How do I open a bank account in Korea as a foreigner?

As a 개인사업자 you can check and pay your tax prepayments through the National Tax Service HomeTax system at hometax.go.kr. Log in with your business certificate, go to the tax payment section, and you can find the virtual bank account number assigned to your business for making interim tax payments. Income tax prepayment (중간예납) is not monthly: the tax office bills it once in early November for the first half of the year, due by 30 November, and VAT for general (일반과세자) individual businesses is billed or filed four times a year, while simplified taxpayers (간이과세자) file once a year.

If navigating HomeTax in Korean is difficult, you can visit your local 세무서 (district tax office) in person and ask them to explain your prepayment schedule. They will give you the specific bank account details and payment schedule. Another option is to hire a 세무사 (tax accountant) who can handle all of this for you. Many tax accountants charge around 100,000 to 200,000 won per month for basic bookkeeping and tax filing for sole proprietors, and some speak English.