More big businesses set up firms in offshore tax havens
More South Korean conglomerates have been registering subsidiaries in offshore tax havens, according to corporate researcher Chaebul.com.
The number of South Korean companies established in the top 10 offshore tax havens last year jumped nearly 60 percent on-year from 54 to 86, indicating more conglomerates taking advantage of lower tax rates. The companies included on the list are affiliates of the top 40 family-run conglomerates.
The most popular destination for South Korean companies was the Cayman Islands, which saw a rapid increase of newly established firms from 18 in 2012 to 41 in 2013.