There are very significant cultural difference between South Korea and United States that are important to understand and accommodate.  A significant portion of these differences have at their root a very clearly defined power structure.  Issues of respect also tend to stem from this power structure, and it is key to understand this.

            It is critical to be very timely to appointments within South Korean culture.  At the same time it is not unusual for their senior executive to be a few minutes late do to a very busy schedule.  Also, the best times for meetings tend to be around 10:00am to 12:00pm and 2:00pm to 4:00pm.  Be aware the traffic can be quite bad in South Korea so it is essential to make allowance to ensure that you are on time. (South Korean Business Culture, Appointment Alert, n.d., para. 1-2)

            Another important cultural difference is that it is important to enter the room by rank.  The most senior employees from the company will enter first following down through the power chain; the South Koreans will do the same.  Furthermore, seating is also done according to rank.  When unsure of how to handle the seating it is appropriate to ask a South Korean counterpart for instructions.  (South Korean Business Culture: Appointment Alert, n.d., para. 5)

            The dress code when dealing with South Koreans is conservative business dress.  Men should wear a "dark suit, white shirt, and a conservative tie" (South Korean Business Culture: Business Dress, n.d., para. 2).  Women should wear comparably conservative shirts and blouses or a dress.  Women should not wear tight skirts due to the numerous social situations involving sitting on the floor. (South Korean Business Culture: Business Dress, n.d., para. 1-4)

            Business people should either be addressed by their title or their title and their family name.  Do not address them by their first name unless invited to do so.  Also, married women retain their maiden family name, though it is acceptable to address them as Mrs. and their husband's family name if you do not know her maiden name. In the writing of letters address them as Dear and then with their title and family name.  (South Korean Business Culture: First Name or Title, n.d., para. 1, 6-7)

            Exchange of business cards is an important part of doing business in South Korea, so make certain you have a very large supply.  Also, your title should be emphasized on your business card due to title being a significant issue in South Korean dealings.  When giving your business card out present it with both hands as if you were formally presenting a gift.  Furthermore, when receiving a business card make sure to take some time to read it before putting it your pocket.  Failing to read someone's business card would be perceived as disrespectful.  Also, some consider writing on business cards to be disrespectful, so keep a separate sheet of paper to take quick notes. (South Korean Business Culture: Let's Make a Deal! - Part 1, n.d., para. 1, 6-7)

            While conducting negotiations Koreans can be very direct, hostile, and emotional.  Not everything should be taken at face value, and may just be part of a negotiating tactic.  Ideally there will be time for negotiations, in which case you should slightly overvalue your product to allow room to drop in price.  Being inflexible in price can be seen unfavorably, conversely being flexible does not imply willingness to succumb to unreasonable demands.  Finally, it is critical to always maintain your composure in business dealings, and most importantly not lose your temper.  (South Korean Business Culture: Let's Make a Deal! - Part 2, n.d., para. 1-3, 14)

            Finally, on the Corruption Perceptions Index 2004 the South Koreans ranked as a 4.5 (p. 236).  This compares very unfavorably to the Europe being over 8.0 and the United States being a 7.5 (p. 235).  While there are certainly a number of factors going into the figure, the common perception is that there is significant corruption in dealing with the South Koreans.  On the other hand South Korea outperformed or compared favorably with other developing economies (p. 236).  As long as you are aware of the potential for corruption, keep close eyes on the business dealings, and follow their local culture business dealings can work out very well.
References

Corruption Perceptions Index 2004 (2004). Retrieved July 15, 2005, from http://www.globalcorruptionreport.org/gcr2005/download/english/corruption_research_%20I.pdf

South Korean Business Culture, Appointment Alert (n.d.). Retrieved July 15, 2005, from http://64.233.161.104/search?q=cache:http%3A%2F%2Fwww.executiveplanet.com%2Fbusiness-culture-in%2F132166436472.html

South Korean Business Culture, Business Dress (n.d.). Retrieved July 15, 2005, from http://64.233.161.104/search?q=cache:http%3A%2F%2Fwww.executiveplanet.com%2Fbusiness-culture-in%2F132166291584.html

South Korean Business Culture, First Name or Title (n.d). Retrieved July 15, 2005, from http://64.233.161.104/search?q=cache:http%3A%2F%2Fwww.executiveplanet.com%2Fbusiness-culture-in%2F132166401011.html

South Korean Business Culture: Let's Make a Deal! - Part 1 (n.d.) Retrived July 15, 2005, from http://64.233.161.104/search?q=cache:http%3A%2F%2Fwww.executiveplanet.com%2Fbusiness-culture-in%2F132174972056.html