture company as well as the participation in or the acquisition of an already existing company.
In order to keep up with global developments, the company “Top Engineering” decided to set up a subsidiary in Korea.
Top Engineering is an international company which had already established several subsidiaries overseas but was unfamiliar with Korean culture and local business practices. Top Engineering did not want to waste time nor take any risks that could have delayed or jeopardized its market entry.
Nowak & Partner advised Top Engineering on a suitable company structure and site selection and managed the office search and hiring process on behalf of the customer. In close cooperation with the IT department and construction management of Top Engineering, Nowak & Partner also organized the interior design and furnishing of the building.
Top Engineering initially wanted to fill the position of managing director internally. The candidate, however, had a sudden change of mind shortly before departure. Nowak & Partner was able to quickly find a suitable replacement and supported facilitating the relocation to Korea while also providing an on-site introduction. As a result, Top Engineering asked Nowak & Partner's HR team to also fill all other Korean positions through its in-depth evaluation and selection process.
With the support of Nowak & Partner, Top Engineering was able to drastically shorten its start-up period in Korea while minimizing all risks.
Top Engineering was ready to start working in Korea from day one, immersing itself in business operations from the beginning, which greatly improved the company’s chances of success on the local market.
Before entering the Korean market, you might have questions and concerns regarding the market situation itself or specific market regulations. In such cases we can help you with a pragmatic market research service.
Nowak & Partner Co., Ltd.
5Fl. Myeongbong Bldg.
152, Hannam-daero, Yongsan-gu
Seoul 04417, Republic of Korea