Scope of Outsourcing Services

List of outsourcing service to be provided to the Foreign Invested Corporation

 

1.1 Bookkeeping

- Review or Prepare journal vouchers

- Prepare sub-ledger, general ledger, and other related documents (e.g. detailed account records)

- Prepare monthly financial report consisting in balance sheet, income statement and trial balance

- Prepare monthly financial report attachment, e.g. fixed assets details and depreciation spreadsheet, details of the creditor’s accounts, and other necessary materials

- Send the spreadsheet listing every transaction by date, amount, description of expenditure and vendor or customer

- Communicate with the accounting team at the head office

 

1.2 Payroll service

- Maintain payroll records

- Compute income tax and social securities to be deducted from the salary

- Prepare spreadsheet which contain every detailed information on the payroll

- Prepare bank transfer statement including bank account per employee

- Send payslip to individual employee using email or mail

- Prepare and file monthly individual income tax return

- Report the recruitment, retirement and change of salary amount to relevant association

- Prepare annual settlement based on documents given by the employee

- Report the result of annual settlement to the tax office

- Compute severance payment considering working days and related tax.

- Prepare statement showing details on computation of severance payment

- Issue certificate of tax payment when needed by the employee

- Advice on payroll and employment related matters

 

1.3 VAT return

- Prepare and file quarterly VAT return

- Provide VAT-related consulting

 

1.4 Cash management service

- Send the net pay into each employee’s bank account from company’s local bank account in Seoul

- Manage company’s bank account and disburse the funds as instructed

- Send a scanned copy of the bank statement each month a day after the month ends

- Prepare payment list and request necessary fund if needed

- Maintain and keep custody of bankbook, bank seal and seal certificate

 

2.1 Corporate income tax return

- Prepare and file year-end corporate income tax return

- Prepare and file interim corporate income tax return

- Prepare summary and explanations in English

- Communicate with the tax team at the head office

 

3.1 Other one-time services

- Participate and render opinion in the tax audit to be done by the tax office

- Budget setting services

- Participate in audit to be done by external auditor

- Other services which are appropriate to be done by a CPA firm

- Legal services including registration of branch relocation, change of branch representative, etc.