After receiving the business registration from National Tax Service, any company or person have to remember the real process as followings; 

1) Taxpayers liable to VAT
  A person who engages in the supply of goods or service independently in the course of business, whether or not for profit, is liable to pay value added tax(VAT). Taxpayers subject to VAT include individuals, corporations, national and local governments, associations of local authorities, and unincorporated foundations or organizations. 

A person who newly starts a business must register each business place at the district tax office within 20 days from business commencement date. It is possible to register before the business commencement date. Then the tax office having jurisdiction over the business place of the business operator shall issue a certificate of business registeration to the business operator concerned. 

2) Creation & Use of Business-purpose Bank Account
  Self-employeed individuals(subject to the liability of double bookkeeping) are required to keep a separate set of bank accounts for business transactions and personal transactions. All business-related financial transactions must be settled using the bank created specifically for business purposes(“Business-purpose bank account”). 

If you are subject to double book-keeping, you are required to use a business purpose bank account for the following transactions made in the course of business that involve the trade of goods and services: 

1) Settlement of a payment made through a bank in relation to the purchase and supply of goods and services

2) Receipts or payment of salaries and rental fees

To be a valid business-purpose bank account, it must be account that is :

- Created at a financial institutions(e.g., banks) and

- Used solely for the business-related purposes.

  Any person subjected to bookkeeping by double entry shall open a business account within three months from commencing date of the taxable period wherein he is subject to bookkeeping by double entry(the commencement date of the next taxable period in cases where he is subject to thereon with the Head of a tac office having jurisdiction over his place of business, Failures to comply with the business-purpose bank account requirement will be subject to a penalty.

  ● Taxpayers subject to double book-keeping

 Self-employed individuals with revenue in an amount that varies depending on the industry;

- Wholesale/A retail : KRW 300 million or more

- Manufacturing, foods and lodging : KRW 150 Million or more

- Real estate rental, service : KRW 75 million or more.
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