How To Register A Company In South Korea
Updated: Sep 5
Almost any individual or foreign firm can start a business or register a company in South Korea. Depending on the type of activity and applicable rules and regulations, various types of enterprises and firms can be founded. Reputable company registration in South Korea can help you set up your company.
There are certain to be numerous questions on an entrepreneur's mind when they are going to begin establishing a business base overseas. The first question would be why they should do business in the country they've picked, and what the process would take to set up a company in South Korea.
1. Create A Corporate Seal
There was little information available about the requirement for corporation seals. The Doing Business project, on the other hand, classified it as the first needed step in establishing a corporation in South Korea. The company appears to be able to use any local 'Sealmaker.'
2. Select A Bank For Capital Deposits.
While the information was not entirely clear, it was stated that it is common for corporations to first designate a foreign exchange bank to deposit the requisite capital before registering the firm. After the business registration in Korea, it can open a commercial bank account and arrange for the capital to be transferred into the company's bank account.
3. Create an Office
In general, a corporation must have a physical office in Korea. There appear to be no restrictions on utilising a virtual office as a company address. There appears to be no special necessity for the office location to be registered with government authorities. As a result, there is no anticipated time or cost associated with starting a business (though of course there will be separate time and cost arranging lease agreements with a real estate agent or virtual office)
4. Establish A Firm
Companies in South Korea were required to register a company with the assistance of company registration in Korea. Also, before registering a corporation, as is customary, articles of organisation and papers such as a company constitution must be prepared.
In general, the documents necessary will comprise incorporation documents in Korean (or translated) and member identity documents.
The first step is to double-check the company name, submit incorporation paperwork, and file company information. During this time, the court registration office evaluates the documents and information submitted by the applicants, and the tax office does due diligence on the company address. Following that, applicants can pay the corporate registration tax bill as well as the registration charge. There is no need to fill out additional forms for payments because the system already contains corporate information.
5. Establish A Commercial Bank Account
In South Korea, there was little information accessible on opening commercial bank accounts. In general, identity documents and possibly an initial deposit, business registration number, and company seal would be necessary.
Generally, a corporation will deposit capital in an exchange bank, as previously discussed, and then arrange for the capital funds to be sent in.
Conclusion
J&J Korea LLC provides sound and dependable advice on company registration in South Korea. Our team of accountants, tax experts, and attorneys will guide you through the registration procedure and help you choose the appropriate company entity to register in South Korea. We'll make certain that you complete all standards, including industry guidelines, before incorporating your business. Discover how our incorporation services might benefit you.
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