Company Details

India based hospitality startup

Assignment Details

Our client is India based hospitality startup, they are looking to set up a high end, fully functioning BAR/PUB in Seoul South Korea by June 2022.

The client requires a complete report on all overall regulatory and compliance-related aspects to step up the Pub/ bar. (Procedures, time, cost and paid-in minimum capital to start a limited liability company)

Expected deliverables:
a) Government permission & regulations:
1. Visa requirements & documents that need to be presented at the time of application for an Indian national
2. Permission and licenses required
3. Ownership related aspects and type of company expected to set up
4. Minimum investment required and other related details
5. List of all Government departments and regulations including licenses for food, liquor, Space etc
6. List of penalties and punishments for each compliance aspects
7. Minority shareholders’ rights in related-party transactions and in corporate governance
8. Time and cost to resolve a commercial dispute and the quality of judicial processes
9. Applicable laws to get commercial property on rent for foreign nationals

b) Employment related laws and compliances:
1. All employee related registrations and compliances
2. Typical employee related issues and challenges
3. Employment laws (working hours, pay, registration, filings and reporting)
4. Flexibility in employment regulation and redundancy cost

c) Applicable taxes and implications:
1. List of all taxes and implications
2. Regulatory filings and timelines
3. Tax implications for foreigners (individual and commercial setup perspective)
4. Payments, time, total tax and contribution rate for a firm to comply with all tax regulations as well as post filing processes

d) Getting credit:
1. Getting credit and other banking formalities applicable to foreign nationals
2. Paperwork and timelines required along with typical procedure to get loan

All the above needs to be explored from a country-level as well as city-level perspectives in case there are any differences.

Skills Required

- Should have strong market research experience
- Knowledge of the South Korean market is a must
- Posses search engines, web analytics, and business research tools acumen
- Strong communication and presentation skills
- Strong analytical and critical thinking