South Korea company setup procedures

South Korea company setup takes up to four weeks. The following is an overview of the typical engagement procedures relating to South Korea business setup:

  1. Our Client settles our fees and signs Healy Consultants’ engagement letter;
  2. Healy Consultants provides our Client with a detailed engagement plan, outlining a roadmap for South Korea company registration, thus minimising unwanted surprises and meeting Client expectations;
  3. Our Client and Healy Consultants agree the legal, tax and accounting implications of South Korea company registration;
  4. Prior to South Korea company set up, Healy Consultants collects the required due diligence from our Client, including passport copies, proof of address, and details of the company’s intended activities;
  5. Prior to South Korea company registration, our Client and Healy Consultants also agree the company name and the optimum corporate structure, including shareholders and directors;
  6. Healy Consultants Incorporation team will check the availability of trade name and obtain a certificate of name availability through the Supreme Court in South Korea;
  7. To proceed with South Korea business set up, Healy Consultants has to apply for foreign investment approval for the project at the Ministry of Strategy and Finance in Seoul. If approved, Healy Consultants will begin company incorporation;
  8. Prior to South Korea business set up, Healy Consultants prepares incorporation documents (such as memorandum and articles of association, as well as a statement on the amount and form of the proposed initial share capital) for our Client’s signature and return to us;
  9. To support South Korea business set up, Healy Consultants Incorporation Team will file the application package for incorporation registered with the District Government Office, and obtain a corporate registration tax bill;
  10. Healy Consultants Incorporation Team liaises with the Commercial Registrar’s Office in the Seoul District Court to complete South Korea company registration. South Korea company set up is completed with the corporate structure as approved by our Client;
  11. In order to complete the South Korea business set up, Healy Consultants will register the company for tax at the District Tax Office in Seoul and obtain a tax identification number and business registration certificate;
  12. After South Korea business set up, Healy Consultants Company Secretary Team prepares all post incorporation documents, including minutes of the first meeting, preparation of By Laws, issuance of initial Share Certificates;
  13. Following South Korea business set up, Healy Consultants provides our Client with a complete company kit including i) original Certificate of Incorporation ii) a bound copy of the South Korea government approved Articles of Association iii) original share certificates iv) an original South Korea government receipt as evidence of payment of annual South Korea company registration and license fees;
  14. To support South Korea business set up, Healy Consultants’ Banking Team completes corporate bank account opening for our Client. The account includes world-class multi-currency Internet banking facilities and our Client is not required to visit the South Korea to complete this task. Healy Consultants works with internationally recognised banks such as Industrial Bank Of Korea, HSBC Bank, and Korea Exchange Bank to provide corporate bank account services;
  15. To support South Korea company set up, Healy Consultants provides our Client with a local business address in South Korea for invoicing purposes, together with telephone, fax and email support;
  16. Healy Consultants assists our Client to obtain corporate finance, trade finance and to open merchant accounts to accompany South Korea company set up;
  17. If required, Healy Consultants assists our Client to locate business premises in South Korea and recruit local staff following South Korea company set up;
  18. Following South Korea company registration, Healy Consultants emails an Engagement Feedback Survey to our Client.

View the complete guide to South Korea company incorporation.

Contact us

For additional information on South Korea business setup services, you can email us at email@healyconsultants.com or phone us at (+65) 6735 0120. Address: 7F Taewha Building, 996-15 Daechi-dong, Gangnam-gu, Seoul, 135-502 South Korea.