The steps in forming a company are as follows: (i) preparation of incorporation documents, (ii) foreign investment filing, (iii) capital contribution, and (iv) the registration of incorporation at the court registry.
Preparing the documents to form the company, such documents consist of (a) self-governing documents of the company such as the Articles of Incorporation, (b) documents showing the identity of the shareholders, directors (including the representative director), and (c) documents authorising the agent to incorporate the company and make registration thereof on behalf of the shareholders or the company, as it may be applicable, such as a power of attorney.
In Korea, only Korean company names are officially used.
In Korea, there is no minimum registered capital. If the registered capital is more than 100 million KRW, stamp tax is paid.
In order to complete the share capital process the company must have a bank account where initial share capital is remitted. This can be either a local account or an offshore account. Evidence of paid capital must be submitted at the time of registering the incorporation of the Company at the court.
A shareholder could be a legal person (company) or a natural person (individual).
The company requires one director and one supervisor.
A lease agreement for a Korea office is required by foreign investors before completing company incorporation in South Korea.
We require a copy of the lease agreement of the office to be used by the Korean company, if client doesn’t have a leased office in Korea, we can arrange a virtual office address with monthly charge of around KRW 240,000 (per month with 6 months’ rent to be paid in advance.
In South Korea we offer the incorporation of a Limited Liability Company (Yuhan Hoesa).
Company registration processes take around 3 weeks.
Corporate income tax ID registration
VAT registration (if required)
Employer Social Security Registration
Assistance with opening a local Bank account
Upon incorporation of the Company and receipt of the capital contribution, the Company shall register its incorporation at the court of its jurisdiction.