[Monitor] Administrative cost constrains to start business in Korea

To start one’s business, it takes an average of eight days to go through the administrative process, costing an average of 4.9 million won ($4,125) in South Korea, a report by the Korea Economic Research Institute under the Federation of Korean Industries showed.

The administrative process was relatively expedient in three steps, lower than the average 5.1 steps among the member countries of the Organization for Economic Cooperation and Development. Expense on the administrative process was comparatively higher than the OECD average of 1.13 million won -- including tax to register the business, create a corporate seal and register online.

The data was retrieved after analyzing the “Doing Business 2020” report released by the World Bank, the institute said.

(khnews@heraldcorp.com)