Additional South Korea resources

Politics and government

South Korea is a presidential republic. It is divided into nine provinces, six metropolitan cities, one special city Seoul, and one special self-governing city, Sejong.

The State Council is appointed by the President on the recommendation of the Prime Minister. The Prime Minister is appointed with the consent of the National Assembly and by the President. The election of the President is for a single term of five years through majority popular vote. Civil liberties are respected in South Korea and Presidential elections are free and fair. The government undergoes rotations of power with multiple parties competing for power. The legislative branch is a unicameral National Assembly. It consists of 300 seats of which 253 are directly elected through single-seat constituencies by simple majority vote. The 47 remaining members are directly elected in a single national constituency by proportional vote representation. The members serve four-year terms.

Legal system

The South Korean legal system combines European civil law, Chinese classical thought and AngloAmerican Law. South Korea’s judiciary is based on a three-tier trial system comprising district courts, high courts and the supreme court. Other courts with specialised functions include the patent court, administrative court and family court. The patent court is at the level of the high court while the administrative and family court are at the level of district courts. The highest courts in the country are the supreme court and constitutional court. A chief justice and 13 justices make up the supreme court. The constitutional court consists of a court head and eight justices.

South Korea’s Government and Judicial Structure

The Judicial Structure

Key government agencies

Key government agencies and industry associations will need to be consulted throughout the process of setting up a business in South Korea. Some of these agencies can also be useful for providing advice and initiating contacts.

The main agencies and their areas of authority relating to foreign businesses are:

Free Economic Zones

South Korea has nine Free Economic Zones designed to attract foreign investment. These areas grant tax reductions, incentives, and higher rates of autonomy to foreign companies establishing and operating inside the zones. Foreign invested companies can access long-term leases of land and buildings at affordable prices and facilities provided by the zone. Free economic zones formed in Incheon, Busan-Jinhae, Gwangyang Bay area, Hwanghae, Daegu-Gyeongbuk, the east coast area, and Chungbuk are expected to grow as logistical hubs and technological industries.

Figure 6: Free Economic Zones

South Korea-Australia bilateral relationship

The South Korea-Australia relationship is built on shared strategic interests, complementary economies and strong community links. The two countries have regular high-level meetings between leaders and ministers. South Korea remains one of Australia’s leading trading partners, accounting for 5.3 per cent of Australia’s total trade. The Korea-Australia Free Trade Agreement (KAFTA) has further strengthened and liberalised trade between the two countries. More than 99 per cent of Australia’s goods exports are exempt from duties or have preferential access. KAFTA provides Australian services exporters with equivalent treatment to South Korea’s other trading partners. Liberalised access has been granted to a wide range of sectors such as legal, finance, accountancy, telecommunications and services.

Australia and South Korea are committed to enhancing collaboration across research, education, tourism, arts and entertainment. Universities from the two countries collaborate to provide quality educational facilities for students.

Further information on the bilateral relationship is available from DFAT.

Government organisations

Australian Department of Foreign Affairs and Trade (DFAT) 

DFAT manages Australia’s international network, including in South Korea. Australia has an Embassy in Seoul.

Australian Trade and Investment Commission (Austrade)

Austrade is the Australian Government agency responsible for facilitating international trade and investment. Austrade can provide advice on the market, potential in-market partners and export marketing services. Austrade has an office in Seoul.

Export Finance Australia (EFA)

EFA provides information, support and export finance solutions to Australian businesses looking to expand overseas.

State government agencies

Many state government agencies have representatives or offices in South Korea, including New South Wales, Victoria, South Australia, Queensland and Western Australia.

Business and industry associations

AustCham Korea

The Australian Chamber of Commerce in South Korea represents and promotes Australian businesses operating in South Korea. AustCham coordinates a regular program of business seminars, networking and social functions for the business community in South Korea.

