Business Registration in Korea
1. Flow Chart
Foreign investment notification
Deposit of investment capital (Foreign exchange bank)
Foreign-invested company registration
Procedure for Private Business Registration
MAY 16, 2023
JULY 7, 2023
2. Foreign Investment Notification
(1) Applicable personnel: Foreign investor or his / her agent
* When the agent completes the notification, a power of attorney with the investor's signature (notarization is not required) is required.
(2) Destination: Korea, overseas investment KBCs of Korea, headquarter and branch offices of designated domestic bank, domestic branch offices of foreign bank
(3) Notification method: Submitting the notification of foreign investment in the form of acquisition of new shares or contribution. (See Attachment)
(4) Processing Period: On site
3. Remittance of investment capital
○ Transfer of the investment funds occurred in Korea is not permitted as foreign investment.
○ Foreign currency purchase or deposit certificate will be issued. This certificate is necessary for business registration and foreign-invested company registration.
4. Business registration
(1) Applicant: foreign investor or its agent. If an agent is not available, the identity cards of the applicant and the agent and the seal of the applicant must be presented with the necessary documents.
(2) Destination: Korea or tax office jurisdictional over the business office (when the office is in Seoul)
(3) Registration Period: in 20 days from the business starting date
(4) Documents required:
○ Business registration application form (given by Korea or the jurisdictional tax office)
○ Copy of business license (only when permission, approval or notification is required for the business)
○ Copy of lease contract (if applicable)
※ When leasing a part of a commercial building please submit the floor plan of the lease area. (Applicable when the deposit is KRW 240 million or below in Seoul; KRW 190 million in the overconcentrated and controlled areas of suburbs of Seoul; KRW 150 million in the metropolitan area; KRW 140 million in other areas).
○ Other documents:
- Notice of designation of tax agent (if the investor does not move into a regular business location or lives abroad for more than 6 months)
- Joint venture agreement (notarization is required) if there is agreement
- Certificate stating the completion of foreign investment notification
- Copy of foreign currency purchase or deposit certificate
- Alien registration certificate or a copy of passport (when the representative of the company is not a resident)
5. Foreign-invested company registration
(1) Destination: Korea, or the destination the notification of foreign invested company was submitted
(2) Registration Period: in 30 days from the date on which the investment target is completely paid
(3) Documents required:
○ Application form
○ A copy of business registration certificate
○ A copy of foreign currency purchase or deposit certificate
○ A Power of attorney (in case of proxy applying)