Definition of Non-resident and Foreign Corporation

The term "resident" means anyindividual who has his/her domicile or place of residence in the Republic ofKorea. It includes people with foreign nationality and permanent residency inoverseas countries.

The term “foreign corporation” means anycorporation which is established and has headquarters overseas. It includesdomestic branches and liaison offices of foreign corporations. However, where aforeigner and foreign corporation establishes a corporation in Korea it isregarded the same as a domestic corporation.