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Small business question
I've set up a small business (editing and translation) under my wife's name. The project is in its infancy stage and I only generate 500,000 won per month in extra income. The problem is that the wife (she is Korean) has to pay 90,000 won in pension dues to the NPS. Is there anyway I can set up a business that I can either reduce or eliminate these pension payments?
Tags: NPS, Pension, business, registration
Replies to This Discussion | 이 토론에 대한 답글들
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Permalink Reply by Young Ham on -
Hi Harvey. I think you have to close the business first, then report to NPS to stop the pension.
If your extra income is only 500,000 per month, I think you don't need to 'set up' your business.
When you get the payment from your client, tell them to withhold 3.3% business income tax.
NTS(National Tax Service) will give you summarized income statement May every year for the previous year
so that you can file income tax return. You will not face NPS issue since foreigners are not under pension requirements.
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