Korea Business Desk

Supports South Korean organizations that are establishing or enhancing their presence in Russia, as well as provides a comprehensive suite of services for South Korea-based companies looking for opportunities to enter the Russian market

Who we are

PwC is the world’s largest network of professional service firms. We have a presence in 157 countries at 758 locations with over 195,000 professionals. We have been in Russia since 1913 with 2,800 professionals, including more than 80 partners. 3,000 companies make up our client base including 290 companies from the Expert Top 600. They account for 79% of the total revenue earned by all of the companies in this rating.

With more than 11 years of expertise, Korea Business Desk (KBD) has substantial experience in dealing with the various issues faced by South Korean companies in Russia. Our in-depth knowledge and understanding of the Russian business environment enable us to put ourselves in our clients’ shoes to offer solutions to any issue.

KBD in close cooperation with Russian professionals deliver a full spectrum of professional services, including legal, tax, audit, accounting and M&A / IPO, as well as advises on how to set up a business, comply with regulations and reporting requirements, and operate in Russia’s unique business and market environment.

Our KBD members have the certification from the Korean Institute of Certified Public Accountants, and Russian Accountant certification. They work closely with Samil (PricewaterhouseCoopers Korea) on various projects, and liaise with South Korean professional organizations in Russia such as Korea Trade-Investment Promotion Agency, the Korean Embassy and Korean Chamber of Commerce, Korean Association of Small Business.

How we can help

Audit services

  • Russian statutory audits
  • Reviews required for capital market transactions (e.g. due diligence)
  • Audits of IFRS and US GAAP financial statements
  • Accounting system design and internal control reviews
  • Forecast analysis and reviews
  • Process audits
  • Advice on IFRS applications

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Advisory services

Financial and economic consultancy services covering different areas of corporate operations, including:

  • M&As
  • Due diligence, raising capital and attracting investors
  • Business valuations
  • SME issues
  • Reorganisations and restructurings
  • Forensic investigations
  • Business process optimisation, management and control improvement, IT systems, risk identification and internal audit
  • Real estate management
  • Risk management
  • Compliance with the US Sarbanes-Oxley Act

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Tax advice

Making investments in Russia — from launching a permanent establishment to financing subsidiaries — can raise a number of tax issues. We would be delighted to help you solve these and other challenges. We provide the following advisory services:

  • Tax consultations on planning and executing investments, including advice on opportunities in special economic zones and on the use of new financial instruments, such as special investment agreements
  • Development of effective solutions for typical tax issues faced by South Korean investors in Russia
  • Formulation of effective tax strategies for entities undergoing financial or legal restructuring
  • Calculation of profit/corporate taxes, personal income taxes, VAT, or withholding and other taxes
  • Accounting, assistance in drafting or reviewing tax returns, payroll calculations and other administrative services (e.g. registration of legal entities for tax purposes)
  • Client representation and support during due diligence projects, including on tax issues
  • Customs advice
  • Development of employment and compensation schemes in Russia for expatriates from South Korea
  • Trainings and workshops

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Legal advice

The Russian market continues to be an attractive destination for companies from South Korea. This is all the more reason why projects in Russia must be carefully planned, including a thorough assessment of the Russian legal and regulatory landscape.

Launching and operating a company in Russia can give rise to range of legal issues, including setting up branches and subsidiaries; structuring cross-border arrangements; registering Russian real estate; and obtaining necessary permits (construction, procurement, work and residence), to name a few. Our experts will be happy to assist you in addressing such issues as:

  • Drafting contracts (e.g. cross-border delivery contracts, service or licence agreements)
  • Setting up branches, subsidiaries and joint ventures
  • Conducting due diligence
  • Other corporate or civil law matters
  • Complicated areas of antitrust and competition law
  • Compliance with labour law and secondment arrangements
  • Assistance in obtaining Russian work permits
  • Complex real estate issues

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Contact us

Natalia Vozianova

Natalia Vozianova

Tax Partner, Head of Asian desks

Tel: +7 (495) 967 6237

Soontae Kwon

Soontae Kwon

Director, Tax & Legal Service, Korean Business Desk

Tel: +7 (495) 223 5088

Seunghwan Shin

Seunghwan Shin

Manager, Tax & Legal Service, Korean Business Desk

Tel: +7 (495) 223 5029

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