Australia Korea Business Council

The Australia Korea Business Council (AKBC) promotes bilateral trade and investment opportunities between Australia and South Korea. The AKBC has six industry groups, including energy, critical minerals, defence and aerospace, financial services, food and agriculture and education. The AKBC also offers training programs for executives working with Korean clients and stakeholders.

Export Council of Australia

The Export Council of Australia is the peak industry body for the Australian export community.

Programs and support

Go Global Toolkit

Austrade's Go Global Toolkit provides information, tools and support to grow your business globally through a range of digital for every stage of the export journey.

Export Market Development Grants (EMDG)

Austrade seeks to help small to medium Australian enterprises grow their exports in international markets through their EMDG grant program.

Industry Growth Program

The Industry Growth Program supports innovative SMEs undertaking commercialisation or growth projects in the National Reconstruction Fund priority areas.

State or territory government trade and investment agencies may also run programs and provide support to businesses looking to expand into international markets. Please consult your relevant state or territory agency for more information.

A select list of sources used in the development of this publication are included below.

APNIC

Asialink Business

Australian Department of Foreign Affairs and Trade

Australian Trade and Investment Commission (Austrade)

Bank of Korea

CIA

Coupang

DataReportal

DHL

DLA Piper

EcomEye

Euromonitor International

Export Connect

EventsEye

Finance Magnates

Freedom House

FitchRatings

Global Media Kit

Global Regulatory Partners

Gmarket Inc

Horizons

ICLG

IFRS

IMF

Institute for National Security Strategy

InterAd

International Federation of Accountants

Invest Korea

KangNam Labor Law Firm

Korea Customs Service

Korea Fair Trade Commission

Korea Intellectual Property Office

Korea JoongAng Daily

Korea Legislation Research Institute

Korea Seed & Variety Service

Korea Trade Commission

Korea Trade Investment Promotion Agency

Korean Cultural Center NY

Maeil Business News Korea

Minimum Wage Commission, South Korea

National Tax Service

New Zealand Trade & Enterprise

Nowak & Partner

OECD

Office of Labour Affairs, Royal Thai Embassy

OneTrust DataGuidance

Pearson & Partners

Punch Digital Marketing

PwC

Reuters

SSG.com

Stockholm International Peace Research Institute

Supreme Court of Korea

The Heritage Foundation

The Korea Herald

Transparency International

S&P Global

Santander Trade

Seoul Metropolitan Government

South Korea Ministry of Culture, Sports and Tourism

South Korea Ministry of Economy and Finance

South Korea Ministry of Employment and Labor

South Korea Ministry of Foreign Affairs

South Korea Ministry of Justice

South Korea Ministry of Land, Infrastructure and Transport

South Korea Ministry of Trade, Industry and Energy

StatCounter 

UK Government

US Department of State

US International Trade Administration

WIPO

Wordbank

Workello

World Bank

Worldpay

WTO

All money amounts are in Australian dollars unless otherwise indicated.

Exchange rate used is the historical rate for the previous twelve months.

1 AUD = 907.1583 KRW

1 KRW = 0.0011 AUD

1 USD = 1.5427 AUD

1 USD = 1399.47 KRW

Asialink Business gratefully acknowledges the assistance and information from the following organisations and individuals in the production of this Doing Business Guide:

Australian Department of Foreign Affairs and Trade

Austrade

Liz Griffin, Australia Korea Business Council 

Young Yu

This publication contains country and industry general information and does not address the circumstances of any particular individual or entity. While all efforts have been made by Asialink Business to ensure that the data and information provided herein are accurate, the accuracy of the information in the future cannot be guaranteed.

Users of this document should undertake their own independent analysis and obtain appropriate professional advice, if required, before acting upon such information in any given situation. Asialink Business accepts no liability for any loss which may arise from the use of the information contained in this publication. 

Reproduction of any part of this publication without prior written approval of Asialink Business is strictly prohibited. The information in this document is accurate as of January 2026.

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