Korea - Ease of doing business

New business density (new registrations per 1,000 people ages 15-64)

New business density (new registrations per 1,000 people ages 15-64) in Korea was 2.56 as of 2016. Its highest value over the past 10 years was 2.56 in 2016, while its lowest value was 1.41 in 2008.

Definition: New businesses registered are the number of new limited liability corporations registered in the calendar year.

Source: World Bank's Entrepreneurship Survey and database (http://www.doingbusiness.org/data/exploretopics/entrepreneurship).

See also:

Year Value
2006 1.43
2007 1.51
2008 1.41
2009 1.56
2010 1.66
2011 1.78
2012 2.01
2013 2.04
2014 2.27
2015 2.51
2016 2.56

Time to obtain an electrical connection (days)

Definition: The average wait, in days, experienced to obtain an electrical connection from the day an establishment applies for it to the day it receives the service.

Source: World Bank, Enterprise Surveys (http://www.enterprisesurveys.org/).

See also:

Year Value
2005 3.90

Time required to get electricity (days)

The value for Time required to get electricity (days) in Korea was 13.00 as of 2019. As the graph below shows, over the past 10 years this indicator reached a maximum value of 18.00 in 2015 and a minimum value of 13.00 in 2016.

Definition: Time required to get electricity is the number of days to obtain a permanent electricity connection. The measure captures the median duration that the electricity utility and experts indicate is necessary in practice, rather than required by law, to complete a procedure.

Source: World Bank, Doing Business project (http://www.doingbusiness.org/).

See also:

Year Value
2009 18.00
2010 18.00
2011 18.00
2012 18.00
2013 18.00
2014 18.00
2015 18.00
2016 13.00
2017 13.00
2018 13.00
2019 13.00

Firms that do not report all sales for tax purposes (% of firms)

Definition: Firms that do not report all sales for tax purposes are the percentage of firms that expressed that a typical firm reports less than 100 percent of sales for tax purposes; such firms are termed "informal firms."

Source: World Bank, Enterprise Surveys (http://www.enterprisesurveys.org/).

See also:

Year Value
2005 43.65

Firms expected to give gifts in meetings with tax officials (% of firms)

Definition: Firms expected to give gifts in meetings with tax officials is the percentage of firms that answered positively to the question "was a gift or informal payment expected or requested during a meeting with tax officials?"

Source: World Bank, Enterprise Surveys (http://www.enterprisesurveys.org/).

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Year Value
2005 21.30

Labor tax and contributions (% of commercial profits)

Labor tax and contributions (% of commercial profits) in Korea was 13.70 as of 2019. Its highest value over the past 14 years was 13.70 in 2019, while its lowest value was 11.40 in 2007.

Definition: Labor tax and contributions is the amount of taxes and mandatory contributions on labor paid by the business.

Source: World Bank, Doing Business project (http://www.doingbusiness.org/).

See also:

Year Value
2005 12.20
2006 12.20
2007 11.40
2008 13.40
2009 13.20
2010 12.90
2011 13.20
2012 13.40
2013 13.60
2014 13.60
2015 13.60
2016 13.60
2017 13.50
2018 13.50
2019 13.70

Other taxes payable by businesses (% of commercial profits)

Other taxes payable by businesses (% of commercial profits) in Korea was 1.40 as of 2019. Its highest value over the past 14 years was 1.80 in 2006, while its lowest value was 1.40 in 2012.

Definition: Other taxes payable by businesses include the amounts paid for property taxes, turnover taxes, and other small taxes such as municipal fees and vehicle and fuel taxes.

Source: World Bank, Doing Business project (http://www.doingbusiness.org/).

See also:

Year Value
2005 1.80
2006 1.80
2007 1.70
2008 1.70
2009 1.70
2010 1.70
2011 1.70
2012 1.40
2013 1.40
2014 1.40
2015 1.40
2016 1.40
2017 1.40
2018 1.40
2019 1.40

Profit tax (% of commercial profits)

Profit tax (% of commercial profits) in Korea was 18.20 as of 2019. Its highest value over the past 14 years was 22.80 in 2005, while its lowest value was 15.60 in 2010.

Definition: Profit tax is the amount of taxes on profits paid by the business.

Source: World Bank, Doing Business project (http://www.doingbusiness.org/).

See also:

Year Value
2005 22.80
2006 18.50
2007 18.60
2008 18.80
2009 17.40
2010 15.60
2011 19.20
2012 19.20
2013 18.40
2014 18.20
2015 18.20
2016 18.20
2017 18.20
2018 18.20
2019 18.20

Classification

Topic: Private Sector & Trade Indicators

Sub-Topic: Business environment