HYESUNG Accounting Corporation participated as a speaker at the “Seoul Forward: Bridging Innovation & Opportunity” seminar held on October 8 in Singapore.  The event was jointly hosted by the Seoul Metropolitan Government, Invest Seoul, and Enterprise Singapore, with the goal of strengthening the bridge of innovation and collaboration between Seoul and Singapore.

During the seminar, Chris Chiwook Song, Managing Partner at HYESUNG Accounting Corporation, delivered a presentation titled “Market Entry Strategy & Key Considerations for Global Companies Entering Korea.”  Mr. Song shared insights on the changing perception of the Korean market among global companies and discussed key strategies and real-world case studies for successful market entry into Korea.

Key Takeaways from the Presentation

1️⃣ Korea as a Strategic Innovation Hub

• Once considered a difficult market to enter, Korea has now emerged as a global testbed for innovation and technology, leading new global business trends.

• With Free Trade Agreements (FTAs) in effect with 59 countries, world-class digital infrastructure, and a highly educated workforce, Seoul is becoming a major global business hub in Northeast Asia.

2️⃣ Strong Singapore–Korea Investment Ties

• Over the past three years, Singapore has ranked as the 3rd largest source of Foreign Direct Investment (FDI) in Korea, with major sectors including Finance (37%), Real Estate (18%), and ICT (15%).

• This expanding investment has further strengthened bilateral cooperation and accelerated mutual market entry between the two economies.

3️⃣ Practical Market Entry Insights from Case Studies

• Case 1. Global SaaS Company – Established a Korean entity with minimal local operations focusing on technical support; entered into a service agreement with headquarters (Cost-plus markup structure).

• Case 2. European Beauty Brand – Transitioned from a local distributor to a wholly owned subsidiary, gaining stronger control over brand positioning and retail network expansion.

• Case 3. Hong Kong-based Game Company – Successfully listed directly on KOSDAQ as a foreign corporation and acquired five Korean companies, expanding into webtoon, blockchain, and entertainment sectors.

4️⃣ Compliance & Advisory Considerations

• Compared to Singapore, Korea’s accounting, tax, and regulatory environments are more complex but highly transparent.

• Engaging professional advisory support in the early stage is essential to establish optimal tax structures, compliance frameworks, and HR operation strategies for long-term success.